PACE Equity received today an Innovation in Efficient Financing award from the C-PACE Alliance. The award recognized the unique financing program from PACE Equity known as CIRRUS Low Carbon which has made a significant impact on customers (and carbon) during its first year. Announced in early 2022, CIRRUS Low Carbon offers a reduced interest rate for developers/owners when their project designs meet a design specification outlined by PACE Equity and New Buildings Institute, a Portland-based sustainability think tank.
The product was designed to change the behavior of the people who directly influence the building stock of the U.S. The CIRRUS Low Carbon Design Specification, written in tandem with the New Buildings Institute, was created to encourage improvements in building designs that push beyond current building codes to an improved energy efficiency level.
“We believe that this innovation will encourage the commercial real estate industry to build better buildings using what we know is a powerful motivator – financial returns,” said Tricia Baker, the senior vice president in charge of the product. “This motivation will apply to all developers/owners, not just ones who are already building highly-efficiently.”
The CIRRUS Low Carbon program even offers design consultation with PACE Equity in-house engineers to help developers reach the specification with the lowest impact to construction cost. The engineers work directly with developer design teams to provide design guidance and best practice suggestions so clients can meet the specification and earn the reduced financing rate.