The Commercial Property Assessed Clean Energy, or C-PACE, program is a unique public-private financing program designed to help commercial, industrial, nonprofit, multifamily and agricultural property owners, and real estate developers, fund large-scale energy-efficiency and renewable energy projects.
How Does C-PACE Work?
A property owner borrows money from a private lender to pay for a large-scale energy-efficiency project and makes the loan repayments using a portion of the project savings. The repayment is made in the form of a temporary assessment charge added to their property tax bill. Several types of energy conservation measures can be included in a C-PACE project, such as LED lighting, solar arrays, HVAC equipment, intelligent thermostats, building envelope solutions and more.