TownePlace Suites in Oak Creek, Wisconsin is the first Milwaukee County business to benefit from Property Assessed Clean Energy (PACE) financing though PACE Wisconsin. Milwaukee County partnered with PACE Wisconsin to offer its commercial sector the opportunity to save energy, reduce costs and improve building performance. Twenty-two PACE financing projects have been approved to date in Wisconsin with more coming soon.
Drexel Hotel Investment, LLC incorporated $2.5 Million of PACE financing into the overall project cost, which will cover: roof and wall insulation, upgraded windows, interior and exterior LED lighting, energy-efficient HVAC equipment (air conditioners and furnace), energy-efficient pool heater, and low-flow faucets and showers. This is their second project to receive PACE financing.
Over the life of these energy efficiency improvements, the building owner will recover the cost of the investment through energy savings. McFarland State Bank provided the upfront, market-based C-PACE financing component of the project capital budget.
Twenty-two PACE WI financing projects have been approved to date with more coming soon.