The Alabama Department of Insurance offers its support for
Increasing Energy Affordability and Resiliency in Alabama through PACE
Financing, a project spearheaded by the Alabama Department of Economic and
Community Affairs Energy Division.
PACE, or Property Assessed Clean Energy, provides funding
for energy efficiency, renewable energy, water conservation and wind mitigation projects. While it is a
national initiative, programs are tailored to meet local needs. PACE funding
can pay for making businesses more resilient to hurricanes and tornadoes, as
well as fund more efficient heating
and cooling systems, lighting upgrades, water pumps and more, lowering energy
and water bills.
Decreasing the cost of doing business in a community can
encourage businesses to open, hire employees and expand, building a stronger
tax base for the area. Lenders and insurers benefit from increased building
value that comes from energy efficiency and wind resilience
improvements, including more structurally sound buildings. In Alabama - where
natural disasters including hurricanes, tornadoes, hail, ice storms and
flooding are a reality of life - the structural and energy resilience available
through PACE projects offers the benefit of added safety.
“We believe PACE funding can help Alabama communities grow
and thrive,” said Insurance Commissioner Jim Ridling. “We are happy to support
an initiative that will be helpful to so many in this state.”