Press Releases
Montgomery County Announces Commercial PACE Program; Program Manager and Program Lender Selected
For Immediate Release: Monday, September 28, 2015
The Montgomery County Department of Finance today announced its selection of a Program Manager and Designated Lender for its Commercial Property Assessed Clean Energy Program (PACE). This program was established by County Council Bill No. 6-15, and is designed to assist qualifying commercial properties with financing energy improvements.
PACE Financial Servicing, LLC, an industry leader in servicing Property Assessed Clean Energy (PACE) loans, was selected by Montgomery County as its Program Manager. Greenworks Lending, LLC was chosen as the County Designated Lender. Greenworks Lending is a rapidly growing company that provides financing for energy-saving upgrades in commercial, industrial, non-profit and multi-family buildings.
“Montgomery County has maintained its position as a national leader in clean energy consumption for more than a decade,” said County Executive Ike Leggett. “With the PACE program now established, we can help commercial properties finance energy improvements, putting us at the forefront of promoting green energy initiatives throughout the County.”
“Commercial PACE helps property owners not only embrace renewable energy and energy efficiency, it also saves them real money on the operation of their property. This is truly a win-win for our county’s property owners and environment, and I am glad that Montgomery County is the first jurisdiction in Maryland to adopt this innovative and successful program to advance the green economy,” said Councilmember Roger Berliner, chair of the Montgomery County Council Transportation, Infrastructure, Energy and Environment Committee and lead sponsor on Bill 11-13, which directed the County to develop a PACE program.
The new legislation was adopted in March 2015, establishing a PACE Program to assist qualifying commercial property owners to make energy improvements. Private lenders provide capital for a commercial loan provided under a local clean energy loan program. Annual loan payments are collected by the County as a surcharge on a real property tax bill. The surcharge is treated as all other taxes and charges.
For more information about the PACE Program, contact David Crow in the Department of Finance, at 240-777-8859 or visit the website.
Media Contact: Sue Tucker 240-777-6507