As of August 11, 2017, the Property Assessed Clean Energy Act (50 ILCS 501/ et seq.) became law in Illinois.
Illinois local units of government can now create commercial Property Assessed Clean Energy (“PACE”) programs that allow commercial property owners to finance or refinance up to 100% of their energy efficiency and renewable energy projects on a long-term basis, which exceeds standard commercial lending terms that are typically only 5-7 years.
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