C-PACE Financing for New Construction and Retrofit Projects
Yes, C-PACE financing can be used for both new construction and retrofit projects.
Eligibility Overview
C-PACE (Commercial Property Assessed Clean Energy) is a financing mechanism that supports energy efficiency, renewable energy, and water conservation projects on commercial properties. It allows building owners and developers to access low-cost, long-term financing for these improvements without requiring upfront cash outlay. The financing covers up to 100% of the project costs and is repaid over a fixed term (typically 20 to 30 years) as a line item on the property tax bill.
New Construction Projects
New construction projects are eligible for C-PACE financing if they incorporate energy-efficient and renewable energy measures. This includes projects that adhere to specific building standards such as LEED, Green Globes, or Net Zero Building standards. These projects can benefit from full financing of both hard and soft costs associated with these energy-saving measures.
Retrofit Projects
Retrofit or existing building renovation projects are also eligible for C-PACE financing. This can include upgrades such as HVAC systems, lighting improvements, solar installations, and building envelope enhancements. C-PACE can even provide retroactive financing for eligible projects completed in the past, depending on the program guidelines.
In summary, C-PACE financing is versatile and can support both new construction and retrofit projects by providing a cost-effective way to fund sustainable improvements on commercial properties.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/can-c-pace-financing-be-used-for-both-new-construction-and-retrofit-projects/
