Production Drive Land
15,000 square foot commercial warehouse real estate property in Macomb Michigan
Production Drive Land is Macomb County’s fourth PACE project to date. Production Drive Land is using PACE funding to install LED lighting throughout the entire warehouse. Production Drive Land LLC, partnered with Ebee Management Group, Parker Energy LLC and Stonehill PACE, a national lender, to make the 15,000 square foot commercial warehouse more energy efficient, cost effective, and more desirable in preparation of their tenant.
Production Drive LLC is not only eliminating energy waste in a cost effective manner, but they are also setting a great example on how to revitalize commercial space for tenants across Michigan.
Project Quick Stats
- PACE District: Macomb County
- Property Owner: Production Drive Land, LLC
- PACE Contractor: Ebee Management Group &Parker Energy LLC
- PACE lender: Stonehill PACE
- Amount Financed: $1,049,201.84
- Net Savings: $215,581
- Energy Conservation Measures:
- LED Lighting
- Project Term: 25 years
Impact: The PACE project at Production Drive Land LLC is expected to save 644,359 kWh of electricity and 457 metric tons of C02. That is equivilant to eliminating 57.5 homes' energy use for one year!
Lean & Green Michigan
Lean & Green MichiganTM helps commercial, industrial and multi-family property owners take advantage of PACE to finance energy projects, eliminate waste and save money through long-term financing solutions that make energy projects profitable. Lean & Green MichiganTM is a public-private partnership that works with local governments, contractors, property owners, and lenders to invigorate Michigan’s PACE statute with a market-based approach to energy finance and economic development.
Commercial building owners spend $200 billion per year on utilities, yet 30% of this is waste. The energy projects that could make these properties efficient often require significant up-front capital and take years to achieve profitability. Commercial loans typically have a tenor of 3-5 years, making the annual repayment greater than the energy savings. PACE changes all this by allowing property owners to finance energy efficiency and renewable energy projects via a property tax special assessment.
Macomb County's elected leaders created a countywide PACE district in October 2013 by joining the statewide Lean & Green Michigan PACE program. Since the County will enforce the PACE assessment just like any other property tax obligation, lenders feel secure in providing fixed-interest loans with terms of up to 25 years. The result is 100% up front financing to facilitate energy-saving projects. In addition, these projects create good jobs, and communities upgrade their building stock, increasing the local tax base over time.