How Central Ohio Is Setting the PACE for Green Energy
- The Finance Authority utilized its PACE (“Property Assessed Clean Energy”) program in financing $576,000 in upgrades including a new boiler system, building controls, and solar array for 145 E. Rich Street in Columbus
- With Trivium Development’s construction of a new medical office building in Grove City, the Finance Authority provided a $448,500 PACE loan to finance highly energy efficient portions of the building
- The PACE program continued to be a valuable community tool in financing $436,000 to install a new automation system and hot water system at Knightsbridge Olentangy, LLC’s property on Olentangy River Road in Columbus
- The Franklin County Commissioners have provided the Finance Authority $4.5 million to make loans for eligible energy efficiency and alternative energy projects in Franklin County
The Franklin County Commissioners and the Mid-Ohio Regional Planning Commission (MORPC) recently released their study on energy usage and efficiency in Franklin County. This study found that 69% of energy used in the county is wasted due to inefficient building technologies. Consequently, Franklin County consumers spent over $3 billion in 2015 on wasted energy.
Working in partnership with Franklin County through the County’s Energy Works program, the Columbus-Franklin County Finance Authority makes it simple for property owners to reduce energy expenses and consumption utilizing their energy program and PACE financing.
With a $576,000 PACE loan, 145 E. Rich Street in Columbus will be receiving major upgrades to its boiler system, building controls, and building envelope, as well as a brand-new roof and solar PV array. These upgrades will allow property owners to save over $18,900 in annual energy-related expenses for this 22,500 ft2 office building.
Trivium Grove City
Beyond retrofits, the PACE program can also be utilized for completely new construction. Trivium Development sought a $448,500 loan for its new medical office building in Grove City to finance highly energy efficient construction materials and technologies, including a building automation system, domestic hot water heater, roofing, walls, windows, LED lighting, and an HVAC system. This extra efficiency will save the developer over $59,400 annually in energy-related expenses.
Knightsbridge Olentangy, LLC
In order to make major improvements for a new automation system, a mixing box, and hot water system, the Finance Authority provided over $436,000 in PACE financing for Knightsbridge Olentangy, LLC’s facility on Olentangy River Road in Columbus. This financing will help the 29,443 ft2 medical office space by making tenants more comfortable in this facility and saving the property owners over $35,900 annually on energy-related expenses.
To learn more about the Finance Authority’s energy program, contact Jeremy Druhot at 614.429.0438 or [email protected].org.