New program provides funding for energy-efficient projects in the Peoria area
A new clean energy program gives Tazewell County an opportunity to spur growth within its communities by giving businesses and developers a new means to expand.
“This program is one avenue that we can help Tazewell County businesses and developers have access to resources to help adapt and thrive in today's marketplace,” said Tazewell County Administrator Mike Deluhery. “We've all felt the effects of rising energy prices. The goal is to help businesses be able to make long-term investments in the buildings and community that wouldn't be feasible through traditional means.”
The Tazewell County Board passed an ordinance last month authorizing the establishment of a Commercial Property Assessed Clean Energy (C-PACE) program.
More: Small business community faces challenges, but can thrive in Pekin
According to Deluhery, C-PACE is a financing option for new and existing commercial projects designed to reduce development costs when making energy-related improvements.
Examples of eligible energy-efficient projects include updates to heating, ventilating or air conditioning systems, windows and doors, lighting fixtures, insulation, solar panels, cooling towers and electric vehicle charging stations.
“The program can be used for commercial, industrial, non-residential agricultural, and multi-family (of five or more units) properties throughout Tazewell County,” Deluhery added. “It also allows for the refinancing of existing loans for eligible projects started in the last few years.”
The ordinance also sets up a partnership with the Illinois Finance Authority (IFA) as the C-PACE administrator. The Tazewell County Community Development Office will review and approve funding applications.
The IFA will then work with private lenders to obtain the financing for a project. The loans are secured by property tax special assessments on the property under development and monthly payments are made like typical commercials loans.
Deluhery said that C-PACE loans typically have lower interest rates than commercial loans. Other characteristics of C-PACE loans are that financing can extend through the useful life of an improvement for up to 40 years and can cover 100 percent of a project cost with a cap of 25 percent of the property’s value. If the property is sold, the loan can continue with the new owner.
More information about the C-PACE program is available at tazewell-il.gov.
This article originally appeared on Pekin Daily Times: New program provides funding for energy-efficient projects near Peoria
