Ohio joining residential PACE market with support from Toledo-Lucas County Port Authority, Bricker, Renovate America
Ohio residents will soon have access to property assessed clean energy (PACE) financing tools to fund modern upgrades to their residential properties thanks to the Toledo-Lucas County Port Authority’s newest initiative. The port authority’s board recently approved $500 million to be used as loans to residential property owners making upgrades that would decrease their utility bills. The borrowed money would then be repaid through special assessments, and utility bill savings may offset a portion of those payments. The program will be available in many areas of the state through the cooperation of the Development Finance Authority of Summit County, the Columbus-Franklin County Finance Authority, and several local governments in Hamilton and Clermont Counties.
According to The Toledo Blade, the port authority is partnering with Renovate America, which “was granted the right to be the lender for the first 2,500 projects done through the Ohio program.” Bricker & Eckler’s PACE team serves as the port authority’s bond counsel and described that individuals with reliable debit and credit histories are eligible candidates for energy efficiency projects using PACE.