LORAIN, Ohio — The Lorain Port and Finance Authority is using National Financial Literacy Month to raise awareness about a financing program aimed at helping property owners invest in energy-efficient improvements.
The authority said its Property Assessed Clean Energy program, known as PACE, is available to developers, business owners, nonprofits and government agencies seeking to upgrade or install energy-related systems in new or existing buildings.
The program allows property owners to finance projects such as heating and cooling systems, roofing, insulation, windows, doors and renewable energy installations, including solar and geothermal systems. Officials said the upgrades can help reduce long-term operating costs through energy savings.
Under the program, financing is repaid through special assessments added to the property, rather than through a traditional loan structure. The authority said PACE can cover up to 100% of eligible project costs with fixed-rate financing.
Loan amounts typically range from $100,000 to $500,000, with repayment terms between five and 20 years, depending on the scope of the project, the expected lifespan of the improvements and projected energy savings. Interest rates generally fall between 2.5% and 4%, according to the authority.
More information about the PACE program and other financing options is available through the Lorain Port and Finance Authority.
Up to 100% energy upgrade financing available for business owners, nonprofits in Lorain County
