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PACE stands for Minnesota Property Assessed Clean Energy. Through this innovative program, owners of commercial businesses can access competitive private financing through a partnership between local governments and the St. Paul Port Authority.
Building owners who use PACE financing for their solar energy installations, finance their projects through property taxes, as a voluntary special assessment for up to 20 years, according to the MinnPace website and our own experience with PACE-financed projects. The fact is, Cedar Creek Energy participated with its client, Crankshaft Supply in Minneapolis, on the first-ever PACE project financed in Minnesota. Here is a link to a few Frequently Asked Questions on the PACE program.
First Ever PACE Project – Cedar Creek Energy and Crankshaft Supply
A couple of years ago, owner Jay Miller was looking to finance a new solar array for his business. Crankshaft Supply remanufactures and refurbishes automotive parts to save the time and expense of having to manufacture new parts. In essence, Jay’s company repurposes and recycles old parts so they can be re-used.
Partnering with Cedar Creek Energy as his solar energy provider, Jay Miller was able to finance his solar array using PACE financing through the St. Paul Port Authority. You can read more in an interview with Jay Miller here.
“Cedar Creek Energy’s goal is to help businesses become energy efficient and go solar in a way that makes the most economic sense for that business,” “As precision manufacturers, Crankshaft already had a clean and efficient operation, so going solar was their natural next step – and without PACE it would not have happened.” –Rob Appelhof, President of Cedar Creek Energy.
PACE Financing – How Much? How Fast?
PACE projects will pay up to 20% of the “current assessed value of a parcel.” This means that if your building and property are assessed at one million dollars, you would qualify for $200,000 of PACE financing for your commercial solar photovoltaic project.
Contact Us Today
Financing is available whether your project is $10,000 or $10 million. Let us help you use creative PACE financing for your solar energy project. For more information, contact Cedar Creek Energy today. We will schedule a free energy assessment at your commercial facility and show you how moving to solar energy will save your company tens of thousands of dollars.