There’s a new financing mechanism for energy efficiency and renewable energy projects in Massachusetts, according to John Wadsworth and Douglas Dalena of Brown Rudnick. It draws on an arrangement already in place for single-family property owners, called the Property Assessed Clean Energy program, which allows for financing energy upgrades through tax benefits.
A bill has been introduced in the Massachusetts Legislature that parallels a similar tax-financing concept for renewable energy upgrades, such as insulation, energy-efficient lighting and renewable energy projects that will be undertaken by a contractor working for a commercial property owner, say the authors. They use the example of upgrading lights in a parking lot to LEED fixtures. This would reduce the annual property operating costs and the renovation price would be amortized over 20 years as an additional payment on the property’s real estate tax bill, they say.
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