Hastings officials want to enact energy efficient improvements and renewable energy systems for the city
Hastings is discussing the possibility of enacting a Property Assessment for Clean Energy Program.
The city wants to promote energy efficient improvements and renewable energy systems. Cost may stop some people from upgrading to energy efficient models so by creating a specialized district, this would allow funding for homes and businesses.
Energy efficiency and the use of renewable energy are important for preserving the health and economic well-beling of Hastings.
Using less energy decreases the cost of living and keeps the cost of public power low by delaying the need for additional power plants.
Financing energy projects can be done through Property Accessed Clean Energy as known as PACE.
"It is something that a lot of other communities around us have taken a look at. We are looking to provide gap financing through private capital, I think it would be a great economic development tool, we are already a developer friendly community, this just provides us with another tool to be to do that," said Mayor Corey Stutte, Hastings.
The upfront costs for energy efficiency improvements and renewable energy systems using PACE financing uses private capital and equity rather than public debt.
PACE financing is for owners of qualified property, this could be commercial property, multi-family property as well as industrial property.