Give Now

Loan Program Would Help Businesses Make Energy Upgrades

Indiana community and environmental leaders are working with legislators to develop an energy savings program they say will save money and create jobs.

PACE programs give local governments the authority to loan money to businesses for energy upgrades.

Photo: Flickr / Green Energy Futures

PACE programs give local governments the authority to loan money to businesses for energy upgrades.

Indiana community and environmental leaders are working with legislators to develop an energy savings program they say will save money and create jobs.

Property Assessed Clean Energy, or PACE programs give local governments the authority to loan money to businesses for energy upgrades, whether by improving energy efficiency or utilizing renewable energy. Businesses pay back the loans through property tax payments, using the savings generated by the improvements.

Hoosier Environmental Council Executive Director Jesse Kharbanda says the program works because it first requires a certified contractor to perform an energy audit on the buildings before any upgrades are made.

“It’s only funded to commercial property owners who can prove, through an audit, that the energy savings will exceed the property tax payments and it ensures that the cash flow facing the property owner that they’re in a better off position from a cash-flow perspective,” says Kharbanda.

PACE programs exist in more than two dozen states. Democratic Representative Dan Forestal says that allows Indiana to learn by example.

“I’m looking at a success story from Ann Arbor where the PACE gave a restaurant $8,300 in annual savings,” Forestal says.

In order to bring the program to Indiana, Forestal says the General Assembly will have to pass legislation next session which he’s helping develop this summer.

Brandon Smith, IPBS

Brandon Smith, IPBS has previously worked as a reporter and anchor for KBIA Radio in Columbia, MO, and at WSPY Radio in Plano, IL as a show host, reporter, producer and anchor. Brandon graduated from the University of Missouri-Columbia with a Bachelor of Journalism in 2010, with minors in political science and history. He was born and raised in Chicago.

View all posts by this author »

What is RSS? RSS makes it possible to subscribe to a website's updates instead of visiting it by delivering new posts to your RSS reader automatically. Choose to receive some or all of the updates from Indiana Public Media News:

Support For Indiana Public Media Comes From

Search News

Stay Connected

RSS e-mail itunes Facebook Twitter Flickr YouTube

Follow us on Twitter

What is RSS? RSS makes it possible to subscribe to a website's updates instead of visiting it by delivering new posts to your RSS reader automatically. Choose to receive some or all of the updates from Indiana Public Media News:

Recent Environment Stories

Recent Videos

Find Us on Facebook