Solar is a great way to save money on your electric bill, and it’s not just for residences. Commercial properties can take advantage of solar. While it’s a much bigger investment than going solar on your home, there are more funding programs available depending on your building and business. In this blog series, we will cover a different commercial funding program each week.
C-PACE- also known as the Commercial Property-Assessed Clean Energy Program, is another way commercial business owners can fund their solar project.
C-PACE allows building owners to finance qualifying energy efficiency and clean energy improvements through placing a voluntary assessment on their property tax bill. Property owners pay for the improvements over time through this additional charge on their property tax bill and the repayment obligation transfers automatically to the next owner if the property is sold. Similar to a sewer tax assessment, capital provided under the C-PACE program is secured by a lien on the property, so low-interest, long-term capital can be raised from the private sector with no government financing required. This arrangement spreads the cost of clean energy improvements – such as energy efficient boilers, upgraded insulation, new windows, or solar installations – over the expected life of the measure. Learn more about C-PACE and apply online at www.c-pace.com.