DFA of Summit creates commercial energy efficiency revolving loan fund – Akron Beacon Journal

by | Oct 31, 2022 | Energy

The Development Finance Authority of Summit County has created a commercial energy efficiency revolving loan fund to help commercial property owners pay for energy efficient improvements to their properties.The fund, first announced by Summit County Executive Ilene Shapiro at her State of the County address last week, is a property-assessed clean energy, or PACE, energy loan program, which requires an energy special improvement district, or ESID.The Akron-Summit County ESID has 21 member communities: Akron, Barberton, Bath Township, Boston Heights, Copley Township, Coventry Township, Cuyahoga Falls, Fairlawn, Green, Hudson, Lakemore, Macedonia, Mogadore, New Franklin, Northfield Center Township, Norton, Richfield village, Springfield Township, Stow, Tallmadge and Twinsburg.Property owners within those communities can voluntarily assess property to pay for the cost of energy efficiency improvements, including building insulation, installation of a new efficient HVAC system, water heating system, windows, doors, roofing, skylights, lighting, solar, building controls and elevator systems.The DFA said that generally, eligible energy improvements must be permanently attached to the property and reduce its net energy requirements.Eligible properties include commercial, office, industrial, retail, senior living, hospitality and multi-family housing with a loan amount per property of between $250,000 and $1 million.Eligible improvements must be installed by licensed contractors, and a professional engineer or architect must confirm the reduced energy consumption or demand before the DFA will approve financing the project, the DFA said.The program levies a semiannual special assessment tax against the property, so the financing isn’t a …

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