PACE IN BALTIMORE CITY SIGNED INTO LAW
Today, with the full support of the Baltimore City Council, I am pleased to announce Mayor Stephanie Rawlings-Blake signed Ordinance 16-092, legislation I authored establishing a Property Assessed Clean Energy (PACE) program in Baltimore. 30 states and the District of Columbia have already established PACE programs, and this legislation will make Baltimore City the 9th largest jurisdiction in the Nation, and largest in Maryland to authorize a PACE program for its citizens and businesses.
PACE is a simple and effective way to finance cost-effective building retrofits, construct highly-efficient new buildings, and harness abundant, clean renewable energy across our city. Structured to address many of the reasons building owners don’t invest in their properties, PACE programs enable private sector capital to fund cost-effective real estate projects without any additional government funding. In the past seven (7) years, commercial PACE programs have financed over $300mm across 800 projects across the United States.
Almost any commercial property owner in Baltimore can use the PACE program, including office, retail, and industrial facilities, hospitals, universities, private schools, non-profit organizations, houses of worship, multifamily housing complexes, agricultural facilities, townhomes, and co-ops.
Mayor Rawlings-Blake noted that “PACE is the kind of cutting-edge, cost effective solution that will help Baltimore meet the challenges of the 21st century,” said Mayor Stephanie Rawlings –Blake. “I thank Council President Young and Councilman Costello for getting this bill to my desk for my signature.”
“I want to thank Councilman Costello for taking the lead on this important piece of legislation that will help spur responsible development in Baltimore City,” said Baltimore City Council President Bernard C. “Jack” Young. “Baltimore’s PACE program continues to cement the city’s position as a regional and national leader in the area of sustainability.”
As the legislation’s primary sponsor, I am pleased that Baltimore will be adding PACE financing program to its suite of clean energy policies. “PACE financing is the kind of innovative public-private partnership we need to catalyze investment in a cleaner, better Baltimore. Once Baltimore’s commercial PACE program is up and running, I will be seeking to expand the program to include single-family homes. Private sector support for PACE is strong, and I am confident there will be a large demand for PACE from the community once Baltimore learns about the benefits of the program.”
“I thank Mayor Rawlings-Blake and Council President Young for their steadfast leadership in advancing creative policy solutions like the PACE program we are signing into law today. The Department of Finance was instrumental in helping us get to this point and will take the lead on implementing the PACE program. There is more work to be done, but this legislation signifies Baltimore can be a leader in clean energy because investing in our buildings is the right economic and environmental thing to do.”
IN THE MEDIA
- Baltimore Sun – PACE program seeks to spur investment in clean, efficient energy across Maryland
- YouTube Video – Bill Signing Ceremony with Mayor Rawlings-Blake and Councilman Costello
- Baltimore CityBizList – Baltimore City Council Authorizes Cost Effective PACE Financing Program for Real Estate Owners and Developers
- Clean Fund – Baltimore City Council passes PACE legislation, allowing Mid-Atlantic commercial property owners access new financing source for building upgrades
- The Daily Record – PACE Financing Available in Baltimore
- Green Guilding Law Update – PACE Bill Due in Baltimore City
- The Daily Record – Solar Usage Increases in Baltimore