C-PACE Explained

Property owners of privately-owned, non-residential buildings (such as industrial, office, retail, nonprofit, multifamily, new construction projects, etc.) can all benefit from C-PACE. They work with a diverse team to design retrofit projects resulting in more modern buildings that save money and energy, or to develop new construction, repositioning and gut rehabilitation projects that are built to the highest energy standards.

Connecticut Green Bank is a trusted advisor for green energy and administers the C-PACE program in the State of Connecticut. They coordinate across a wide range of experts to help property owners confidently navigate the C-PACE process and sometimes also serves as a capital provider, providing funding for C-PACE projects.

Capital providers work closely with the property owner and contractors to support projects. Long term financing with terms of up to 25 years is arranged through a capital provider. Retrofit projects can spread the cost of improvements out over time resulting in positive cash flow, while new construction projects can reduce their average cost of capital.

Contractors work with property owners on projects that reduce energy usage. These include energy upgrades such as lighting, heating and cooling, insulation, controls, automation and solar pv or other efficient design choices.

Technical reviewers work to ensure each project meets program requirements, measuring the ratio of dollar savings from the improvements to the cost of financing, or ensuring new construction projects exceed minimum energy standards.

Municipalities help enable repayment. While the Green Bank is responsible for billing, the municipality supports by placing an assessment on the property, similar to a municipal assessment. This means the assessment can be transferred if there is change of ownership. Because a C-PACE assessment takes a senior position to a mortgage, mortgage holders must consent to a project being financed.