Finance N Illinois

IECA closes first Commercial PACE financing deal in Kane County

IECA closes first Commercial PACE financing deal in Kane County,ph1

The Illinois Energy Conservation Authority NFP (IECA) announces, on behalf of the Kane Energy Efficiency Program (KEEP), that on November 4, 2019, it closed a commercial Property Assessed Clean Energy (C-PACE) financing deal in Kane County, totaling $351,136. This transaction marks KEEP’s first C-PACE financed project.

The C-PACE capital is funding roof improvements and a solar photovoltaicsystem for a 48,000-square-foot, indoor-outdoor soccer campus facility located on approximately 13 acres in Elgin, Illinois. The property, owned by International Sports, is occupied by the Intra Sports Complex, which hosts indoor soccer leagues and tournaments, events and parties and includes concessions and on-site retail. International Sports secured a 20-year term and is expected to receive annual utility savings of $19,111, aside from any other tax incentives or utility or manufacturer rebates.

“As an architect, I’m always looking for ways to improve the efficiency and design of our facilities but didn’t have time to conduct my own due diligence and research,” said Andy Schcolnik, president of Intra Sports. “Between the contractor and IECA, the entire C-PACE financing process was simple to understand and navigate. We’re happy to be slightly ahead of the curve in making an environmentally positive impact on our facility and community.”

The solar PV system will be installed by Bright Life Renewable Energy, LLC, based in Naperville, Illinois. With more than 15 years of solar experience, Bright Life initiated the C-PACE application with their client through the IECA.

“Kane County was the first county to adopt PACE financing in 2018 and sign on with the IECA,” said Mark Pikus, president of IECA. “We are thrilled to be the first to administer this historic solar C-PACE financing deal in Kane County. Through our unique position to assist Chicagoland commercial real estate owners in establishing successful C-PACE programs, we hope to support greater economic development activity and increase the installation of energy efficient and clean energy technologies.”

The passing of the KEEP ordinance by the Kane County Board made Kane County the first C-PACE program in Illinois.

Recently introduced in Illinois, C-PACE is an innovative financing tool that provides low-cost, long-term funding for energy efficiency, renewable energy and water conservation projects on commercial properties. PACE financing is currently available in 36 states. From 2010 to the present, PACE programs have funded over 2,000 qualifying projects for a total of more than $1 billion, while also creating over 17,000 jobs.

The IECA is a not-for-profit organization that was formed out of a commitment to bring C-PACE program administration to the Chicagoland area.