A company ready to help Michigan municipalities and businesses make use of a law that facilitates renewable energy financing is the newest tenant at Grand Valley State University’s Michigan Alternative and Renewable Energy Center (MAREC).
Michigan PACE Energy Program, L3C (MPEP) will provide technical, educational and training services to assist Michigan municipalities, developers, and financial institutions in renewable energy finance using Michigan’s recently enacted PACE (Property Assessed Clean Energy) legislation. An “L3C” corporation is a new, legal hybrid of a for-profit and nonprofit organization created to be more efficient.
“Renewable energy is no longer just about manufacturing products like solar cells and electric vehicle batteries,” said Arn Boezaart, director of MAREC. “Renewable energy also offers important opportunities in the service sector, and the launching of Michigan PACE Energy Program is a sign of things to come.”
Michigan is one of 25 states that has adopted PACE legislation. Passed in December 2010, Michigan’s PACE law allows energy efficiency and renewable energy improvements to use the traditional land-secured financing mechanism that for 100 years has financed improvements like sidewalks, sanitation systems, public parks and water works.
Gregory Truex, president of MPEP, said the company will promote awareness, educate and train organizations in preparation for PACE. “The PACE laws have lowered the barriers that have discouraged municipalities and developers from including and financing renewable technology in their projects. However, the law is little known by decision-makers whose organizations could benefit. Our company’s goal is to change that,” he said.
As president of MPEP, Truex has 26 years of experience as a technology entrepreneur and financial institution executive. He is also co-founder of TruAssurance, Inc., a risk and regulatory consulting firm, and the owner of Huron Shores Wind Technologies, Inc., an alternative energy development and consultant organization in Chicago.
MPEP becomes the fifth current incubator tenant at MAREC.