Ivy Knoll Senior Retirement Community, located in the City of Covington, is the first project in Kentucky to use an Energy Project Assessment District (EPAD) to access PACE financing. Ivy Knoll found PACE financing to be the perfect funding solution to make significant building improvements to systems that were outdated or extremely energy inefficient. Using PACE financing, Ivy Knoll management was able to select improvements that had the highest energy savings but also came with higher upfront costs.
“PACE allowed us to make many of the energy related improvements that we might have otherwise deferred,” said Ray Schneider, the owner of Ivy Knoll. “We were able to improve the comfort and convenience for residents and reduce the building’s energy footprint.”
“We are excited to bring PACE financing to Kentucky,” said Chris Jones of Energize Kentucky. “This is a big step forward. Property owners can now finance energy saving improvements with no down payment using a special assessment added to the property’s tax bill.”