Religious Facilities, Schools, Universities and Hospitals
It is a constant balancing act to operate a private school, university, not for profit hospital, housing project or a religious facility. Administrators and Boards are constantly juggling funds to maintain and grow their organizations. There is rarely capital available for energy efficiency and renewable energy improvements that will reduce long-term operating expenses. This lack of funding forces energy efficiency and renewable energy projects to be reduced or delayed.
You don’t have to choose between your facility and your organization’s mission. PACE provides 100% financing for energy efficiency and renewable energy projects that will decrease operating expenses and improve your 501c3’s cash flow. PACE funding for tax-exempt organizations carries a tax-exempt rate which is significantly lower than PACE rates on commercial properties.
PACE allows you to finance the entire cost of the project through a line-item added to your property tax assessment. The fact that PACE financing is in the form of a property tax does not expose your organization to “regular” ad-valorem taxes. Energy savings from the project allow you to pay the assessment and increase your operating cash flow.
What can be financed with PACE?
Almost any improvement to an existing private school, university, not for profit hospital, housing project or a religious facility can be financed through PACE, because many improvements already have an energy efficiency or renewable energy component to them. Think about that new LED lighting you wanted to install, or the energy-saving HVAC or solar. As long as the upgrade is not merely cosmetic, PACE financing may be able to finance the project. (Please note that PACE cannot be used to finance any improvements on religious sanctuaries. Other surrounding buildings and schools may be financed utilizing PACE.)
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