Liberty Energy Fund (LEF) is the local program for commercial Property Assessed Clean Energy otherwise known as PACE financing. With the passing of Assembly Bill A.B.5 in May, 2017 which went into effect July, 2017, commercial property owners in Nevada are now able to access this unique type of funding with no out-of-pocket costs to perform energy efficiency, water efficiency and renewable energy project upgrades to their existing on new-construction buildings.
Liberty Energy Fund provides capital to finance 100% of the project’s cost and repayments are spread out up to twenty years and are included on the property tax bill as an assessment. If the commercial property owner sells the building, the assessments transfer with the building to the new owner.
PACE financing has a very unique set of benefits. Commercial property owners spend approximately 40% of their operating budget on energy costs, which continue to rise. Through PACE, energy savings each year will more than offset assessment payments which are spread out up to twenty years thereby creating added revenue for the commercial property owner.