fIRST PRIVATE PROPERTY OWNER TO USE PACE FINANCING IN KENTUCKY
Covington, KY (December 15, 2015) For the first time in the Commonwealth of Kentucky, a local government (City of Covington) has authorized a private property owner (Ivy Knoll Senior Living Community) to use PACE financing for an energy project, according to the Greater Cincinnati Energy Alliance.
“According to the national nonprofit PACENow, this is the fastest that an energy project has been approved for PACE financing once a State has passed enabling legislation,” said City of Covington Mayor Sherry Carran. “The City of Covington is excited to have partnered with the Greater Cincinnati Energy Alliance which allowed Ivy Knoll to improve such an important property within the City of Covington.”
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Ivy Knoll found PACE financing to be a perfect funding solution to make significant building improvements of systems that were outdated or extremely energy inefficient. Through these energy upgrades, Ivy Knoll will be able to improve the comfort and convenience for their senior residents while also reducing the building’s energy footprint. Through PACE financing, the Ivy Knoll owners were able to select improvements that had the highest energy savings but also came with the higher upfront costs for the 7-story, all-electric building.
The $750,000 project, funded by Inland Green Capital LLC, includes the following building improvements:
- Solar Panels – the largest electricity-generating system that is privately-owned in Northern Kentucky will produce over 64,000 kilowatt hours annually.
- LED Lighting – estimated electricity savings in excess of $12,000 annually.
- Elevator Modernization – energy efficient technology by Murphy Elevator Company.
- Heating & Cooling – high efficiency room units with automated controls that allow the building manager to remotely turn off units in vacant rooms.
“PACE financing allowed us to make many of the energy related improvements that we might have otherwise deferred,” said Ray Schneider, the President/CEO of Ivy Knoll. “We were able to improve the comfort for our senior residents while reducing the building’s energy footprint by approximately 37%.” Mark Pikus, Senior Vice President of Inland Green Capital states, “We are excited to be a part of this historic PACE transaction in the state of Kentucky. As PACE financing gains traction throughout the country, we look forward to continue working with the Greater Cincinnati Energy Alliance and other PACE administrators to provide capital for properties just like Ivy Knoll”.
PACE financing allows private commercial property owners to repay the funds for an eligible energy project via a voluntary special improvement assessment on the property tax bill. The assessment amount remains fixed for a term of up to 20 years. The special assessment stays with the property when sold or transferred.
Reduced Building’s Energy Footprint by 37%
Estimated electricity savings in excess of $12,000 annually!
Modern HVAC Solution
High efficiency room units with automated controls that allow the building manager to remotely turn off units in vacant rooms.
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The largest electricity-generating system that is privately-owned in Northern Kentucky will produce over 64,000 kilowatt hours annually.
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The City of Covington worked closely with NEC and the Greater Cincinnati Energy Alliance to develop the EPAD which allowed the Ivy Knoll Senior Living Community to take advantage of PACE financing.
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