Great news for our environment and economy! Commercial Property Assessed Clean Energy (C-PACE) projects are gaining momentum in numerous states as legislators incentivize clean energy and sustainability investments.
C-PACE loans, designed to fund energy-efficient and renewable energy projects like solar and thermal installations, high-efficiency HVAC systems, doors, and windows, are making a significant impact on businesses' sustainability efforts. These projects also encompass water efficiency, wind resistance, flood mitigation, seismic retrofitting, and storm water management initiatives.
With a C-PACE loan, property owners benefit from favorable interest rates and can repay the loan over a ten- to twenty-year period through regular assessed property tax bills. Plus, the added flexibility allows the debt to be transferred when the property is sold.
C-PACE investments skyrocketed by 200 percent in both 2021 and 2022, culminating in a cumulative investment of over $6 billion! These projects have also contributed to the creation of an estimated 65,000 job-years, fostering economic growth and prosperity.
Through the end of 2022, 55 percent of C-PACE projects were geared towards enhancing energy efficiency, while 17 percent focused on renewable energy, driving us towards a greener future. An additional 15 percent showcased mixed projects, and 3 percent targeted resiliency, bolstering our communities against potential challenges. The remaining 10 percent holds untapped potential that could further revolutionize the way we approach sustainability.
These remarkable projects encompass a wide range of scales, with almost half exceeding $5 million, a third ranging from $1 million to $4.9 million, and almost one-fifth falling under $1 million. This diversity highlights the accessibility and versatility of C-PACE initiatives, catering to businesses of all sizes.
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