Colorado's New Energy Improvement District recently launched a statewide Commercial Property Assessed Clean Energy (C-PACE) program that provides commercial property owners mechanisms to finance energy efficiency, renewable energy, and water-conservation improvements. The C-PACE program offers commercial property owners the opportunity to spread energy and water project costs over a term of up to 20 years, and repay them through an assessment on their property tax bill, with no upfront capital outlay.
"Commercial buildings currently account for about 20% of Colorado's energy use. Colorado's commercial PACE program offers a financial tool to help spur energy efficiency and renewable energy investments in our state's building infrastructure, providing long-term utility savings, while stimulating the economy," said Paul Scharfenberger, chairman of the New Energy Improvement District board.
The program provides financing for a variety of improvements, including new heating or cooling systems, lighting, water pumps, insulation, solar panels and other renewable energy projects. Typical long term C-PACE financing covers 100% of a project's cost and is repaid, for up to 20 years, in semi-annual payments that are structured as a regular line item on the property tax bill. When a property is sold the PACE assessment stays with the property and transfers to the new owner who, in turn, enjoys the ongoing utility cost-savings associated with the project.
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