Major U.S. States, Counties and Cities Embrace a New Tool to Pay for Energy Efficiency
WASHINGTON, Dec. 11, 2019 /PRNewswire/ — The year 2019 marked an extraordinary milestone for Commercial Property Assessed Clean Energy (C-PACE) financing, as the nation’s largest East Coast and Midwest markets embraced the new financing tool for making property upgrades that improve energy efficiency.
Today, the C-PACE Alliance industry coalition spotlighted the new programs authorized in New York, Illinois, Pennsylvania, Virginia and Massachusetts. In the last quarter, C-PACE transactions closed in New York State, in Chicago, and in DuPage and Kane Counties with financing from Inland Green Capital and Counterpointe, both members of the C-PACE Alliance.
C-PACE is an alternative financing mechanism for property upgrades that improve energy efficiency, utilize renewable energy, conserve water and more. C-PACE enables owners of commercial, industrial, multifamily, and nonprofit properties to obtain low-cost, long-term, fixed-rate financing from private capital providers.
According to the U.S. Department of Energy, commercial buildings constitute almost 1/5 of the nation’s primary energy consumption.
“In the discussion over how to reduce greenhouse gas emissions, it’s easy to overlook the fact that commercial property owners must bear the construction cost of these higher building performance standards,” said Cliff Kellogg of the C-PACE Alliance. “Commercial PACE financing eases that cost burden without any government funding.”
In addition to the states that adopted or updated C-PACE statutes, city councils adopted C-PACE in New York City, Chicago and Philadelphia. County supervisors adopted C-PACE in DuPage and Kane County, IL; Fairfax and Loudoun County, VA; Allegheny (Pittsburgh), Chester, Lawrence, Northampton, and Wayne County, PA; New Castle County (Wilmington), DE; and in Bernalillo (Albuquerque) County, NM.
C-PACE Alliance is a coalition of capital providers and transaction experts committed to achieving the public benefits of C-PACE by increasing the volume of quality C-PACE transactions. C-PACE Alliance members have advised on program design in Pennsylvania, Virginia, and New York State. C-PACE Alliance supports the broader industry-building efforts of PACE Nation.
Originally published on Cision PR Newswire