Hilton Los Angeles/Universal City Uses PACE To Fund $7 Million In Upgrades

LOS ANGELES -In Los Angeles County, Property Assessed Clean Energy (PACE) financing is available to commercial, industrial and multi-family property owners to pay for building improvements that save energy or create renewable energy onsite.Hilton Los Angeles/Universal City took advantage of this fixed rate, 100 percent financing to fund $7 million worth of sustainable upgrades, Hilton project is the largest commercial PACE project in the United States, more than twice the size of two projects completed this past year at just more than $3 million each.

The Hilton project will result in an annual energy savings of $800,000 and water savings of $28,000, conserving more than 2.8 million gallons of water. This comprehensive retrofit includes energy efficiency glass installations and new LED lighting, which is expected to reduce energy consumption by 50 percent. Additionally, 500 low-flow shower heads will be installed and 250 bathtubs with showers replaced as part of the water conservation upgrade to save the equivalent to one month of the property's existing water usage. Moreover, older HVAC systems were replaced with new energy efficient ones.

"We applaud the Hilton Los Angeles/Universal City as leaders in energy efficiency and for demonstrating a strong commitment to sustainability," says David Gabrielson, PACENow's executive director. "PACE has now been used by nearly 200 building owners in eight states and the District of Columbia, proving that it overcomes barriers that have kept building owners from doing extensive efficiency, renewable energy and water conservation upgrades. PACENow expects to see as many as 40 programs running throughout the United States within a year."