Chesterfield joins the Missouri Clean Energy District

FOR IMMEDIATE RELEASE 

January 27, 2015 

CITY OF CHESTERFIELD JOINS THE MISSOURI CLEAN ENERGY DISTRICT
Allows Special Financing for Energy Efficiency Improvements on Commercial Properties 

The Chesterfield City Council voted at their January 21, 2015 meeting to approve an ordinance to join the Missouri Clean Energy District.  The Property Assessed Clean Energy Act (PACE) was established by the State Legislature in 2010 to promote the use of clean, renewable energy and supports improvements to commercial properties to make them more energy efficient.  Owners of qualifying properties can access special funding for these improvements, allowing for financing up to 20 years through the District, rather than using conventional lending.  

The District’s purpose is to provide sustainable capital for qualifying energy efficiency projects in communities across the state of Missouri.  When municipalities join together, they create a broad base of demand for capital and therefore an opportunity for economies of scale resulting in a reduced cost of borrowing for property owners.  One of the most attractive aspects of the program to members is cooperation among communities which becomes a gateway to the lowest possible cost in terms of interest rates available.  

Qualifying property types include commercial, industrial, agricultural, multi-family, not-for-profit and public facilities and is generally used for existing facilities, not new construction.   The program is funded through the municipal bond market and is administered by the Missouri Clean Energy District who handles the request from start to finish.  Essentially, an additional property tax assessment is placed on the owner’s property, which is paid annually up to 20 years.  The lien stays with the property, even if the property is sold. 

Those wishing to learn more or see if their project qualifies can contact David Pickerill at dpickerill@mced.mo.gov or call 314.769.8300 or go to www.mced.mo.gov.