Press Release
Contact:
Kimberly Johnston
608.729.6900 or 608.516.5653
kjohnston@weccusa.org
Kenosha's Weiskopf School Apartments Project Granted $250,000 in PACE Financing
Funds will cover energy efficiency improvements to rejuvenate former school
KENOSHA, Wisconsin (December 10, 2018) – Kenosha’s historic Weiskopf School building, located at 812 50th Street, will be redeveloped and transformed into multi-family residences. A quarter of a million dollars of the project cost is financed through commercial Property Assessed Clean Energy (PACE) financing, courtesy of the PACE Wisconsin program. PACE financing helps commercial property owners obtain low-cost, long-term financing for energy efficiency, renewable energy, and water conservation improvements.
Jim Kreuser, County Executive Kenosha County shared, “We are excited for the first project in the county to use PACE financing to help make energy improvements. PACE helps to promote economic development, create jobs, and encourages reinvestment in properties. It’s an economic development tool that is working across the country, not just Wisconsin.”
J & N Assets IV, LLC, incorporated $250,000 in PACE financing into the overall project cost of the building. The funds will cover installation of energy-saving measures such as LED lighting, insulation, roofing, and high-efficiency windows and HVAC equipment. The updates will pay for themselves over the life of these energy improvements and the building owner will capture energy savings.
Greenworks Lending, who has funded several energy efficiency and renewable projects in Wisconsin, provided the PACE financing component of the project capital budget.
PACE Wisconsin launched in December 2016 after three years of planning and development spearheaded by a group of forward-thinking Wisconsin organizations committed to sustainable reinvestment in our local communities. “PACE financing stimulates dual benefits: it encourages building owners’ to invest in clean energy upgrades to their buildings which in turn helps spur economic development in Wisconsin communities,” said Jason Stringer, Program Administrator for PACE Wisconsin.
Kenosha County is one of 34 counties currently participate in the program, and more continue to join as communities recognize the opportunity to affordably invest in commercial energy efficiency improvements. PACE Wisconsin is administered by Energy Finance Solutions (EFS), the financial services division of Madison-based nonprofit WECC.
About PACE Wisconsin
PACE (Property Assessed Clean Energy) drives economic development by authorizing municipalities and counties to work with private sector lenders to provide upfront financing—usually for 100 percent of the cost of energy-saving improvements—to property owners for qualified projects.
PACE Wisconsin offers an open-market solution for building owners in participating Wisconsin communities. To offer PACE Wisconsin, counties must pass a resolution authorizing execution of the Joint Exercise of Powers Agreement (JPA), and pass the Model PACE Ordinance through the county board of supervisors. Interested communities should contact the administrator at info@pacewi.org or view more information at www.pacewi.org.
About Energy Finance Solutions (EFS)
WECC’s EFS specializes in financing program consultation, design, and delivery services in support of energy efficiency and renewable energy improvements. Through partnerships with utilities, contractors, and other agencies, EFS offers customers simple, affordable ways to finance energy improvements. EFS is the financing services division of WECC.
Kimberly Johnston
608.729.6900 or 608.516.5653
kjohnston@weccusa.org
Kenosha's Weiskopf School Apartments Project Granted $250,000 in PACE Financing
Funds will cover energy efficiency improvements to rejuvenate former school
KENOSHA, Wisconsin (December 10, 2018) – Kenosha’s historic Weiskopf School building, located at 812 50th Street, will be redeveloped and transformed into multi-family residences. A quarter of a million dollars of the project cost is financed through commercial Property Assessed Clean Energy (PACE) financing, courtesy of the PACE Wisconsin program. PACE financing helps commercial property owners obtain low-cost, long-term financing for energy efficiency, renewable energy, and water conservation improvements.
Jim Kreuser, County Executive Kenosha County shared, “We are excited for the first project in the county to use PACE financing to help make energy improvements. PACE helps to promote economic development, create jobs, and encourages reinvestment in properties. It’s an economic development tool that is working across the country, not just Wisconsin.”
J & N Assets IV, LLC, incorporated $250,000 in PACE financing into the overall project cost of the building. The funds will cover installation of energy-saving measures such as LED lighting, insulation, roofing, and high-efficiency windows and HVAC equipment. The updates will pay for themselves over the life of these energy improvements and the building owner will capture energy savings.
Greenworks Lending, who has funded several energy efficiency and renewable projects in Wisconsin, provided the PACE financing component of the project capital budget.
PACE Wisconsin launched in December 2016 after three years of planning and development spearheaded by a group of forward-thinking Wisconsin organizations committed to sustainable reinvestment in our local communities. “PACE financing stimulates dual benefits: it encourages building owners’ to invest in clean energy upgrades to their buildings which in turn helps spur economic development in Wisconsin communities,” said Jason Stringer, Program Administrator for PACE Wisconsin.
Kenosha County is one of 34 counties currently participate in the program, and more continue to join as communities recognize the opportunity to affordably invest in commercial energy efficiency improvements. PACE Wisconsin is administered by Energy Finance Solutions (EFS), the financial services division of Madison-based nonprofit WECC.
About PACE Wisconsin
PACE (Property Assessed Clean Energy) drives economic development by authorizing municipalities and counties to work with private sector lenders to provide upfront financing—usually for 100 percent of the cost of energy-saving improvements—to property owners for qualified projects.
PACE Wisconsin offers an open-market solution for building owners in participating Wisconsin communities. To offer PACE Wisconsin, counties must pass a resolution authorizing execution of the Joint Exercise of Powers Agreement (JPA), and pass the Model PACE Ordinance through the county board of supervisors. Interested communities should contact the administrator at info@pacewi.org or view more information at www.pacewi.org.
About Energy Finance Solutions (EFS)
WECC’s EFS specializes in financing program consultation, design, and delivery services in support of energy efficiency and renewable energy improvements. Through partnerships with utilities, contractors, and other agencies, EFS offers customers simple, affordable ways to finance energy improvements. EFS is the financing services division of WECC.
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