Why Minnesota Cities and Counties Offer MinnPACE
Commercial Property Assessed Clean Energy (C-PACE) is an economic development tool that energizes local economies coast to coast. Through MinnPACE, Minnesota has become a program innovator, setting the example nationwide. In fact, we have facilitated more than $100 million in loans over the past 10 years.*
Minnesota state law allows local governments to enter into joint powers agreements with MinnPACE, a division of the Saint Paul Port Authority. From there, commercial, industrial, nonprofit, and multi-family property owners take on a voluntary tax assessment to finance energy efficiency and renewable energy projects.
In addition, MinnPACE offers 100 percent financing with a long-term, fixed-rate. In most cases, the first payment isn’t due until May of the following year. As a result, property owners realize positive cash flow because utility savings exceed payment obligations.
At this point, most Minnesota counties and numerous cities offer MinnPACE financing. We also work directly with a number of cities. In addition, we continue to have conversations with municipalities that haven’t yet joined the program.
Current Joint Power Agreements and Projects
* MinnPACE offers financing through its Trillion BTU loan program. At the same time, local credit unions and national C-PACE funders also fund loans.