Connecticut’s Commercial Property Assessed Clean Energy (C-PACE) program surpassed 300 closed projects at the end of 2019, reaching a total of more than $163 million in clean energy financing investment in local businesses.
PACENation, the non-profit industry group that promotes Property Assessed Clean Energy (PACE) financing, says only California and Ohio beat out Connecticut with total investment deployed through the end of 2019 using C-PACE.
According to Connecticut Green Bank, these closed projects will provide an estimated lifetime energy cost savings of $271 million, have created 1,797 direct and indirect jobs, and have reduced energy usage by 5 million MMBTUs through efficiency upgrades and renewables, which resulted in over 39 megawatts of installed solar PV capacity.
Growth of C-PACE
Petros PACE Finance, a Commercial Property Assessed Clean Energy (C-PACE) financing company, announced recently that it completed its seventh privately rated securitization on C-PACE assets from independent credit rating agency DBRS Morningstar. This is the first rating on C-PACE assets under the new and recently released DBRS Morningstar rating methodology.
Petros PACE Financing says these ratings are a testament to the growing importance of C-PACE as an asset class.
C-PACE is a program that helps commercial, industrial, and multifamily property owners access affordable, long-term financing to make smart energy upgrades to their buildings that can create immediate savings.