Energy & Environmental Incentives
New Bedford understands the need to develop buildings and sites in ways that maximize energy efficiency and clean-up contamination. We see these challenges as opportunity and can be trusted partners in successful outcomes.
Property Assess Clean Energy (PACE)
Financing is an economic development tool that gives commercial and industrial building owners’ access to affordable, long-term financing for energy improvements to their buildings. PACE financing serves a public purpose by encouraging the construction of projects that reduce energy costs, improve property values, reduce green house gas emissions, and stimulate the economy. Property owners and developers use PACE financing because is saves money and can make buildings more valuable.
Eligible properties include qualifying commercial/industrial properties, as well as multi-family buildings with five or more units. New construction commercial/industrial buildings are also eligible for financing. PACE financing is repaid through a voluntary betterment assessment added to the owner’s local property tax bill. The betterment assessment cannot be accelerated and financing is secured by a lien placed on the property.
The Massachusetts Department of Energy Resources and MassDevelopment administer this program.
If you need further assistance, please email Michele Paul, Director of Resilience and Environmental Stewardship for the City of New Bedford
For Real Estate Development
Brownfield Revolving Loan Fund
This is a new program that is offered by the City of New Bedford with the lending component administered by the NBEDC. The Brownfield Revolving Loan Fund provides below market rate loans to facilitate clean-up of contaminated properties (brownfields) in the City of New Bedford.