What You Need To Know-
Two bills recently were signed into law which update Michigan’s Property Assessed Clean Energy (PACE) statute and will come into effect on February 13, 2024. Each of these bills will make PACE financing more accessible to Michigan’s business owners.
SB 302 will give property owners more leeway to decide the amount of protection they need:
- For retrofits or rehab projects, the bill provides the option to waive the energy savings guarantee and for new construction, the energy savings guarantee is no longer required.
- Establish a common sense approach for new construction projects, requiring the building to be built above Michigan’s energy code.
SB 303 will expand C-PACE to allow for the financing of Environmental Hazard Projects including:
- Mitigation of lead, heavy metal, or PFAS contamination in potable water systems.
- Mitigation of lead paint contamination.
- Mitigation of the effects of floods or drought.
- Increase the resistance of property against severe weather.
Click HERE to see the original PA 270 of 2010 showing changes to each amendment. A pdf of the full bill will be posted at this site when it takes effect in 2024.