What is PACE Express?
PACE Express is PACE financing for “smaller” PACE projects (at and below $250,000 in financing).
PACE projects with an assessment of $250,000 or below have fewer statutory requirements than PACE projects with an assessment in excess of $250,000. Therefore, Lean & Green Michigan has created an expedited PACE program for deals of this size to reduce the cost of PACE and streamline smaller projects.
PACE Express Application Process
The PACE Express Application Process is similar to the traditional PACE process. The Property Owner will need to submit the necessary documents, with the aid of a PACE contractor and PACE lender. LAGM is available to assist the Property Owner at all stages of the process and will assist in identifying contractors and participating lenders.
In addition to the PACE Express Application, the Property Owner will need to submit:
- Proof of Property Value – established by either 2xSEV or a 3rd party Appraisal
- ASHRAE Level 1 Energy audit, including (i) a demonstration of energy savings and (ii) useful life determinations of all ECM’s. An equivalent baseline energy audit performed on the property may be submitted, but must approved by LAGM prior to completion
- Current Mortgage Statement and Lender Consent from Mortgage Holder
- Property Tax Record (LAGM will assist in retrieving current property tax information)
- Title Report
|Size of Project||$250,000 or less||greater than $250,000|
|Energy Audit Requrement||Baseline energy audit||ASHRAE Level 2 energy audit (or equivalent)|
|Savings-to-Investment Ratio (SIR)||No SIR requirement||SIR > 1|
|Savings Guarantee||Not required||Required|
|Eligible Conservation Measures||Energy Efficiency: lighting, HVAC, windows, insulation, roofing, caulking, and more.
Water Efficiency: stormwater recapture, low-flow toilets/sinks/showerheads, graywater systems, and more.
Renewable Energy: solar energy, wind energy, EV charging, geothermal, CHP, and more.
|Qualified Properties||Commercial and Industrial: hotels, hospitals, restaurants, office buildings, manufacturers, and more.
Multi-Family Housing: both market-rate and low-income apartment buildings.
Agricultural: farms, wineries, and more.
Nonprofits: houses of worship, private schools, cooperatives, and more.
Refinancing of any of the above