On Tuesday night, elected officials from the city of Los Angeles and business executives celebrated the completion of the Universal City Hilton Hotel retrofit. The project was funded in part by Los Angeles's Property Assessed Clean Energy (PACE) program. It cost $7 million for all the upgrades. Unlike a traditional loan, the financing is paid back twice a year through an assessment on property taxes. Los Angeles County offers freedom to those who owe money, allowing them to choose their own PACE investigator and to choose their own terms.
This retrofit project is the largest of its kind in the United States and is more than twice as expensive as the other ones completed in Los Angeles over the past year. At the event celebrating the completion of the upgrades, Los Angeles Mayor Eric Garcetti talked about the many benefits of a major company like Hilton making the change to energy efficiency. Hilton itself will see a big reduction in its energy expenses due to newer and more efficient equipment on the property. Reducing the hotel's carbon footprint is good for the environment and the bottom line.
Mayor Garcetti went on to praise all of the government and private sector workers who came together to work on the Hilton retrofit, while also discussing how Los Angeles is a leader in green jobs. The comprehensive job included replacing all incandescent light bulbs, the installation of low-flow shower heads and replacing existing glass with energy efficient models. The project will save the hotel an estimated $800,000 of its energy expenses each year.
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