The Garrett County Board of Commissioners recently passed a resolution enabling property and business owners in the county to take advantage of Maryland’s Commercial Property Assessed Clean Energy (MD-PACE) program.
MD-PACE is an innovative and affordable way for commercial, industrial, and nonprofit building owners to pay for energy improvements. Through the program, commercial, industrial, and nonprofit properties use private capital to finance 100% of efficiency and renewable energy upgrades which are then repaid as a long-term surcharge on the property. This kind of voluntary surcharge added to a property’s tax bill is similar to a surcharge for a sewer or water line; this approach makes energy upgrades accessible, allowing owners to reduce energy and operational costs and improve their building’s overall value.
Jim Hinebaugh, Garrett County Commissioner and former Director of Economic Development stated, “The interesting thing about this program is it can help make energy cost saving improvements affordable for smaller businesses that couldn’t otherwise afford it.”
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