As reported in the LA Daily News (1/28/2014),
Executives and elected officials on Tuesday celebrated the completion of a $7 million energy-saving retrofit of the Universal Hilton, the biggest project of its kind in the nation.
The project was funded through the Los Angeles County PACE (Property Assessed Clean Energy) program….
The benefits for a company like Hilton are a big reduction in energy expenses from new and more efficient equipment. And a greener footprint.
The City of Los Angeles is also solidly behind the project:
“A hot winter day like this is why we live and work in Los Angeles,” Mayor Eric Garcetti said. “But on a (warm overcast) day like this is when we notice something is amiss … like global warming. The mayor lauded the team of experts assembled from government and private sectors who designed and completed the project.
“Los Angeles now has more green jobs than anyplace else in the country. Your decision to invest in Los Angeles is outstanding,” he told hotel executives and other members of the development team.
Commercial PACE projects across the country, either completed or in the pipeline, are bringing more than $200 million into local communities, reducing energy costs, and providing greater reliability and resiliency to the built environment. And there are billions more waiting to be invested in clean energy improvements, as soon as the programs are in place and can provide quality deal-flow in each state.