C-PACE Retrofit Financing Process
From your idea to project implementation.
C-PACE (Commercial Property Assessed Clean Energy) offers innovative financing for green improvements to your property. The following process is what property owners can expect when working with the Connecticut Green Bank on a C-PACE financed project.
What to expect
Application
1-2 days
Property Owner: Submit an initial application for C-PACE financing once you have a project you are interested in.
Green Bank: We will review your application and contact you with next steps.
Underwriting & Documentation Collection
3-4 weeks
Financial Underwriting: We request documentation needed to assess the financial health of your property and business. We may come to you with follow-up questions or requests for additional information during our review.
Technical Underwriting: We request documentation from your contractor related to the project and energy savings projections. The Green Bank’s technical team reviews this documentation to ensure the project is expected to save more than it costs over the useful life of the equipment.
Governance & Insurance Documentation: We request documentation related to your business’s governance structure and review property and liability insurance certificates.
Lender Consent, if applicable: Existing property-secured debt holders must consent to subordinate to C-PACE.
This technical underwriting process is not necessary for EV charging infrastructure projects.
Project Approval
The Green Bank approves the project.
Closing
Green Bank: We work with the contractor to draft a disbursement schedule based on construction milestones and send a draft Financing Agreement for review.
Property Owner: Review and sign the Financing Agreement.
Green Bank: We send benefit assessment documents to the Town Clerk to be filed on the property’s land records.
Construction
1-2 days
Property Owner: Request funds as construction milestones are met. Construction interest accrues on disbursements at the rate outlined in the Financing Agreement.
Project Completion
Green Bank: We schedule a site visit with your contractor and our technical team to ensure the measures are installed as planned. After this, remaining C-PACE funds are disbursed.
The loan converts to the term interest rate outlined in the Financing Agreement and the repayment schedule is finalized.
Billing & Keeping in Touch
Green Bank: Our team works directly with you on billing. You will receive invoices at the same time as your municipality’s real estate taxes are billed.
Property Owner: Enjoy the benefits of green improvements for years to come.