Through Property Assessed Clean Energy (PACE), the Columbus-Franklin County Finance Authority can provide financing for Central Ohio businesses, non-profits and local governments to fund cost-effective, energy efficiency improvements to buildings resulting in lower energy costs.
Eligible Uses of Funds
Heating and Cooling
High Efficiency HVAC
Building Envelope – including “Cool Roofs”
Steam Systems – Heat and Industrial Usage – Boilers
Solar Hot Water Heaters
Ground Source Heat Pumps – Geothermal HVAC
District Heating and Cooling Systems
Energy Management Systems and Controls – including metering
Immediate positive cash flow as energy savings pay for debt
Potential for 100% financing
Capital investments with no net out-of-pocket expenses
Helpful guidance provided through energy efficiency improvement process
Energy Distribution Technologies
Waste Energy Recovery: Power Generation, Absorption Chillers, Process Reviews
Renewable Power Generation: Methane Gas, Biomass, Wind, Solar PV
Combined Heat and Power Systems – Microturbines – Cogeneration
Electrical Distribution – Power Factor Correction, Transformer Replacement
Water Conservation Measures or Reduced Flow – (must be able to calculate accompanying energy savings)
First, schedule an initial meeting or phone call to discuss the process and eligibility.
Complete the application form on the Finance Authority website.
To be eligible, the project must be an energy efficiency retrofit to an existing building.
2. Energy Assessment Process
The process begins with an energy assessment (ASHRAE II), also referred to as an energy audit. The client may select a company or individual to perform the audit and if so, the auditor will need to be approved by the Finance Authority. The Finance Authority can also provide an auditor or provide pre-approved auditors for the selection.
For projects which incorporate advance technologies or renewable energy, a project and technology review (feasibility study) may be required. The Finance Authority program advisors can assist with this process.
All projects must be technically and economically feasible. The report provided from the energy assessment will recommend several energy conservation measures with energy savings, equipment cost and pay backs.
Once the energy assessment is received, a decision needs to be made by the building owners about the size and the scope of the project, the desired term of the financing and the project payback.
Most companies or business entities will obtain their internal approvals at this time. A government or school will go through appropriate legislative and/or board reviews and approvals. The Finance Authority program advisors can provide support for these processes.
4. Finance & Document Process
The Finance Authority financing and documentation process is designed to run parallel with the processes above to ensure that the project is approved and ready to go.
Financing is structured such that the energy savings will pay for the energy efficiency upgrades, installation, transaction, and financing costs, thus, making the project “self- funding.”
Projects can generate excess savings beyond implementation and financing cost which can improve operating income, budgets, building net operating income and preserve capital.
The Finance Authority provides access to long-term fixed rate financing.
5. Implementation & Construction Process
We recommend clients receive three proposals or bids for the work to complete their energy efficiency project.
If the client is unsure how to manage and implement the project, or lacks the resources, the Finance Authority program advisors can provide guidance or management assistance.
Building Owner’s Project Process and Timeline
Initial engagement with an ESCO and utility bill analysis
Energy audit and feasibility study performed by ESCO
Development and review of potential project(s)
Project installation through contracted ESCO
(1 week–1 year)
Measurement of energy consumption and verification of savings
(Annual agreement for the life of the loan)
Application and approval
Term Sheet created and approved
Documentation and legislative processes for special assessment to be levied
Energy special assessment payments paid semiannually with property tax bill