Residents in the Akron-Summit County Energy Special Improvement District, which includes the town of Stow, will be able to get financing next month to improve the energy efficiency of their homes.
The residential Property Assessed Clean Energy (PACE) program will be established so that residents can apply for funds to help with upgrades to furnaces, insulation, roofing, windows and many more projects. Vice president of market development for the private lender, Renovate America, Dustin Reilich, will be working with the Development Finance Authority of Summit County on the financing arrangements.
By making a voluntary assessment on their tax bill and then repaying this over time, enable property owners to finance the upfront costs made for such improvements through the program. The project cannot cost more than 20 percent of the value of the property. The financing through Renovate America covers the entire cost of the project and use private money. Approvals of the financing are based on the owner’s ability to pay and equity in the home.
Residents will be able to apply for this financing through the website of Renovate America. The program can also be offered by local contractors as a financing option.
Print shops are often used to create materials with more information about programs such as this.
The Akron Rubber Development Laboratory in Barberton and the Cascade Plaza project in Akron have used PACE financing for their commercial projects.
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