A new city program put into place will make it easier for residents of Edina to go green in their home. The Edina City Council unanimously adopted the Edina Emerald Energy Program earlier this month. The program will make Edina the first city in the state to take advantage of the Property-Assessed Clean Energy (PACE) legislation.
This program was approved by the state Legislation in 2010 and it allows for homeowners to have the cost of energy efficiency and conservation improvements assessed to their property and paid alongside property taxes. Many local businesses owners have already made plans to take advantage of the program. Running a business or a home on solar panel energy could save both homeowners and business owners money and help the environment at the same time. The PACE program along with grants and rebates are making it more affordable for homeowners to afford solar energy. Without these types of assistance the price of upgrading to solar energy is out of the reach of many homeowners and business owners. PACE is a funding model where Edina will issue a bond on behalf of the homeowner or business owner to finance a renewable energy or efficiency project. The bond is then sold to a private investor and then secured with a special property tax assessment on the building.
City Manager for Edina, Scott Neal, had this to say about the program. "It works very much like any other special assessment program that this city and other cities have used for many years,” and "The only difference is you're special assessing private improvements to private property, which is different and which is the heart of PACE." The city of Edina has adapted this program from a similar one that is in place in Sonoma County, Calif. Assessments for improvements under the PACE program cannot exceed more than 10 percent of the property’s value, or have a repayment plan that is longer than 10 years. If you choose to take part in this program and the project will cost more than $20,000 you will need city council approval. Projects under the $20,000 mark can be approved by city staff.
Edina is leading the way with helping its residents take advantage of green opportunities. If you are interested in buying or selling a home in Edina, Contact me and I would love to help you buy or sell your home.
Kim Melin
Real Estate Advisor/Edina Realty
952-201-4758
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