Commercial Property Assessed Clean Energy (C-PACE) is a financing program that allows commercial property owners to fund energy efficiency and renewable energy projects such as solar PV installations with low-cost, long-term loans. The program is administered through the Sustainable Energy Fund (SEF), a nonprofit organization that provides a variety of financing options to support energy efficiency and renewable energy projects.
The C-PACE program works by allowing commercial property owners to repay the financing for the project through a special assessment of their property tax bill. The assessment is tied to the property, not the property owner, which means that if the property is sold, the assessment and repayment obligation is transferred to the new owner.
SEF provides a range of financing options for solar PV projects, including low-interest loans, lease financing, and power purchase agreements (PPAs). The SEF team works with commercial property owners to determine the best financing option based on their specific needs and goals.
To apply for C-PACE financing through SEF, commercial property owners must first submit an application that outlines the details of their project, including the scope of work, expected costs, and estimated energy savings. The SEF team will then review the application and provide a preliminary assessment of the project's eligibility for financing.
If the project is eligible for financing, the property owner will work with SEF to develop a financing plan that meets their needs. Once the financing plan is approved, the project can move forward with the installation, and the property owner can begin repaying the loan through their property tax assessment.
Overall, the C-PACE program through SEF offers commercial property owners a flexible, low-cost financing option for solar PV projects that can help reduce energy costs and improve the sustainability of their operations.