C-PACE Business Financing
With Connecticut’s Commercial Property Assessed Clean Energy (C-PACE) program, commercial property owners can find affordable financing for their energy-efficient and solar updates to their building. At Earthlight Technologies, we can help you secure C-PACE funding and make updates to reduce your energy usage and monthly costs.
In 2013, Connecticut launched C-PACE as an innovative financing model for energy updates. Hundreds of millions of dollars in energy upgrades are possible in Connecticut and C-PACE will enable our state to access the private capital to finance it. C-PACE is a statewide program administered by Connecticut Green Bank.
C-PACE Benefits for Building Owners
C-PACE helps you minimize the investment, installation, and performance risk of energy upgrades, while they enjoy lower operating costs, improved asset value, market competitiveness, and compliance with energy mandates.
Here are 6 benefits your company can enjoy with C-PACE capital financing:
- Capital provided for energy improvements – C-PACE provides 100% upfront, long-term financing to property owners for qualified energy upgrades. That means no money down. Audits, construction costs, and M&V can be wrapped into C-PACE financing.
- Ability to sell the building – The C-PACE tax obligation is attached to the property and transfers to the new owner. Payments do not accelerate in the case of default.
- Longer terms for sufficient payback – The C-PACE program requires projects to be cash flow-positive. Financing is structured so that energy savings more than offset the additional property tax assessment. Deeper energy upgrades and related capital improvements are possible because the assessment is up to 20 years.
- Guaranteed Savings – The C-PACE third party administrator reviews all projects to ensure that energy savings pay for the investment over the term of the assessment and track real vs. projected savings on an open-source data management platform.
- Ability to split to tenants – As a benefit assessment repaid through the property tax bill, under typical leases C-PACE payments – as well as energy savings – can be passed along to tenants.
- Operating expense, not additional debt – As a benefit assessment repaid through the property tax bill, C-PACE is intended as an operating expense, not as additional debt. This means owners can finance improvements while preserving capital and credit lines for core business investments.
C-PACE Eligibility Requirements
Eligibility for C-PACE energy financing is based on 5 requirements:
- Location: The property is located within a municipality that has adopted a resolution joining the C-PACE program.
- Ownership: The applicant is the legal owner of the property and all the legal owners of such property agree to participate.
- Property Type: The property must be non-residential, or 5 or more dwelling units.
- Building Financials: The property must be current on property tax and assessment payments. The property owner must not have any involuntary liens, defaults, or judgments applicable to the subject property.
- Lender Consent: The property owner must provide evidence that the mortgage holder(s) on the property consents to the C-PACE assessment, if applicable.
For eligibility questions, call us at 866-499-3084. We can answer any questions and guide you through the C-PACE application process.
Energy Efficiency Updates Funded by C-PACE
With this special financing, you can carry out several types of energy-efficient and clean energy projects, including:
- High-efficiency lighting
- Heating ventilation air conditioning (HVAC) upgrades and controls
- High-efficiency chillers, boilers, furnaces and water heating systems
- Building enclosure/envelope improvements
- Building automation (energy management) systems
- Renewable energy systems, including solar