At a cost of over one million dollars and a projected 37% reduction in its energy footprint for 2017, Ivy Knoll, a prominent Covington senior living community has just completed the largest private solar electricity-generating system in Northern Kentucky and the Commonwealth of Kentucky’s first PACE (Property Assessed Clean Energy) project approved for a private owner. PACE financing, formerly known as EPADs (Energy Project Assessment Districts) in Kentucky, was established under House Bill 100, and authorized local governments to finance energy efficient upgrades, on-site renewable energy projects and water conservation measures.
PACE allows building owners to finance their energy improvements through a voluntary special assessment added to the property’s tax bill. The repayment obligation transfers automatically to the next owner if the property is sold. Energy projects financed with PACE do not require subsidy or incentive from the local government. House Bill 100 was signed into law by Steve Beshear in March of 2015. Ivy Knoll’s PACE project began in December, 2015.
“Improving the comfort and safety of our residents while reducing the building’s energy footprint by 37% correlated directly to our goals for Ivy Knoll,” stated Sam Cunningham, Executive Director. “Switching to LED lighting, and the $12,000 in annual savings we expect to realize in this first full year, also helps us to reach additional objectives we’ve set for Ivy Knoll as a highly desirable senior living community.” He added.
Ivy Knoll owners and management prioritized improvements that had the highest energy savings and greatest impact on the comfort and safety of its residents. The two-year project included:
• Solar Panels – at the time of project approval, it was the largest privately-owned electricity-generating system in Northern Kentucky producing 64,000 kilowatt hours annually
• LED Lighting – estimated electricity savings in excess of $12,000 annually,
• Elevator Modernization – energy efficient technology by Murphy Elevator Company,
• Heating & Cooling – high efficiency room units with automated controls that allow the building manager to remotely turn off units in vacant rooms.
Opened in May 2015, Ivy Knoll is a senior living facility located in the rolling hills of Covington. Spacious apartments at affordable rates for independent living and personal care services are served by a staff with a caring, compassionate approach, ensuring health, comfort and contentment. Vibrant and highly social, the Ivy Knoll lifestyle is driven by highly-desired amenities, safety, activities and unmatched care. Learn more at: www.ivyknoll.com.
