C-PACE Retrofit Financing Process
Getting Started
Financing Process
Application
1-2 days
Property Owner: Submit an initial application for C-PACE financing once you have a project you are interested in.
Green Bank: We will review your application and contact you with next steps.
Underwriting & Documentation Collection
3-4 weeks
Financial Underwriting: We request documentation needed to assess the financial health of your property and business. We may come to you with follow-up questions or requests for additional information during our review.
Technical Underwriting: We request documentation from your contractor related to the project and energy savings projections. The Green Bank’s technical team will review this documentation to ensure that the project is expected to save more than it costs over the useful life of the equipment. We may have follow-up questions or requests for additional information during our review.
*This process is not necessary for EV charging infrastructure projects.
Governance & Insurance Documentation: We request documentation from you related to your business’s governance structure. We will also request and review property and liability insurance certificates to ensure that coverages meet the requirements outlined in the C-PACE Financing Agreement.
Lender Consent (if applicable): Because C-PACE is a senior assessment, we will require that any existing property secured debtholders consent to subordinate to C-PACE by signing a form that we will prepare for you.
Project Approval
Closing
Green Bank: We work with the contractor to draft a disbursement schedule based on construction milestones. We send a draft Financing Agreement for your review and approval—this contains an estimated repayment schedule.
Property Owner: Review and sign Financing Agreement.
Green Bank: We send benefit assessment documents to the Town Clerk to be filed on your property’s land records.
Construction
1-2 days
Property Owner: Request funds as construction milestones are met. Construction interest will accrue on the disbursements at the rate outlined in your Financing Agreement.
Project Completion
Green Bank: We schedule a site visit with your contractor and our technical team to ensure the measures are installed as planned. After this, any remaining C-PACE funds are disbursed.
Loan converts to the term interest rate outlined in your Financing Agreement and the repayment schedule is finalized.
Billing & Keeping in Touch
Green Bank: Our team works directly with you on billing. You will receive invoices at the same time as your municipality’s real estate taxes are billed.
Property Owner: Enjoy the benefits of green improvements for years to come!