Somerset County is partnering with the Sustainable Energy Fund to help businesses invest in energy-saving upgrades, officials said.
The Commercial Property Assessed Clean Energy program enables commercial, industrial and agricultural property owners to invest in a long list of projects aimed at increasing efficiency.
Depending on the property and its uses, that might mean adding a water recycling system to lower water use; solar panels; or modern insulation, windows and doors, said Brian Hillard, who heads government relations for the Lehigh County nonprofit.
Through low, fixed-rate financing, property owners can acquire loans tied to the lives of their projects – such as 25-year loans for solar upgrades – and repay the funds once a year on their properties’ county taxes, officials said.
Hillard said the upgrades allow businesses that are moving into a new location or renovating an existing one to save on energy-related operating costs while also freeing up capital for other uses.
“It enables them to make themselves more efficient,” he said.
Somerset County joins Cambria, Erie, Allegheny and 20 other counties in the program.
To qualify, commercial, agricultural and industrial property owners – as well as certain nonprofits – would work with the Sustainable Energy Fund to develop cost-benefit analyses to see if projects will yield a worthy savings, Hillard said.
Projects must at least result in a 10% energy savings, although many see far higher ones, he said.
Residential properties are not eligible.
The Somerset County commissioners said the program can create opportunities for economic growth.
Commissioner Pamela Tokar-Ickes described the program as “another asset” that economic development agencies can tap into to help the private sector thrive.
“Government’s job isn’t to create jobs. Our responsibility is to create an environment that helps the private sector create jobs,” Tokar-Ickes said.
“It’s going to give participants more flexibility to invest in other ways because the loan follows the property and not the owner,” and if the upgraded property is sold, the mortgage-style loan follows the property and the new owner, she added.
She said Johnstown Area Regional Industries, the Southern Alleghenies Planning and Development Commission and local banks will be able to inform businesses that are considering projects about the energy program.
Source : Tribune Democrat