Through MD-PACE, commercial, industrial, and nonprofit properties use private capital to finance 100% of efficiency and renewable energy upgrades which are then repaid as a long-term surcharge on the property. This kind of voluntary surcharge added to a property’s tax bill is similar to a surcharge for a sewer or water line; this approach makes energy upgrades accessible, allowing owners to reduce energy and operational costs and improve their building’s overall value.
Jim Hinebaugh, Garrett County Commissioner and former Director of Economic Development stated, “The interesting thing about this program is it can help make energy cost saving improvements affordable for smaller businesses that couldn’t otherwise afford it.”
PACE programs are active in over 15 states nationally and have led to over $250 million of investment into commercial buildings. “This is a tool that other states have been able to use to successfully encourage redevelopment within local communities,” said Paul Edwards, County Commission Chair. “We’re happy to be one of the first counties in Maryland to make this program available to our business community.”
The MD-PACE Program is a partnership between the Maryland Clean Energy Center (MCEC), the statewide sponsor of the program, and PACE Financing Servicing, which administers the program. “MCEC applauds the Garrett County Commissioners and staff for taking proactive steps to provide access to capital for commercial property owners,” said MCEC Executive Director Kathy Magruder.”
“We’re thrilled to be working with Garrett County,” said Genevieve Sherman, Managing Director PFS. “Joining the other counties in the MD-PACE program makes it easier for local contractors, lenders, and property owners operating in the region to make energy improvements on their properties to reduce their energy costs."
Commercial property owners interested in more information about how you can get involved with MD-PACE, should visit www.md-pace.com
or call Genevieve Sherman or Gerard Neely at the Maryland Clean Energy Center at 443-949-8505.
For more information, contact:
Kevin G. Null
Garrett County Board of Commissioners
Alex McCoy, MBA, CEcD
Garrett County Department of Economic Development