Commercial Property Assessed Clean Energy (C-PACE) is a state-authorized program that brings private capital to energy and sustainability improvements in commercial real estate. By utilizing low-cost, long-term, non-recourse C-PACE financing, property owners and developers can lower their cost of capital and increase returns on their projects.
$7.2 million financing; luxury co-op development uses C-PACE to lower capital costs and support sustainability goals. New Canaan, Connecticut.
Connecticut’s C-PACE program, administered by the Connecticut Green Bank, establishes the requirements for and oversees all C-PACE projects. Over 140 municipalities in Connecticut have enabled C-PACE financing. New construction projects use a Total Eligible Construction Costs (TECC) calculation to determine C-PACE proceeds. The highest funding amount, 35% TECC, is permitted for net zero developments and those built to 2021 IECC with additional efficiency measures.
