Creating a work environment that requires less energy for lighting to get the same job done as when using incandescent lights is the dream of many modern business owners who have concerns about preserving the natural environment as well as controlling utility costs. For them, light emitting diode or LED lights are the preferred option. This is because LEDs generate no waste heat and last for 50,000 hours or more.
If you are preparing to deploy LED lighting in your business, you may have been on the fence because of concerns about initial costs. However, you should know that PACE financing can help. PACE
stands for Property Assessed Clean Energy and is a nationwide initiative designed to give organizations access to energy saving technology at affordable rates.
With large enough projects, you can begin with zero up-front costs through PACE financing. PACE is a voluntary program and participants can receive 100% of the hard and soft costs of a project. Financing terms are available for as many as 20 years. What’s more, you can combine PACE cost savings with federal, local and utility incentive programs for using LED lights.
How Does PACE Work?
When you obtain LED system financing for your company through PACE, you repay it as if it was an assessment on your normal property tax bill. This fee is handled in the same manner as other benefits to the public, such as when cities finance sewers and sidewalks.
According to PACE Nation
, the national nonprofit group that advocates for PACE financing, PACE financing remains attached to the property and can be transferred to the next buyer if the original owner had not yet finished paying for the installed LED technology. Property owners and managers can also arrange to split payments among tenants.
lets you begin taking advantage of the energy-saving benefits of LED lighting immediately, enabling you to put your resources to work more effectively in your business.