Needham Approves PACE Clean Energy Finance Agreement with MassDevelopment
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Description
The Town of Needham approved participation in the Massachusetts Property Assessed Clean Energy Program and authorized a municipal agreement with the Massachusetts Development Finance Agency to implement PACE financing for commercial energy improvements. The Town will assign betterment assessments and liens for qualifying PACE projects, enabling property owners to obtain private capital for clean energy upgrades.
Contract Details
Vendor
MASSACHUSETTS DEVELOPMENT FINANCE AGENCY
Agency
Town of Needham, MA
Contract Type
FINANCIAL_SERVICES
Document Date
September 9, 2025
Contract Term
Term beginning upon execution and continuing until municipality elects to terminate and all PACE betterment assessments have been paid in full or are not outstanding
Renewal Info
The agreement remains in effect until the Town elects to terminate and all outstanding betterment assessments have been paid. Early termination is permitted with written notice, but obligations continue for active assessments. Amendments require written mutual consent.
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