Property Assessed Clean Energy (PACE) is a means of financing energy efficiency upgrades or renewable energy installations for buildings. PACE makes it possible for owners and developers of commercial properties to obtain low cost, long term fixed rate financing which is paid back through annual assessments on the organization’s property tax bill. The property assessment stays with the property when ownership transfers. Loan terms are typically tied to the economic life of the project. Businesses can finance building retrofits, rehabilitations and new construction with no upfront costs and, in certain markets, eligible projects can be funded retroactively to replace more expensive capital. The project must fall inside of an ESID (Energy Special Improvement District). Lake Development Authority staff can assist you in the process.