Boston & New England + Massachusetts + Finance | August 14, 2023

MassDevelopment Expands PACE Program to New Buildings

MassDevelopment has expanded the Property Assessed Clean Energy (PACE) Massachusetts program to include both new construction and existing buildings for financing energy efficiency and renewable energy projects.

Initially launched in 2020, PACE Massachusetts offered financing for existing buildings. The recent expansion, following a legislative change, now allows new construction buildings to be eligible as well.

This long-term financing option is available for commercial and industrial properties and multifamily buildings with five or more units. Property owners can undertake energy upgrades, including solar panels, energy management systems, lighting, and HVAC systems, with longer financing terms of up to 20 years.

Connect

Inside The Story

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

Order Reprints