Chicago Pace

Chicago PACE makes it possible for owners and developers of commercial properties to obtain low-cost, long-term financing for energy efficiency, sustainability and renewable energy infrastructure deployed in new or existing buildings. This City of Chicago’s program is based on legislation that classifies energy efficient and/or renewable upgrades as well as above-code new installations as a public benefit. These “green” infrastructure elements and associated soft costs (permitting, structural support, etc.) can be financed with no money down and then are repaid as a benefit assessment on the property tax bill over a term that matches the useful life of improvements (often as long as 20-25 years). The program thus delivers a financial tool that facilitates the City’s sustainability efforts while providing economic development opportunities by reducing developer capital costs and driving down operational expenses for existing properties.