Saginaw Plaza Partners with Ameresco to Implement Efficiency, Solar Project
Improvements utilize Michigan’s Property Assessed Clean Energy (PACE) statute
FRAMINGHAM, Mass., and LANSING, Mich. — Saginaw Plaza Ltd. signed a $437,000 energy savings performance contract (ESPC) with Ameresco to upgrade its facility in Lansing, Michigan, with energy efficiency and renewable energy improvements. The facility is currently leased to the state and houses two governmental agencies: the Michigan Agency for Energy (MAE) and the Michigan Public Service Commission (MPSC). MAE/MPSC worked closely with the property owner, Saginaw Plaza, and Ameresco to achieve facility improvements given the MAE/MPSC is Saginaw Plaza’s long-term tenant.
This public-private partnership for the efficiency improvements utilizes Michigan’s Property Assessed Clean Energy (PACE) statute. PACE is a simple and effective way to finance energy efficiency, renewable energy, and water conservation upgrades. PACE can pay for new heating and cooling systems, lighting improvements, solar panels, water pumps, insulation, and more for almost any commercial, industrial, nonprofit, and agricultural property. Property owners are using PACE because it saves them money and helps make their buildings more valuable. PACE financing pays for 100 percent of a project’s costs and is repaid for up to 20 years. PACE financing stays with the building with an assessment added to the property’s tax bill upon sale. Local governments sponsor PACE financing to create jobs, promote economic development, and protect the environment.