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Property Assessed Clean Energy Program (PACE)
The Property Assessed Clean Energy (PACE) program is a way to finance energy efficiency and renewable energy retrofits to eligible non-residential properties. PACE overcomes challenges that hinder energy efficiency projects by eliminating up-front costs, providing low-cost, long-term financing, and making it more efficient for building owners to transfer repayment obligations to a new owner upon sale. Interested property owners and their contractors evaluate measures that achieve energy savings and receive 100 percent financing, repaid as a property tax assessment for up to 20 years.
On November 10, 2015, the Ramsey County Board designated the Saint Paul Port Authority as the County’s implementing entity for the PACE program.
Process, eligibility and requirements
Applicants must be:
- The legal owner of the property and all of the legal owners of the property must agree to participate.
- The interested property owner must be current on any existing mortgage and the property owner must not have defaulted on the deeds of trust.
- Property must not be subject to any involuntary liens or judgments, not be delinquent on property taxes
- The property owner must not be in bankruptcy.
Saint Paul Port Authority (SPPA) will perform a thorough credit analysis and applications are approved by the SPPA’s Credit Committee prior to the SPPA submitting an assessment request to the county. Following review by SPPA, SPPA requests the county apply a special assessment and collect repayment on property tax bills on behalf of the SPPA. Loan payments for PACE OF MN projects cannot exceed 20 percent of the property’s assessed value.
The Ramsey County Board is required to adopt by resolution each assessment. The assessment stays with the property in the event of a sale. The special assessment becomes a lien against the property at the point that it is extended to the tax rolls. If not timely paid, the special assessment would accrue penalties and interest as with other delinquent taxes and is subject to tax forfeiture. Unpaid assessments become a lien on the property like any other special assessment or unpaid property taxes.