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Department of Insurance supports PACE funding project

Contact: Jennifer Bowen

(334) 269-3550

1/18/2018

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.”