c-pace
C-PACE builds stronger, healthier communities in the towns and cities where it’s offered
Commercial Property Assessed Clean Energy (C-PACE) gives commercial, industrial, non-profit and multifamily property owners access to affordable, long-term financing for green energy upgrades to their buildings. And for municipalities, C-PACE is having far-reaching impacts. With C-PACE, local economies grow stronger and towns’ and cities’ portfolios of energy-efficient buildings increase. C-PACE helps make municipalities better places to do business and results in stronger and healthier communities for all
c-pace
C-PACE builds stronger, healthier communities in the towns and cities where it’s offered
Commercial Property Assessed Clean Energy (C-PACE) gives commercial, industrial, non-profit and multifamily property owners access to affordable, long-term financing for green energy upgrades to their buildings. And for municipalities, C-PACE is having far-reaching impacts. With C-PACE, local economies grow stronger and towns’ and cities’ portfolios of energy-efficient buildings increase. C-PACE helps make municipalities better places to do business and results in stronger and healthier communities for all
What is C-PACE?
C-PACE is a proven and familiar means of financing, and the Green Bank is deeply experienced in making the process go smoothly. For all these reasons, nearly 140 of Connecticut’s 169 towns and cities have already chosen to participate in C-PACE, making green energy upgrades more accessible and affordable to building owners. Are you ready to bring the benefits of C-PACE to your community? Take a look at our list of participating municipalities to see which of your neighbors have opted into C-PACE.
C-PACE works for nearly any type of commercial property. Manufacturing facilities, offices, retail establishments, houses of worship, nonprofits, and other buildings can all benefit from energy efficiency and clean energy updates through C-PACE. Higher performing buildings are made possible thanks to an experienced contractor network and access to attractive financing repaid through a simple and secure repayment mechanism. Learn more about how the Green Bank makes C-PACE possible for retrofit and new construction projects or read the Program Guidelines and FAQs for more information.
Tax collectors can rest assured that their support of C-PACE green energy financing is supporting local institutions in pursuing economic and environmental goals without any extra hassle. Learn more about how the Green Bank supports tax collectors.
How can C-PACE help your community?
The Connecticut Green Bank, a quasi-state agency and the administrator of the C-PACE program, works with municipalities to educate everyone involved about the value of C-PACEs. To date, C-PACE has provided more than $214M in financing for over 350 projects. C-PACE is repaid through a benefit assessment, making it similar to a sewer assessment or other municipal assessment, a familiar means of repayment. When a municipality embraces C-PACE, it can be confident in its alliance with an experienced and tested partner in the Green Bank.
- Grow your economy: C-PACE offers opportunities for economic development by supporting job growth, increasing property values and strengthening the stability of tax bases, and fueling local investment. Lowering the cost of energy improves a business’s bottom line, freeing resources for it to grow and thrive. Plus, C-PACE new construction financing can support the development of new properties, or the repositioning and gut rehabilitation of existing buildings.
- Improve your building stock: Companies seeking new brick and mortar assets want the newest, most advanced forms of energy production and energy efficiency. C-PACE creates a stronger, more competitive portfolio of modern buildings in the towns and cities it serves.
- Provide support to businesses. Energy costs have a significant impact on businesses. C-PACE is a tool for elected officials, local advocates for business and clean energy, and economic development officials to use in outreach to the business community. The community can even earn points towards Sustainable CT certification when conducting this outreach.
How it works
How to get started if your municipality is not participating in C-PACE
If your town or city isn’t already a participating in C-PACE and you would like to, contact us to start the process! After these two steps are complete, businesses in a participating town or city can apply for C-PACE financing. Once municipalities approved to offer C-PACE, don’t forget to check out our resources on promoting C-PACE and our other Green Bank solutions in your town or city!
- Contact the Connecticut Green Bank, the administrator of the C-PACE program. If your town or city has not already opted-in to C-PACE, this simple step will expedite the process and give you the information and guidance necessary to move forward. The Green Bank will send representatives to municipal meetings or functions to share information and insight on how the program works.
- For municipalities to join the C-PACE program, their legislative body must opt in by passing a resolution that empowers the municipality to sign an agreement with Green Bank. Signing the agreement means that the municipality agrees to assign, assess, collect, and remit benefit assessments to the Green Bank in return for the energy improvements buildings will receive with C-PACE financing.