New Castle County adopts program to fund sustainable projects
New Castle County is partnering with Energize Delaware to help commercial and industrial property owners finance energy efficient and clean energy projects.
Here’s how it works: Retrofits, renovations and new construction that qualify under the statewide Delaware Property Assessed Clean Energy program (D-PACE) can be financed through a voluntary assessment on property tax bills.
New Castle is the first county to opt-in to the program, which requires no taxpayer revenue.
“The D-PACE program will be good for the economy and good for the environment,” said New Castle County Executive Matt Meyer. “This initiative will encourage green investment in our county, including solar, wind and geothermal energy production. In addition, it will help put people to work, while reducing carbon emissions and saving money.”
Eligible improvements may include any construction, renovation or retrofitting of energy efficient technology, clean energy systems, or qualifying waste heat recovery technologies that are permanently fixed to qualifying commercial property.
The financing term is based on the useful life of the improvements and can extend up to 25 years. The financing can cover up to 100 percent of a building’s project cost and often requires no money down. In many cases the project’s annual energy savings will outweigh the annual D-PACE payments, which creates positive cash flow for the owner.
“As we worked to develop the PACE program for Delaware, we placed a particular emphasis on minimizing the administrative hurdles that a county or businesses would face,” said Tony DePrima, executive director for Energize Delaware. “The result is a program that will allow each county to participate without adding a substantial administrative burden and makes it easy for interested business owners to finance energy efficiency and renewable energy projects. We welcome New Castle as the first participating county.”