Hingham Select Board Opts into Program that Finances Commercial Energy Improvements

By Carol Meyer

The Property Assessed Clean Energy Massachusetts program the Select Board recently opted into on a one-time basis will provide Hingham commercial property owners with an opportunity to finance energy improvements through special betterment assessments on their property tax bills, spread over up to 20 years.

MassDevelopment administers PACE in consultation with the Massachusetts Department of Energy Resources.

Business owners have the opportunity to apply by detailing the type of energy improvement project they would like to undertake and demonstrating that the energy savings will be greater than the cost.

Owners of commercial and industrial buildings, including nonprofits, and owners of multi-family housing with more than five units work with a capital provider, such as a bank or a PACE lender, to finalize the application and to fund the project.

PACE applications require Massachusetts Department of Energy Resources and MassDevelopment approval to move forward. MassDevelopment works with the host community to bill and collect the assessment, which is then sent to the capital provider as repayment for the financing.
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Eligible projects include boilers, furnaces, HVAC systems, lighting upgrades, solar panels, insulation, and energy recovery. Retroactive consideration is available for already-installed improvements.

"This is an interesting program that is aligned with Hingham's climate goals," Select Board Chair Liz Klein said.