PACE Small Business Equity Program

About the Program

Category: Community and Economic Development (Best in Category)

Year: 2021

Boulder County Partners for a Clean Environment (PACE) launched its Small Business Equity Program to help small businesses save energy and money by replacing outdated restaurant/grocery equipment and lighting. Eligible program participants work with PACE advisors to receive grants for ENERGY STAR-certified equipment. Grants cover 70% of the equipment costs upfront and 100% of costs associated with delivery, installation of new equipment, and proper disposal of old equipment. The Small Business Equity Program was created to better support underrepresented small businesses. Restaurants and grocery stores have some of the highest energy costs per square foot of any small business. Updating equipment with newer, more efficient models translates into significant savings in energy, leading to both reduced costs and climate impact while also supporting Boulder County's small business community.In 2020, there were 84 applicants, 28 completed projects, and 69 pieces of upgraded equipment. The grant covered $171,091 worth of project costs with $63,522 in financial contributions from businesses. It is estimated that the upgrades in 2020 through this program will save 349,245 kWh (equivalent to taking 53 passenger cars off the road) and save businesses an estimated $31,432 in annual cost savings.