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Funding Your Commercial Property Assessed Clean Energy Solutions
What is C-PACE
C-PACE or Commercial Property Assessed Clean Energy is a long term financing tool for commercial property owners to pay for energy efficiency upgrades
A City or County creates a land secured financing district. Property owners sign up for financing to install energy projects. The lender then provides funds to pay for project.
Property Owners then install upgrades to their facilities then the C-PACE loan is paid back through a special assessment on their property taxes
Local Government
establishes PACE Program. After approval City or County will create C-PACE Financing District
Property owner completes energy audit to indentify energy savings. Lender provides capital to pay for approved energy projects.
Property owner receives capital and hires contractors to install energy efficiency projects
Owners use energy
savings to repay
special assessment against the property through property tax bill
What is CPACE?
Benefits of C-PACE
Cash flow positive from day one and increased property value
Solves split incentive problem, payments can be passed easily to tenant
Financing is not tied to the credit of the property owner or developer
Decreases maintenance cost and increases net operating income
Non-recourse (no personal guarantee) payments run with the land and are
transferred to subsequent owner upon sale of property
Long term with no upfront cost - 100% financing
Energy savings can fund C-PACE assessment payments
Creates Local Jobs
Lower cost of doing business
Healthy Environmental Impact
Before
After
C-PACE in the Capital Stack
Senior
Debt
Mezzanine
Debt
Equity
Senior
Debt
C-PACE
Equity
Active C-Pace States
C-PACE Legislation is constantly developing. Currently these are the markets with funded projects
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Oregon
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California
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Utah
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Colorado
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Texas
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Nebraska
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Missouri
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Arkansas
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Minnesota
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Wisconsin
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Michigan
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Ohio
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Kentucky
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New York
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New Hampshire
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Maryland
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Rhode Island
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Washington DC
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Virginia
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Florida
In Process
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New Jersey
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Illinois
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Georgia
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Pennsylvania
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Massachusetts
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Nevada
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Benfits of C-PACE
Where is C-PACE?
Municipalities
New Construction
Industrial
Retail
Office
Ohio State University
Student Housing Project
:New Construction Project
5 Story 258 micro unit
PACE Loan: $4,817, 207
Library Park Apartments
Downtown Columbus, Ohio
Rehab/New Construction Project:
70 Studio Apartments
PACE Loan: $2,790,604
Case Western University
Cleveland, Ohio
New Construction Project:
204 Bed Student Housing
PACE Loan: $2,906,388
McKinley Grand Hotel
Hall of Fame Village
Canton, Ohio
Redevelopment Project:
166 Room Hilton Hotel
PACE Loan: $3,040,000
Hamilton Quarter Office
Columbus, Ohio
New Construction Project:
141,437 Sq. Ft. - 11 acres
PACE Loan: $4,320,000
Park Inn Hotel
Toledo, Ohio
Redevelopment Project:
Hilton/Homewood Suites 309 Room Hotel
PACE Loan: $9,355,000
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