SPIRE Credit Union's Matt Meyers and Rava Nedich were selected as 2021 PACESetters for being innovative leaders in achieving environmental, economic, and resilience impact. The award is presented by PACENation that seeks to make PACE (Property Assessed Clean Energy) financing widely available to property owners to fund energy efficiency, renewable energy, water conservation, and building resiliency upgrades.
Meyers, PACE Lender/Sr. Commercial Credit Analyst, and Nedich, Director, lead the SPIRE Member Business Lending team. Through a partnership with the Saint Paul Port Authority and MinnPACE, SPIRE helps finance PACE loans for Minnesota businesses to make energy-efficient upgrades. According to the St. Paul Port Authority, MinnPACE funded $40.3 million in energy-saving investments in 2020.
"Our core purpose at SPIRE is to improve lives and PACE loans do exactly that," stated SPIRE President/CEO Dan Stoltz, "I am so proud of the hard work and dedication of our business lending team to make energy efficiency obtainable for Minnesota businesses."
SPIRE PACE lending was highlighted in a testimonial commercial featuring Deneen Pottery that added a 130kW solar array atop their headquarters in St. Paul.
Saint Paul Port Authority Vice President of Finance Peter Klein received the PACEChampion of the Year award from PACENation for being a leader of one of the most accomplished programs in the country. Michael Linder, loan officer with the Saint Paul Port Authority, also received a PACESetter award for Promoting Diversity, Equity, and Inclusion in the PACE Marketplace.
Managed by the Saint Paul Port Authority, MinnPACE is Minnesota’s primary source for Property Assessed Clean Energy. MinnPACE allows property owners to invest in energy efficiency upgrades and renewable energy installations with a unique payment structure that keeps payments affordable. Property owners agree to a voluntary tax assessment, at an amount not to exceed 20 percent of their property value.
Funds are provided up-front with no payments due until the following calendar year. In most cases, the energy savings exceed the bi-annual payment obligation, making investments cash positive.