With the full support of the Baltimore City Council, Councilman Eric T. Costello announced in October 2016 that then-Mayor Stephanie Rawlings-Blake signed legislation Costello authored to establish a Property Assessed Clean Energy (PACE) program in Baltimore. Thirty states and Washington, D.C., have already established PACE programs. The legislation will make Baltimore City the ninth largest jurisdiction in the nation, and largest in Maryland, to authorize a PACE program for its citizens and businesses.
PACE is a simple and effective way to finance cost-effective building retrofits, construct highly-efficient new buildings and harness abundant, clean renewable energy across the city. Structured to address many of the reasons building owners don’t invest in their properties, PACE programs enable private sector capital to fund cost-effective real estate projects without any additional government funding. In the past seven years, commercial PACE programs have financed more than $300 million across 800 projects throughout the United States.
Almost any commercial property owner in Baltimore can use the PACE program, including office, retail and industrial facilities, hospitals, universities, private schools, nonprofit organizations, houses of worship, multifamily housing complexes, agricultural facilities, townhomes and co-ops.
“PACE financing is the kind of innovative public-private partnership we need to catalyze investment in a cleaner, better Baltimore,” said Costello, the primary sponsor of the legislation. “Once Baltimore’s commercial PACE program is up and running, I will be seeking to expand the program to include single-family homes. Private sector support for PACE is strong, and I am confident there will be a large demand for PACE from the community once Baltimore learns about the benefits of the program.”
Learn more about the PACE program at a June 8, 2017 event, featuring Inman Solar, Maryland Commercial PACE, Greenworks Lending and a host of guest speakers for an evening of great food and drinks. The presentation will discuss the state of solar in Maryland and how companies are using PACE to install on-sight solar generation.
If you go:
When: Thursday, June 8, 2017; 4-7 p.m.
Where: Mex Tequila Bar, 26 Market Place, Baltimore, MD 21202
Cost: The event is free to attend. Complimentary dinner and drinks will be provided.
Source: Baltimore City Councilman Eric Costello, 11th District