Energy Upgrade Loans for Local Businesses and Nonprofits

The Lorain Port and Finance Authority is promoting a new financing plan that lets property owners in the county pay for energy‑saving improvements. The program, called PACE, is open to developers, business owners, nonprofits and local governments who want to update or add new heating, cooling, roofing, insulation, windows, doors or renewable energy systems. PACE works differently from a typical loan. Instead of borrowing money from a bank, the cost is added to the property’s tax bill as a special assessment. The plan can cover up to all of the project costs, and the interest rate stays fixed for the life of the loan.Loans usually range from $100, 000 to $500, 000. The repayment period can be as short as five years or as long as twenty years, depending on how big the project is and how much energy can be saved. Interest rates normally fall between 2. 5% and 4%. The goal is to cut operating costs over time by saving energy. By installing more efficient systems, owners can reduce their monthly bills and protect the environment at the same time. Businesses and nonprofits interested in learning more can contact the Lorain Port and Finance Authority for details on eligibility and application steps.