Energy Efficiency Financing Programs
NOPEC's low-interest energy efficiency financing programs available to commercial and industrial property owners help lower energy costs through energy improvements. Eligible properties include private-sector offices, retail and industrial buildings, non-profit facilities, apartment buildings and public sector facilities in NOPEC member communities.
PROPERTY ASSESSED CLEAN ENERGY (PACE)
PACE financing is a powerful option for commercial property owners who are looking to complete a $100,000 - $1,000,000 energy efficiency or renewable energy project. By placing a voluntary assessment on the real property, PACE will extend financing anywhere from 5 - 15 years with interest rates as low as 5%.
SAVINGS THROUGH EFFICIENCY PROGRAM (STEP)
Savings Through Efficiency Program
For commercial property owners who are looking to complete an energy efficiency or renewable energy project, the STEP loan is a great option.
With financing available from $5,000 to $125,000, property owners gain access to much-needed funds to help push projects across the finish line. The interest rate for STEP loans is only 5% with a 10-year term.
A Quick Guide to STEP and PACE
PACE Financing |
Financing Type |
STEP Loan |
$100,000 to $1,000,000 up to 100% of eligible costs |
How much can I finance? |
$5,000 to $125,000 up to 75% of eligible costs |
Variable |
What is the financing term? |
Up to 10 years |
5% |
What is the fixed interest rate? |
5% |
Does Your Commercial Property Qualify?
The following commercial properties in a NOPEC community qualify for a STEP or PACE loan:
- Public or Private Sector Facilities
- Non-Profit Organizations
- Retail Businesses, Offices, or Industrial Buildings
- Apartment Buildings with five or more units
- Schools, Healthcare Facilities, or Religious Organizations
