Department Of Commerce

Why C-PACE?

According to the EPA, the average commercial building wastes up to 30% of its energy. As energy costs continue to rise and resiliency becomes more important, taking steps to reduce operating costs play a key role in sustaining the viability of your investment. C-PACE can pay for up to 100% of eligible improvements. For new construction projects, this can account for as much as 30% of the full cost of the project. Projects completed in the past three years may also qualify for retroactive financing.

How C-PACE Works

  • Property owners have an initial discussion with Last Best PACE Program staff to confirm project eligibility.
  • Property owners develop energy and water efficiency, renewable energy and resiliency projects with contractors of their choice.
  • Property owners secure lender consent from existing debt holders, if applicable. The Last Best PACE Program can help with this.
  • Property owners submit an application and provide documentation to the Last Best PACE Program.
  • The Last Best PACE Program refers the property owner to a C-PACE lender, if needed. The C-PACE lender and senior lender can be the same. Financing terms and conditions are set between the lender and the property owner and submitted to the Last Best PACE Program for review.
  • Upon approval, contracts are signed by all parties. Documentation, including an assessment lien, is filed with the project location’s county clerk and recorder.
  • Work is completed and verification is submitted to the Last Best PACE Program.
  • The property owner repays the C-PACE financing through their property tax bill.
  • The assessment lien is released when the C-PACE financing is paid in full.