Why EDCs love C-PACE
Does your community have commercial spaces in need of improvements? For Economic Development Councils, there’s an easy solution for promoting new jobs and economic growth when faced with aging infrastructure.
How? By encouraging business owners to take advantage of C-PACE, or the “Commercial Property Assessed Clean Energy” program, to get funding for energy and water efficiency upgrades in commercial spaces.
The C-PACE program allows commercial property owners to affordably finance renewable energy, energy efficiency, and water efficiency improvements over longer finance terms that are also transferable when the property is sold. Examples of upgrades include lighting, HVAC systems, insulation, water pumps, and solar panels.
It’s no surprise that Economic Development Councils love the C-PACE program! The program is so popular because it:
- Generates new business opportunities: Attract new businesses to the area, accelerating economic growth.
- Promotes job growth: Increase economic activity, leading to the creation of new jobs in the community.
- Revives existing spaces: Bring occupancy to existing buildings to reduce the likelihood of deterioration.
- Helps the tax base: Expand the tax base to improve the operations and infrastructure of your business community.
- Lowers the cost of doing business: Reduce the cost of doing business by stretching costs across more entities, encouraging businesses to come and stay in the community.
Curious about how the program works?
Commercial business owners can finance eligible upgrades for terms as long as 30 years through a voluntary property tax assessment attached to the property. The modern improvements add value to the property, reducing utility costs, leaving business owners cash flow positive.
What types of commercial properties are eligible for C-PACE?
Nearly all commercial properties qualify, including nonprofits and privately-owned multifamily properties with five or more units. The program is very inclusive with just a few exceptions. C-PACE administrators are here to help identify whether a project is eligible.
Help spread the word!
Inform current and potential business owners about how to take advantage of this great program and how it improves the ease of doing business in your community.
Lone Star PACE is an approved administrator for select communities in Texas and is operated by professionals with experience managing over 15 billion in economic development financings for public benefit. Lone Star PACE partners with EDCs throughout the state to offer webinars and events that will help inform and educate the public about this opportunity and to help establish C-PACE in Texas counties and municipalities. Please contact us for more information on how C-PACE can help drive economic development and to assist with any projects with which you are currently involved.