BrandsMart’s $2M Energy Retrofit is the Largest PACE Funded Project in the Southeast U.S.

OREANDA-NEWS. Known for helping shoppers find deals on home appliances and electronics, retailer BrandsMart USA got the best deal this time when it secured low-cost PACE (Property Assessed Clean Energy) financing for a comprehensive energy-efficiency retrofit of its West Palm Beach, Florida store.

Facilitated through the Florida Green Energy Works Program, BrandsMart received $2.25M from a private investor for the project. It’s the largest PACE project on the East Coast this year and the largest ever in Florida and the broader Southeastern United States.

Not only will BrandsMart increase energy efficiency and net operating income of its store without having to tap into their own capital, they will also improve the value of the property and help create green jobs in Florida.

The PACE model is a simple and effective way to finance energy efficiency, renewable energy, and water conservation upgrades for commercial and residential buildings. In areas with PACE legislation in place, municipal governments offer a specific bond to investors who then loan the money to property owners to put towards an energy retrofit that can make the buildings more sustainable and valuable. The loans are repaid over an assigned term (usually between 10 to 20 years) via an annual assessment on the property tax bill.

PACE loans help property owners pay for the upfront costs of their green initiatives and immediately begin saving on energy costs while they are still paying for the retrofit. This usually provides net gains, even with the increased property tax.

The City of West Palm Beach was one of the first cities in Florida to join a PACE program, along with other forward-thinking cities and counties to create the Florida Green Energy Works Program. It is Florida’s only “open market” PACE program and is managed by EcoCity Partners. The program currently serves 13 communities throughout the state and has been approved to operate statewide.

“I want to commend BrandsMart for their leadership,” said Jeri Muoio, Mayor of the City of West Palm Beach. “Their commitment to our environment is a testament to the opportunity for our private sector partners to step forward and join us as we continue to takes steps to preserve our planet. Bravo BrandsMart!”

“This project represents a major step toward fulfilling the program goal for commercial enterprises of promoting cost-savings through higher energy-efficiency,” said David Thatcher, Chair of the Board of the Florida Green Finance Authority and sponsor of the PACE program. “This is our largest commercial project to date and we look forward to many more…”

This newest BrandsMart project will include new HVAC systems, energy-efficient lighting, and a new roof. ABM, one of the largest facility management services providers in the U.S., will manage the upgrade.