The City Council voted today to approve the first PACE (property assessed clean energy) loan in Kansas City.
This is exciting news, because the first allocation of funds utilizing PACE shows that there are opportunities for financing energy efficiency projects here in Kansas City.
For some background, the loan was granted to the Wornall Plaza condominium by the Missouri Clean Energy District. The funds, in the amount of $571,430, was allocated from Kansas City’s allocation of Qualified Energy Conservation Bonds. The property owner will benefit from a lower interest rate on the loan.
Wornall Plaza condominiums are an 88-unit non-profit cooperative owned by 310 W. 49th Street, Inc.. The loan will be utilized to make energy efficiency improvements to reduce energy use and save money on utility costs. Improvements will include lighting, boiler replacement, enhancements in the building’s hot water system, fan coil unit replacement for the HVAC systems, and other measures to reduce energy consumption. These improvements were identified as cost effective by an energy audit performed by Energy Solutions Professionals.
The City Energy Project is dedicated to finding innovative solutions to implementing energy efficiency projects here in Kansas City. PACE is just one tool that property owners can use to their advantage. The approval of the first PACE loan in Kansas City shows that there are tools available to property owners to cut energy use and improve their bottom line.