CoPACE is a statewide financing program for energy improvements
Today, Boulder County became the first county in the state of Colorado to adopt the Commercial Property Assessed Clean Energy (CoPACE) program, an innovative way to give commercial and multifamily property owners the ability to finance qualifying energy and water improvements on existing and new construction properties.
“This statewide clean energy program empowers small businesses to retrofit their buildings to save money, clean our air and create local jobs. I knew Boulder County would step up and continue their clean energy leadership,” said State Senator Matt Jones (D-Boulder).
Commercial property owners repay the financing for up to 20 years through a voluntary special assessment on their property tax. If the property is sold, the repayment obligation transfers to the new owner, along with the benefits of the financed improvements.
“By providing low-cost, long-term financing, CoPACE will enable commercial property owners in Colorado to improve the energy and water performance of their properties, reduce their utility and other operating costs, and improve their bottom line,” explained Paul Scharfenberger, Chairman of Board of the Colorado New Energy Improvement District.
The Colorado Legislature passed the CoPACE Statute to create the Colorado New Energy Improvement District and establish the CoPACE statewide financing program. Each county can adopt the program with a Board of County Commissioners’ resolution that allows county property owners with existing property retrofits or some new construction to use the CoPACE program. Read more.