Ivy Knoll Senior Living Community
PACE financing, perfect fit for funding energy upgrades
Covington, KY (December 15, 2015)
First private property owner to use pace financing in Kentucky
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.”
THE SOLUTION
Reduced Building’s Energy by 37%
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found PACE financing to be a perfect funding solution to make significant building improvements of systems that were outdated or extremely energy inefficient.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.
