What is C-PACE New Construction?
C-PACE (Commercial Property Assessed Clean Energy) is an innovative financing solution that makes green energy upgrades accessible and affordable and can lower the weighted average cost of the capital needed to get a project done. C-PACE financing is non-recouse and repaid through a benefit assessment placed on the property for terms up to 25 years.
To access C-PACE financing through the C-PACE New Construction pilot program, administered by the Connecticut Green Bank, developers must demonstrate using whole-building energy modeling that a building's performance will exceed a code-compliant baseline by at least 10%. Meeting that 10 percent target will make a building eligible for C-PACE financing of 10 percent of the total eligible construction cost (TECC). The Connecticut Green Bank will work with an independent Technical Administrator to determine the TECC, and review modeling details and projected energy performance. For each 1 percent improvement beyond the threshold 10 percent, an additional 1 percent of TECC will be eligible for financing (up to a maximum of 20 percent).
C-PACE New Construction will provide developers of all types of properties with access to affordable, long-term, non-recourse financing with a simple repayment structure and improvements that can save energy and money.