"C-PACE provides commercial and industrial building owners with an attractive way to finance capital intensive building modernization projects.
"The resulting energy savings typically outweigh the annual assessment payment thereby enabling cash flow positive projects."
Brian J. McCarter, CEO, Sustainable Real Estate Solutions
"Commercial buildings currently account for about 20% of Colorado's energy use.
"Colorado's commercial PACE program offers a financial tool to help spur energy efficiency, water efficiency and renewable energy investments in our state's building infrastructure, providing long-term utility savings, while stimulating the economy."
Paul Scharfenberger, Chairman, New Energy Improvement District board
Financing for business, commercial, multi-family and agricultural clean energy projects
C-PACE offers property owners an affordable tool to finance energy efficiency, water conservation, renewable energy projects.
The Colorado Commercial Property Assessed Clean Energy (C-PACE) program offers commercial property owners the opportunity to spread the costs of energy and water project over a term of up to 20 years. Repayments are made through an assessment on the property's county tax bill, with no upfront capital outlay.
C-PACE can be used to finance a variety of improvements, including new heating or cooling systems, lighting, water pumps, insulation, solar panels and other renewable energy projects, and water efficiency upgrades.
C-PACE financing can cover up to 100% of a project's cost. Property owners repay the loan for up to 20 years in payments that are structured as a regular line item on the county property tax bill.
When a property is sold, the PACE assessment can be transferred to the new owner who, in turn, enjoys the ongoing utility cost-savings associated with the project. Sellers may also choose to pay off their C-PACE loan at the time of sale.
The New Energy Improvement District, a state government board established by legislation, oversees the C-PACE program.
Sustainable Real Estate Solutions (SRS) administers Colorado C-PACE. The program includes an open, competitive lending model that draws on the resources of a wide variety of capital providers.
All projects are financed entirely with private funds, allowing local lenders, national banks, and other PACE capital providers an opportunity to finance projects. Eligible properties include office buildings, hotels, retail, agricultural, non-profits, industrial buildings. Multi-family properties with five or more units also qualify.
Projects must be located in counties that have opted to participate in the program. Garfield County opted in to C-PACE in 2016.
For more information or to apply for C-PACE financing, visit the Colorado C-PACE website at www.COPACE.com.