Major US States, Counties, and Cities Embrace a New Tool to Pay for Energy Efficiency

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Today, the Commercial Property Assessed Clean Energy (C-PACE) Alliance industry coalition spotlighted the new programs authorized in New York, Illinois, Pennsylvania, Virginia, and Massachusetts. In the last quarter, C-PACE transactions closed in New York State, in Chicago, and two Illinois counties with financing from Inland Green Capital and Counterpointe, both members of the C-PACE Alliance.

C-PACE is an alternative financing mechanism for property upgrades that improve energy efficiency, utilize renewable energy, conserve water and more. C-PACE enables owners of commercial, industrial, multifamily, and nonprofit properties to obtain low-cost, long-term, fixed-rate financing from private capital providers.

According to the US Department of Energy, commercial buildings constitute almost one fifth of the nation’s primary energy consumption.

In addition to the states that adopted or updated C-PACE statutes, city councils adopted C-PACE in New York City, Chicago, and Philadelphia. County supervisors adopted C-PACE in DuPage and Kane County, Illinois; Fairfax and Loudoun County, Virginia; Allegheny (Pittsburgh), Chester, Lawrence, Northampton, and Wayne County, Pennsylvania; New Castle County (Wilmington), Delaware; and in Bernalillo (Albuquerque) County, New Mexico.

C-PACE Alliance is a coalition of capital providers and transaction experts committed to achieving the public benefits of C-PACE by increasing the volume of quality C-PACE transactions. C-PACE Alliance members have advised on program design in Pennsylvania, Virginia, and New York State. C-PACE Alliance supports the broader industry-building efforts of PACE Nation.

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