The City of Delray Beach has agreed to become a member of the Florida Green Energy Works’ Property Assessed Clean Energy (PACE) program by entering into an Interlocal Agreement with the Town of Lantana and the Florida Green Finance Authority. Becoming an active member in this new PACE program enables our City to continue its efforts as a green and sustainable community. In addition, this new PACE program will serve as a sustainability incentive within the newly implemented Delray Beach Economic Development Fund that is used to stimulate economic development activity within the City of Delray Beach. The City’s new voluntary PACE program gives commercial property owners within the City the opportunity to repay energy efficiency and water conservation improvement expenditures through a non ad-valorem assessment that will be included on their annual property tax bill. This program will enable existing, new and expanding businesses to make environmental improvements that will lead to lower monthly operating costs as well as to contribute to their efforts to go green and implement more sustainable operating practices.
Local property owners benefit because it offers long term, safe financing to develop energy and water efficiency improvements for their properties that they may otherwise not be able to afford. Once an applicant is approved and receives financing, the property owner hires a contractor to implement the improvements. When the work is completed, the Palm Beach County Property Appraiser’s Office will levy a non ad-valorem assessment on the property to repay the financed amount. This assessment will be included in the annual property tax bill (up to 20 years). Even though the property owner’s taxes may increase from the voluntary non ad-valorem assessment, the property owner will realize a reduction in monthly utility bills that would assist in repaying/offsetting the financed amount. All costs are tied to the property, thus, if sold, the non-ad valorem assessment will continue with the property until all costs are re-paid. To learn more and/or to apply for funding under the City’s new PACE program, please visit the City of Delray Beach’s new website – www.mydelraybeach.com – and click on Economic Development on the Quick Links box on the right side of the home page. For additional information contact Rich Reade, Sustainability Officer for the City of Delray Beach, at (561) 243-7190 or E-mail email@example.com.