How it works
Developers will need to demonstrate their building’s designed energy performance through a whole-building energy model. Multifamily properties may also demonstrate building performance using the HERS Index (Home Energy Rating System). The building’s designed energy performance above code determines the percentage of total eligible construction cost (TECC) that is eligible for C-PACE new construction financing through the Green Bank or a qualified capital provider, with up to 35 percent of TECC eligible for the highest performing buildings.
Designing an all-electric, net-zero building or incorporating “bonus technologies,” including electric vehicle charging stations, battery storage systems, high-efficiency heat pumps, heat pump water heaters, fuel cells, and solar photovoltaic systems, make a project eligible for the maximum financing amount.
Developers can invest with confidence. They enjoy the benefits of C-PACE, a proven financing mechanism where improvements are repaid through an assessment placed on the property. The Green Bank’s Technical Administrator will conduct an independent review of the energy modeling and projected energy performance of projects.
Financing helps pay for a variety of hard and soft costs directly related to a building’s design and construction. Learn more about what can be included in the TECC.