Ivy Knoll Senior Retirement Community

At A Glance

Senior Living Facility

• PROPERTY OWNER: Ivy Knoll Senior Retirement Community
• PROJECT TYPE: Existing Building Retrofit
• TOTAL PACE FINANCING: $750,000
• FINANCING TERM: 20 years

Energy Project Partners

• PACE DISTRICT: City of Covington
• PACE LENDER: Inland Green Capital, LLC
• CONTRACTOR: National Energy Control

Improvements & Savings

• PROJECTED ENERGY SAVINGS: 37% Annual Reduction
• SPECIFIC IMPROVEMENTS FINANCED: Solar Panels, LED Lighting, Elevator Modernization, Heating & Cooling

About the Energy Project

As the City of Covington’s first PACE project — and the first authorized by any local government in the Commonwealth — Ivy Knoll Senior Retirement Community used an Energy Project Assessment District (EPAD) to access PACE financing. At completion, the project became Northern Kentucky’s largest, private, electricity-generating system.

Ivy Knoll found PACE financing to be the perfect funding solution to make significant building improvements to systems that were outdated or extremely energy inefficient. Using PACE financing, Ivy Knoll management was able to select improvements that had the highest energy savings but also came with higher upfront costs. “PACE allowed us to make many of the energy related improvements that we might have otherwise deferred,” said Ray Schneider, the owner of Ivy Knoll. “We were able to improve the comfort and convenience for residents and reduce the building’s energy footprint.”

“We are excited to bring PACE financing to Kentucky,” said Chris Jones of Energize Kentucky. “This is a big step forward. Property owners can now finance energy saving improvements with no down payment using a special assessment added to the property’s tax bill.”

Why PACE Financing?

No Down Payment + No Personal Guarantee + Off Balance Sheet Treatment

= Preserved Credit Lines & Freed Up Capital Budgets