BY BRYAN GARCIA
Connecticut property owners continue to make clean energy improvements and realize immediate cash flow from energy savings with the Commercial Property Assessed Clean Energy, or C-PACE, program.
Now entering its third year, the program helps commercial, industrial and multifamily property owners and nonprofits access affordable, long-term, low-interest financing for energy upgrades to their buildings without any money down.
Using money saved on energy bills, building owners repay C-PACE financing through a benefit assessment charge on the property, typically spanning 20 years, making it easy to finance multiple improvements. C-PACE enables comprehensive energy-efficiency and renewable energy projects and is a good business decision for building owners looking to immediately increase their bottom line and lower their energy costs.
Since the program launched in January 2013, more than $65 million in long-term C-PACE financing has been approved for upgrades to more than 90 commercial properties statewide, occupying more than 5 million square feet. Energy-efficiency improvements are projected to reduce property owners’ utility bills by 20 percent to 40 percent overall, while solar energy projects are generally saving more than 50 percent (with many achieving savings of more than 90 percent). Read more.