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Apply for a Property Assessed Clean Energy (PACE) loan to fund eligible energy saving upgrades to your business property or buildings. Approved projects receive 100% financing, repaid as a property tax assessment for up to 20 years.
PACE overcomes challenges that have hindered adoption of energy efficiency and related projects in our nation’s buildings. It does this by eliminating up-front costs, and by providing low-cost, long-term financing.
Olmsted County has contracted with the
Saint Paul Port Authority (SPPA) to administer the PACE program. The Saint Paul Port Authority has established over thirty PACE joint powers agreements with cities and counties in Minnesota.
The following are examples of possible PACE upgrades (not an exhaustive list).
Solar panel installation
Energy efficient HVAC installation
Upgraded lighting (incandescent to LED)
Wind turbine installation
New manufacturing equipment
Other enhancements may be eligible. Visit the
Clean Energy Resource Teams' blog to read about PACE success stories around Minnesota.
100% project financing
Reduces operating costs while increasing property value
Assessments can be passed through to tenants
Low interest rates—usually under 5% for a repayment term of less than 10 years
Assessments do not require a personal guarantee
Generates a positive cash flow
PACE is available to businesses, non-profits, and multi-tenant housing properties (5+ units)
Applicant must legally own property
Applicant is current on all mortgages and property taxes
No federal or state income liens on property
Energy audit or renewable energy report completed
Project must show cost savings
Project must be located in Olmsted County
Saint Paul Port Authority (SPPA) provides financing options to applicant
PACE repayment term is generally 10 years with a maximum of 20 years
Loan amount limited to 20% of the County assessed property value
SPPA conducts the underwriting and manages the loan
The PACE loan is repaid as a special assessment on the property tax statement
Olmsted County remits funds from the special assessment to SPPA
1. An interested business owner/non-profit/multi-tenant complex contacts a local power utility or general contractor to conduct an energy audit or renewable energy report.2. Findings from the energy audit / renewable energy report are used to complete the
PACE application (1.71 MB). When complete, applications should be sent to Michael Linder with Saint Paul Port Authority (information below).3. Saint Paul Port Authority will assess that program requirements have been met.4. Special assessments are sent to Olmsted County for final approval or rejection.
5. The applicant will be notified by SPPA if the project has been approved or rejected.6. If approved, the business/non-profit/multi-tenant complex implements PACE improvements (e.g. solar panels installed, HVAC upgraded).7. The special assessment is levied on the business owner’s property tax statement. Semi-annual payments begin on May 15th of the following year.
The Saint Paul Port Authority (SPPA) is administering the PACE program for Olmsted County.
Please complete the
PACE application (1.71 MB) and send to:
Michael LinderLoan OfficerSaint Paul Port Authority380 St. Peter Street, Suite 850Saint Paul, MN 55102Phone: 651 204-6236Email: email@example.com