Commercial Property Assessed Clean Energy (C-PACE) provides fixed-rate, non-recourse private capital with amortization terms of up to 30 years, usable for recapitalizations, retrofits, and new development, and repaid through a transferable, non-accelerating property tax assessment.
$4.7 million in C-PACE financing was used to retire maturing debt for the Lake Chelan Community Center. Chelan, Washington.
C-PACER funding is available in Clark, King, Pierce, Snohomish, Spokane, Thurston, and Whatcom counties, with more programs in development. Each participating county serves as the program administrator for C-PACER projects within their county. “R” or “Resiliency” is added to the C-PACE acronym to reflect the inclusion of resiliency improvements, such as seismic strengthening and fire /flood protection, to the list of eligible financing measures.
