C-PACE Program for Energy Improvements to Commercial Buildings
The Commercial Property Assessed Clean Energy (C-PACE) Program helps commercial, industrial, and multifamily property owners access affordable, long-term financing for energy efficiency upgrades to their buildings. The program may be particularly attractive for large energy users, such as manufacturers.
Under the program, building owners finance qualifying energy efficiency and clean energy improvements - such as solar - through placing a voluntary assessment on their property tax bill. Property owners pay for the improvements over time through this additional charge on their property tax bill, and the repayment obligation transfers automatically to the next owner if the property is sold. Similar to a sewer tax assessment, capital provided under the C-PACE program is secured by a lien on the property, so low-interest, long-term capital can be raised from the private sector with no government financing required. Typical building improvements eligible for the C-PACE program include: