“The University Club project is a win-win for the city of Milwaukee,” said Erick Shambarger, Deputy Director of the City of Milwaukee Office of Environmental Sustainability.
Milwaukee, MI (PRWEB) September 25, 2014
PACE Equity, a Property Assessed Clean Energy (PACE) project originator, today announced the first PACE project in the state of Wisconsin: a $1.9 million renovation of the University Club building. The six-story clubhouse, which was built in 1928, will undergo a complete overhaul focused on generating a 30% energy savings of $1.3 million over 18 years.
PACE Equity acted as owner’s representative and worked with the City of Milwaukee in the development of the renovation plan. The Milwaukee Economic Development Corporation provided financing of the PACE portion of the project, which accounted for 35% of the overall renovation budget. PACE Equity also provided energy engineering and a guarantee of the corresponding energy savings. This work included simulating the impact of multiple energy conservation measures to maximize energy savings resulting from the project, ongoing performance reporting and a plan for measurement and verification after implementation.
“We know that the results of the University Club project will help other building owners see the possibilities of the PACE program, and we are proud to be leading the charge in Wisconsin,” said Beau Engman, founder of PACE Equity. “The University Club is performing a renovation that is important to their strategic plan. This project is an example of how PACE funding can be used as a tool to help building owners perform significant building improvements that are ultimately funded through energy savings.”
The project will also add new jobs in building development and construction.
“The University Club project is a win-win for the city of Milwaukee,” said Erick Shambarger, Deputy Director of the City of Milwaukee Office of Environmental Sustainability. “Not only are repairs being made to ensure the sustainability of a Milwaukee landmark, the project is also creating local jobs to bolster Milwaukee’s economy and growth.”
The aspects of the renovation project funded by PACE include balancing the building’s airflow with new makeup air units, updating the HVAC system, repairing steam traps, repairing windows and replacing all lights – including chandeliers – with LEDs. These changes will modernize the mechanics of the building while retaining the old-world aesthetics of the historic landmark. These updates will generate immediate annual energy savings of $56,000 for the University Club.
“PACE represents an excellent public/private partnership where improvements are funded with private capital, but repaid through a special charge on the tax bill for up to 20 years,” said Julie Tolan, President of the University Club Board. “In this case, the value to the University Club was long term, low cost capital to reduce operating costs while simultaneously supporting the club’s strategic plan.”
The Property Assessed Clean Energy (PACE) program enables building owners to leverage private capital to fund building improvements that result in utility savings. This funding can then be repaid via a long-term tax assessment. PACE has now been approved in 31 states, and PACE financing is available in more than 800 municipalities across the country.
“The PACE Program empowers building owners to think about their renovation projects differently, from a ‘total cost of ownership’ perspective,” said Engman. “Instead of focusing on first cost, customers can make investments based upon value creation for the facility. This way of thinking leads to a bigger impact, not only on the building’s efficiency but on the environment.”
To learn more about how PACE Equity can cost-effectively drive energy efficiency improvements in your building, call (855) 378-0858 or visit http://www.pace-equity.com.
About PACE Equity
PACE Equity works with building owners to implement significant building improvements by converting long-term energy efficiency savings into investment dollars to fund these projects. By breaking down barriers to energy efficiency in the commercial marketplace, PACE Equity is moving forward the ideals of sustainability in the built environment. With extensive experience developing commercial energy projects, developing innovative financing structures and evangelizing PACE throughout the United States, PACE Equity aspires to be leading PACE project originator in the country. To learn more, visit http://www.pace-equity.com.
PACENow is a non-profit foundation funded advocate for Property Assessed Clean Energy (PACE) financing. PACENow’s mission is to promote improved energy efficiency in buildings and use of PACE. Our strategy is to be a trusted source for information and resources to a growing coalition of PACE stakeholders that includes local governments, businesses, industry service providers, labor and trade organizations, environmental groups and private individuals nationwide.
Energy efficiency retrofits represent a spectacular investment opportunity. A $279 billion investment in commercial, residential, and institutional segments could save $1 trillion over a decade, according to the Rockefeller Foundation study. Moreover, the ACEEE’s estimates show that energy efficiency improvements tend to result in the average return on investment of 22 percent. PACE financing is a robust and flexible tool that can be used to make our nation’s buildings more energy efficient.