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c-pace retrofit financing
Building owners can use C-PACE retrofit financing for electric vehicle (EV) charging infrastructure
As more and more drivers go electric, commercial EV charging stations are becoming a necessity. With the Green Bank’s C-PACE program, contractors can grow their business by helping building owners finance and install EV charging infrastructure, providing this in-demand technology to their employees, tenants, and customers, and increasing property value. Projects that use C-PACE retrofit or new construction financing can bundle EV charging equipment with other green solutions, including solar and energy-efficiency measures, increasing project scopes.
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| Grow your business | Expand project scopes | Offer in-demand technology |
c-pace retrofit financing
Building owners can use C-PACE retrofit financing for electric vehicle (EV) charging infrastructure
As more and more drivers go electric, commercial EV charging stations are becoming a necessity. With the Green Bank’s C-PACE program, contractors can grow their business by helping building owners finance and install EV charging infrastructure, providing this in-demand technology to their employees, tenants, and customers, and increasing property value. Projects that use C-PACE retrofit or new construction financing can bundle EV charging equipment with other green solutions, including solar and energy-efficiency measures, increasing project scopes.
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| Grow your business | Expand project scopes | Offer in-demand technology |
Program highlights
Pay for charging or offer free. Whether building owners are asking employees, tenants, and customers to pay to use charging infrastructure or allowing them to use it for free as a provided benefit, C-PACE financing offers the capital needed to get started!
Go greener and save on energy costs. A comprehensive approach to green energy can provide notable savings for building owners. With C-PACE retrofit financing, owners can bundle EV charging infrastructure with other green improvements, including solar and energy-efficiency measures, and secure low-interest capital to finance up to 100% of the project while capitalizing on available federal tax credits and utility incentives.
Benefit from expanded qualification guidelines. C-PACE projects are structured so that energy savings are greater than payments, but EV charging infrastructure is exempt from Savings to Investment Ratio (SIR) requirements to accommodate increased on-site energy demand from vehicle charging. $30,000 is the minimum amount that can be financed with C-PACE.
Build for the future. EV charging infrastructure can also be included in C-PACE new construction financing projects.
Federal Tax Credits & Utility Incentives
Benefit from State of Connecticut incentives. The CT EV Charging Program is available for all commercial and industrial Eversource and UI electric service customers who purchase and install qualified EV charging infrastructure at facilities, including workplaces, light-duty fleets, public charging, and multifamily properties with five or more units.
Please visit the Public Utility Regulatory Authority’s (PURA) EV Charging Program website for an overview and program documents.
Details on state incentives and the application process can be found in the Eversource and United Illuminating utility program guidelines.
Benefit from federal incentives. Commercial properties that install new EV charging infrastructure can also benefit from a federal tax incentive of up to 30% of the total cost of equipment and installation, with certain labor and construction requirements to be eligible to claim the full incentive. Learn more.
How it works
With C-PACE retrofit financing, building owners can immediately enjoy the advantages of energy and infrastructure upgrades and pay for them over time through a voluntary benefit assessment.
- Building owners work with a contractor to develop clean energy projects, including electric vehicle charging infrastructure, lighting, heating and cooling, insulation, motors, pumps, solar panels, and other beneficial upgrades.
- The Green Bank or another qualified capital provider will finance the project. Repayment terms for C-PACE retrofit financing are typically tied to the effective useful life (EUL) of the equipment being installed. When bundled with other technologies with a greater EUL, such as solar PV, financing terms may extend up to 25 years allowing building owners to further spread payments out over time.
- Payments are made through an assessment placed on a building owner’s property by their municipality, similar to a municipal assessment, that can be transferred if there is a change of ownership.
Please see C-PACE retrofit financing Project Requirements for additional information.