Commercial Property Assessed Clean Energy (C-PACE) delivers long-term, fixed-rate, non-recourse financing for commercial real estate, with repayment structured as a property tax assessment that can be transferred or prepaid.
C-PACE Financing in Illinois
PACE Equity Finance funds C-PACE loans in Chicago and other cities in Illinois
C-PACE Status: Active Program
Max Term: 30 years
Max LTV: 25%
Refinance Availability: 3-year lookback
Explore PACE Equity Finance’s tailored C-PACE capital solutions across hundreds of projects.
IECA PACE
Illinois’ C-PACE Program is administered by the Illinois Energy Conservation Authority. Financing is available for equipment replacements, retrofits, new construction, and redevelopments. Eligible measures include energy and water efficiency improvements, renewable energy, EV charging infrastructure, resiliency and water use improvements. New construction and renovation projects must comply with the Illinois Prevailing Wage act.
Illinois C-PACE Financing Parameters
Property Types
Multifamily, Senior Housing, Industrial, Hospitality, Retail, Office, Storage
Eligible Projects
Renovation, Redevelopment, Refinance, New Construction, Renewable Energy
Term
Up to 30 years.
Amortization
Fully amortized over the term.
Interest Rate
Fixed rate over the term; spread over a 10-year UST.
Capitalized Interest
No payments during the construction period.
Recourse
Non-recourse, completion guarantee (on New Construction and major redevelopment).
Repayment
Paid through an annual or semi-annual tax assessment on the property.
Prepayment
Prepayable at any time, subject to step-down prepayment premium. No lockout.
LTV
Up to 25% property value.
DSCR
1.10 – 1.30 at stabilization.
Funding Time
Construction, Mid-Construction, Refinance — up to 3 years after completion.
Illinois C-PACE Financing Case Studies
