An Oakland County beer distributor has become a pioneer in energy efficiency and renewable energy investment. Orion Township-based Powers Distributing is the first business in the state to have completed a refinanced PACE (Property Assessed Clean Energy) project.
PACE helps businesses finance energy efficiency and renewable energy projects that save money in the long run but require expensive investment up front. It allows property owners this ability through a special property tax assessment with the local government, in this case Orion Township. The tax assessment then frees up lenders' ability to provide up to 20-year, low rate, fixed-interest loans.
By using PACE to help finance a 95kW solar system on the roof of its recycling center as well as the installation of LED lighting throughout the facility, Powers Distributing became the first beer distributor in the country to finance an energy efficiency project with PACE, the first refinanced PACE project in the state, and the first PACE project altogether in Oakland County.
While the project cost $435,000, officials expect returns on its investment to surpass $1,000,000 over the lifespan of the project. The energy efficient solar and lighting equipment will save Powers an average of $48,000 per year in energy costs. As Powers chief operating officer Gary Thompson says in a statement, "…[T]he entire beer supply chain from brewing to distribution to your refrigerator is a long and energy hungry road."
Powers completed the project with help from the Newman Consulting Group, Lean & Green Michigan, and Michigan Solar Solutions. Since the state of Michigan allows any project that can be financed through PACE to also be re-financed through PACE, Powers was able to re-finance for a project carried out from 2013 to 2015.
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