The program provides a financing model that will allow
building owners across the state to access low-cost financing and the opportunity
to realize cleaner, cheaper, and more reliable energy.
C-PACE provides an opportunity for commercial, industrial,
and multi-family property owners to finance energy efficiency and clean energy
upgrades and to repay that investment through a benefit assessment charge on
their property tax bill. Municipalities already use benefit assessments to
finance projects including street paving, water and sewer systems, and street
lighting. Typical C-PACE measures could include high efficiency lighting;
heating ventilation air conditioning upgrades and controls; high efficiency
chillers, boilers, furnaces, and water heating systems; replacement windows and
other building envelope improvements; energy management systems; and renewable
energy systems such as solar and fuel cells.
Upgrades eligible for financing must lower the energy consumption of the
building or enable the building to produce clean energy. While there is no
financing minimum, C-PACE financing is best suited for capital improvements
above $150,000.
Building owners in municipalities that have already adopted
C-PACE, including Stamford, Bridgeport, Norwalk, Hartford, Middletown, Durham,
West Hartford, Beacon Falls, Windham, Simsbury, and Westport, are now eligible
for this financing.
