What is C-PACE?
Commercial Property Assessed Clean Energy (C-PACE) is state policy-enabled financing mechanism that allows building owners and developers to access the capital they need to make energy related deferred maintenance upgrades in their existing buildings, cover up to 20% of the cost of new construction, and make renewable energy accessible and cost-effective.
How does C-PACE Work?
C-PACE makes it possible for commercial property owners to obtain low-cost, long-term financing for energy efficiency, water conservation and renewable energy projects. Most commercial property types qualify for C-PACE financing.
The program starts with a state-level government policy that classifies clean energy upgrades as a public benefit – like a new sewer, water line or road.
These upgrades can be financed with no money down and then repaid as a benefit assessment on the property tax bill over a term that matches the useful life of improvements and/or new construction infrastructure (typically ~20-30 years). The assessment transfers on the sale of the property and can be passed through to tenants where appropriate.
While facilitating sustainability efforts, the program reduces property owners’ annual costs and provides dramatically better-than-market financing for green new construction.
Where is C-PACE Available?
Click here to see if Greenworks’ C-PACE financing is available in your state!