The Commercial Property Assessed Clean Energy (C-PACE) program is an innovative financing tool for energy efficiency and renewable energy projects in commercial properties. The C-PACE program is sponsored by Rhode Island Infrastructure Bank (RIIB) and administered by Sustainable Real Estate Solutions (SRS). Through the program, property owners are able to finance up to 100% of energy efficiency, renewable energy, water conservation, system reliability, alternative fuel infrastructure and environmental health and safety projects. Property types eligible for C-PACE financing include commercial, industrial, agricultural, non-profit and multifamily (5+ units). Eligible property improvements include energy efficiency measures, such as replacement lighting, HVAC systems or insulation, and renewable energy systems, including solar, wind and fuel cells.
C-PACE does not rely upon taxpayer funds to finance projects; instead, the program utilizes private sector capital providers coupled with robust consumer protections. An open market platform promotes competition among capital providers to provide borrowers with multiple options for financing. The innovative component of C-PACE is that loans are secured through a voluntary municipal lien placed on the property. The security provided by the lien allows capital providers to make loans lasting up to 25 years, but not exceeding the weighted useful life of the property improvements. Projects financed through C-PACE are placed on one of two annual billing cycles, with repayment occurring on a quarterly basis.
To learn more about C-PACE, visit the program website at http://www.ri-cpace.com/.
For more information about the C-PACE program, please contact Michael Baer from RIIB at 401-453-4430 ext. 127 or by e-mail at firstname.lastname@example.org or John DiModica from SRS at 401-519-4473 or by e-mail at email@example.com.