March 30th, 2017 by WCBC Radio

The Allegany Board of County Commissioners recently passed legislation allowing business owners in the county to take advantage of Maryland’s Commercial Property Assessed Clean Energy (MD-PACE) program. MD-PACE is an innovative and affordable way for commercial, industrial, and nonprofit building owners to pay for energy improvements.

Maryland’s Commercial-PACE counties indicated in green, with counties in development appearing in yellow.

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 that historically used for new sewer or water lines. The result of implementing the MD-PACE program in Allegany County means energy upgrades will be more accessible, allowing owners to reduce energy and operational costs and improve their buildings’ overall value.  

“We are happy to bring this innovative program to Allegany County. It benefits small businesses and makes our community more environmentally friendly”, said Jacob C. Shade, the President of the Board of County Commissioners.

Commercial PACE programs are active in 19 states nationally, and have contributed to the creation of 4,000 jobs and have led to $340 million of investment into commercial buildings. 

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 Allegany Board of 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 work with Allegany County to enhance both the business and natural environments,” said Gerard Neely, Manager of Maryland’s commercial PACE Programs for Pace Financial Servicing.  “In joining the MD-PACE program, Allegany County reaffirms its commitment to business-friendly policies and sustainable growth for the future.”

 

Commercial property owners, contractors and capital providers interested in more information about financing property improvements and or replacing end-of-life systems through MD-PACE, should visit www.md-pace.com or call the Maryland Clean Energy Center at 443-949-8505.