On May 15th 2019, our very own Chester County voted unanimously to pass the resolution establishing Commercial Property Assessed Clean Energy (C-PACE). C-PACE is a financial solution that allows commercial property owners to obtain low-cost, long-term financing for energy efficiency, renewable energy and water conservation projects.
Nationally, half a billion dollars has been invested through C-PACE loans, and many industry experts expect that number to double in the next few years. In Pennsylvania, C-PACE investment could help retrofit one of the nation’s oldest building stocks and accelerate growth in a local energy efficiency industry that already accounts for 65,000 jobs and counting.
*This is a non-exhaustive list. Property owners will need to apply with the Program Administrator to ensure their project meets Program Guidelines.
C-PACE SET UP PROCESS
C-PACE is a voluntary program that must first be adopted by the state. In the case of PA, this was enabled in the Summer of 2018 through Act 30. From there, it must be adopted by local government (whether that be county or municipality). The local government must pass a resolution in order for C-PACE to to be established in their community.
On May 15, 2019, Chester County voted (unanimously) to pass the resolution establishing C-PACE. It is the first of Philadelphia's "collar counties" to move forward with C-PACE. Chester County contains 73 municipalities consisting of 57 townships, 15 boroughs and one city.
C-PACE PROGRAM ADMINISTRATION
A C-PACE program is run by an administrator, which can be either the local government itself or, more commonly, a third-party non-profit organization. The administrator facilitates C-PACE financing by connecting project developers to qualified contractors and lenders, as well as coordinating remittance of the loan from the property tax bill back to the C-PACE lender.
Sustainable Energy Fund, located in Schnecksville, PA, has openly offered to act as the Program Administrator for any local government in the Commonwealth of PA - providing a turn-key C-PACE program administration platform that can be adopted at no cost to the county.
HOW TO APPLY FOR A C-PACE LOAN
NEXT STEPS
Not sure where to start? Interested to see if your project qualifies for C-PACE? Contact us for help!
EffectivEnergy Solutions is a full service engineering firm specializing in energy conservation, renewable energy and sustainability. If you have questions about C-PACE or would like to take advantage of C-PACE financing, please contact us using the link below.
Sources:
Keystone Energy Efficiency Alliance