MinnPACE promotes clean energy investment, economic development and job creation.
What is Minnesota PACE Financing?
Property Assessed Clean Energy (PACE) is an economic development engine that has energized local economies from coast to coast. MinnPACE is proud to be a pioneer in this innovative clean energy finance program. Minnesota PACE financing makes it possible for owners of commercial, industrial, multi-family, and nonprofit properties to obtain low-cost, long-term financing for energy efficiency and clean energy projects.
Minnesota state law allows local units of government to enter into joint powers agreements with the Saint Paul Port Authority (aka MinnPACE). Under this innovative arrangement, commercial, industrial, nonprofit and multi-family property owners can take on voluntary special assessments to finance energy efficiency, renewable energy projects, or electric vehicle infrastructure improvements to their properties.
MinnPACE allows companies the opportunity to realize positive cash flow, while investing in energy upgrades, at no cost to taxpayers. PACE financing can also make it easier for building owners to transfer any outstanding debt to the next owner, upon sale, as repayment resides with the property tax assessment.