CIRRUS Low Carbon Compliance Path Enabled Through New Partnership
PACE Equity and Phius announce new qualification option for lower rates through CIRRUS Low Carbon
MILWAUKEE, Wisc., November 9, 2023 – PACE Equity, the leader in PACE financing for development projects, along with decarbonization non-profit Phius, jointly announced a new compliance path for PACE Equity’s CIRRUS Low Carbon program at PhiusCon 2023 this week in Houston, Texas. Through the new partnership, commercial real estate projects that are certified as Phius CORE or Phius ZERO passive buildings are automatically eligible for the CIRRUS Low Carbon financing rate when approved for PACE Equity funding.
CIRRUS Low Carbon is the only private financial product that provides a lower cost of capital for buildings that are developed or renovated to a lower carbon design. The standards set by Phius CORE and Phius ZERO are locally tailored and globally applicable, aligning significantly with PACE Equity’s CIRRUS Low Carbon design goals. Projects that apply for PACE Equity financing with the Phius certification will qualify to receive CIRRUS Low Carbon’s reduced financing rate, helping the project developers fill a gap in a capital stack, replace more expensive funding options, and improve project returns.
“The path to lower carbon commercial real estate development is forged through symbiotic industry partnerships that offer developers and building owners unique financial, environmental, and brand advantages,” said Beau Engman, president and founder at PACE Equity. “The convergence of Phius passive building standards and PACE Equity’s lower rate financing for lower carbon buildings equips developers with the tools and financial incentive to design more energy-efficient buildings with a better return.”
“With the most effective and widely applicable passive building standard, Phius shares PACE Equity’s vision for a lower carbon future,” said Katrin Klingenberg, co-founder and Executive Director at Phius. “Partnering with PACE Equity to offer automatic CIRRUS Low Carbon qualification for Phius CORE and Phius ZERO projects helps make decarbonization of the built environment even more achievable.”
For more information on lower rates for lower carbon buildings with CIRRUS Low Carbon visit: pace-equity.com/lowcarbon
For more information on Phius ZERO and Phius Core building standards visit: https://www.phius.org/standards
About PACE Equity
Since 2014, PACE Equity has funded Commercial Property Assessed Clean Energy projects in innovative, never-before-seen ways, with better financing for better buildings. PACE Equity has closed C-PACE projects across the U.S. and enabled the energy efficient commercial development of over $2.7 billion while eliminating over 1 million metric tons of carbon. PACE Equity offers the design and support that allow customers to intelligently meet the demands of today’s consumer and tomorrow’s requirements.
Phius is a non-profit 501(c)(3) organization committed to decarbonizing the built environment by making high-performance passive building the mainstream market standard. It trains and certifies professionals, maintains and updates the Phius climate-specific passive building standard, certifies and quality assures passive buildings, certifies high-performance building products and conducts research to advance high-performance building.