BOSTON
- Wednesday, October 7, 2020 - Mayor Martin J. Walsh today announced he has
proposed an
order that will allow the City of Boston to participate in the Massachusetts Commercial
Property Assessed Clean Energy Program (PACE), a tax-based financing
mechanism that enables low-cost, long-term funding for energy improvements
in existing commercial, industrial, nonprofit, and multifamily buildings
with five or more units. By adopting this program, the City of Boston is
building on the strategies identified in the 2019
Climate Action Plan to accelerate decarbonization in the city's largest
buildings and achieve carbon
neutrality by 2050.
"Boston
has set ambitious and necessary climate action and energy efficiency goals
to protect our neighborhoods and create a resilient, healthy city,"
said Mayor Walsh. "PACE will help building owners access critical
financing needed to complete energy improvements that will make their
buildings healthier and more efficient, supporting the City's progress in
reaching its goal of carbon neutrality by 2050."
According
to the 2019 Climate Action Plan, buildings in Boston account for
approximately 70 percent of citywide emissions. Under the PACE program,
MassDevelopment uses an open market, third party direct financing model for
qualifying energy projects. Existing buildings in the City of Boston can
secure long-term financing for eligible energy improvements through a
voluntary better assessment on property tax bills, therefore eliminating
certain barriers to traditional financing and possibly alleviating
pandemic-related financial impacts.
"As
the single greatest source of emissions citywide, buildings in Boston also
represent the greatest opportunity for reductions," said Chris Cook,
Chief of Environment, Energy, and Open Space. "While we continue to
implement actions to reduce Boston's overall carbon emissions and develop a
building emissions performance standard, PACE is one in a set of tools that
will assist building owners in meeting our goals and building a cleaner,
healthier future for Boston."
In
order to decarbonize large buildings, the City of Boston is currently
developing an emissions performance standard that, when implemented, is
projected to decrease citywide emissions nearly 40 percent by 2050. To lead
by example, Mayor Walsh last year signed
an Executive Order for all new City-owned buildings to target a Zero
Net Carbon standard, and recently required that all
new affordable housing construction funded by the City must meet Carbon
Neutral performance standards.
"Climate
action is first and foremost about protecting people - and Boston is
helping to show the way. PACE is one tool in the kit that will allow the
City to drive down harmful climate pollution, accelerate its clean energy
goals, and make communities more resilient. As an American Cities Climate
Challenge city, Boston is leading by example and charting a cleaner,
healthier future for all," said Jay Orfield, Interim Director of
Buildings, Energy & Finance for the American Cities Climate Challenge
at NRDC.
PACE
offers private building owners access to long-term financing that is paid
back through energy savings, similar to the City's Renew
Boston Trust program, a performance contract for municipal
buildings. There are no savings guarantees involved with PACE, but the
Massachusetts Department of Energy Resources (DOER) conducts a technical
review of projects to ensure that projected savings will exceed the PACE
assessment.
"PACE
Massachusetts is a forward-thinking financing tool for energy improvements
to commercial and industrial properties," said MassDevelopment
President and CEO Lauren Liss. "We are thrilled the City of Boston is
pursuing 'opting into' PACE Massachusetts, a key step to enabling local
property owners to take advantage of the program, and look forward to
supporting projects that create jobs, encourage business growth, and reduce
energy consumption."
Legislation
signed by Governor Baker in August 2016 and amended in August 2019 directed
MassDevelopment, in conjunction with DOER, to create a PACE program. The
program officially launched July 28, 2020, with twenty eight municipalities
participating to-date. Twenty-three states and the District of Columbia
have active commercial PACE programs.
About the Environment Department
The
City of Boston Environment Department's mission is to enhance the quality
of life in Boston by protecting air, water, climate, and land resources,
and preserving and improving the integrity of Boston's architectural and
historic resources. To learn more, visit the website at boston.gov/environment.
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