The Commercial Property Assessed Clean Energy Program (C-PACE) allows commercial, industrial, multifamily, and agricultural property owners to finance up to 100% of the cost of eligible energy efficiency, renewable energy, and water conservation improvements. Private capital providers offer financing at competitive rates with repayment terms up to 25 years. The U.S. Department of Energy recognizes property assessed clean energy programs as an innovative way to finance energy efficiency and renewable energy improvements on private property. Nationally, 30 states have an active PACE program.
The Colorado New Energy Improvement District (NEID) is a statewide special statutory district created to establish, develop, implement, and administer C-PACE. As of 2023, the Colorado C-PACE program has helped finance 120 projects, facilitating over $250M in private sector investment into clean energy improvements in 39 Colorado counties.
A seven-member Board of Directors governs the NEID. This board includes the Colorado Energy Office Director or their designee and six other governor-appointed members. The board members represent experiences working in energy efficiency, renewable energy, commercial real estate development, banking and finance, and the utility industry.
Colorado C-PACE Workshop
Join us to learn how C-PACE financing can help you to grow your business. This free workshop will discuss the C-PACE program, including how it works, what program resources are available to help market C-PACE and develop C-PACE financed projects, and how other businesses across Colorado have benefited from C-PACE financing. The workshop will also discuss the eligibility of resiliency improvements (fire protection, air quality, back up power, etc.) and changes that have been introduced to help streamline the financing process! The workshop is required as part of the contractor registration process, and is open to building owners, developers, financial institutions, government representatives, interest groups, and any other stakeholders or interested parties.
We will hold the next workshop virtually on September 12, 2023, 9:00 - 11:00 AM MT.
Benefits of C-PACE
Property owners may be hesitant to invest capital or take on debt to make energy efficiency improvements to their properties if they do not expect to own the property long enough for the resulting energy savings to cover the up-front costs of the improvements. C-PACE allows a property owner to finance the cost of clean energy or other eligible energy efficiency improvements, paying the costs back over time. Property owners repay the loan through a voluntary special assessment which is repaid over the financing term (up to 25 years) and the annual energy cost savings will exceed the annual assessment payment, thereby enabling capital intensive equipment upgrades. PACE programs increase market development and participation in clean energy project development and serve a public interest by reducing energy costs and water use, stimulating the economy, improving property valuation, and creating jobs.
Eligible property types:
- Non-profit organizations
- Multifamily (5 units or more)
Financing can cover a variety of project types including, but not limited to:
- Energy audits and renewable energy feasibility studies
- Energy efficiency improvements
- Renewable energy improvements
- Water Conservation improvements
- Resilience measures (new in 2023)