Commercial Property Assessed Clean Energy (C-PACE) is a financing solution offering fixed-rate, non-recourse private capital with up to a 30-year amortization. Available for recapitalization, retrofits, and developments, repayment is made through a non-accelerating property tax assessment on the property which is transferable upon sale or prepayable at any time.
$10.5 million C-PACE financing replaces equity in Class A office development. Columbus, Ohio.
Ohio’s C-PACE financing program is called Ohio PACE. C-PACE eligible improvements in Ohio are divided into five types: solar photovoltaic (PV), solar thermal, geothermal, energy efficiency improvements, and customer-generated energy projects. PACE Equity Finance’s coverage area in Ohio is constantly expanding, with new Energy Special Improvement Districts being added frequently. Many Ohio ESIDs require a minimum of 3% savings over code for energy efficiency improvements. In Columbus, the ESID offers further incentives for projects with combined energy savings over 35% above building code baseline.
