Application Period Open for Pennsylvania Alternative Energy Incentive Program
Pennsylvania’s Alternative and Clean Energy Program (ACE) began accepting applications for grant and loan incentives on February 1st. The program may be of interest to developers, building owners, and tenants seeking to lower utility costs and increase energy efficiency at their properties.
The Alternative and provides financial assistance in the form of grant and loan funds to eligible applicants for the utilization, development and construction of alternative and clean energy projects in Pennsylvania. Eligible applicants include private businesses, economic development organizations, or political subdivisions. Incentives can apply to a variety of planning and capital expenditures related to energy conservation and efficiency, use of alternative fuels, or the construction of a high performance building.
Some examples of regional projects receiving incentives under the ACE program include:
- Installation of fuel cell technology at Urban Outfitters headquarters in the Navy Yard;
- Purchase and installation of a combined heat and power plant at the Rittenhouse Claridge apartment building on Rittenhouse Square;
- A fuel cell system to generate electricity from natural gas at the TJX Philadelphia Distribution Center in Northeast Philadelphia;
- A combined heat and power system, lighting upgrades, and modernization of heating/cooling units at a Cathedral Village, a continuing care retirement community.
The program has limits and matching requirements that applicants should be aware of. Loans are limited to $5 million or 50% of the total project costs, whichever is less; grants are limited to $2 million or 30% of project costs, whichever is less. The program requires at least a 1-to-1 match. Evaluation factors include: the level of non-governmental matching funds, project feasibility and readiness, energy savings and efficiency, job creation, and environmental benefits. Manufacturers of equipment and components are also eligible under the program, but incentives are more restrictive and are specifically tied to job creation.
ACE program applications are open from February 1, 2016 to April 1, 2016. Grants are jointly evaluated and administered by the Department of Environmental Protection (DEP) and Department of Community and Economic Development (DCED), under the direction of the Commonwealth Financing Authority (CFA). The CFA anticipates announcing award winners at its regular meeting in May, 2016.
Projects supported by the ACE program are typically undertaken to lower utility costs and provide building owners with options for their energy needs. Public incentives can be a useful tool for making a project economically viable, but should not be viewed as a primary source of funding. Applicants should also be aware that additional advocacy may be needed as part of a successful application.
Most importantly, property owners should consider a project in the context of their overall energy use and capital improvement plans. If you are a building owner or a tenant with a triple net lease, the professionals at Wolf Commercial Real Estate can provide advice on a variety of successful strategies for reducing utility and other building expense costs.
For more information:
http://community.newpa.com/programs/alternative-clean-energy-program-ace/
Special thanks to Coleen Terry at ECON Partners, Inc. for her assistance.
www.econpartnersinc.com @econpartnersinc
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