Through the Kansas Energy and Efficiency Act (KEEA), the bill, or HB 2649, would allow businesses to take advantage of an innovative energy efficiency financing mechanism called Property Assessed Clean Energy (PACE).
PACE is an attractive financing tool for businesses seeking to invest in clean energy and efficiency improvements. HB 2649 would allow cities and counties around the state to create energy districts with the power to issue loans to cover the cost of an energy project. The energy efficiency unit is installed immediately, and the business repays the cost back over time at a low interest rate. Through PACE, companies receive short-term saving on their energy bills with long-term benefits to the environment.
Additionally, a PACE loan is tied to the property itself, and continues to be paid off if the property is sold to a new owner. This minimizes risk for investors and encourages investment from companies in clean energy.
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