Similar Stories to C-pace Financing Boosts Projects’ Sustainability, Backers Say on Bing News

By Jack MoneyBusiness writerjmoney@oklahoman.comMany Oklahoma developers are about to gain a new tool for financing construction. It's a time-tested program already used to help developers with costs to improve construction projects’ environmental sustainability across the nation — the Commercial Property Assessed Clean Energy program, or C-PACE. The financing tool provides developers with another source of dollars they could tap to pay certain costs to retrofit existing buildings or build something new — if those costs are tied to energy-related upgrades. C-PACE is actively being used by developers across 22 states and the District of Columbia. Legislatures in another 15 states, including Oklahoma, have adopted statutes authorizing C-PACE programs. So far, developers of 2,400 projects have used C-PACE to help them complete sustainability upgrades costing more than $1.5 billion. Here, the program gives each of the state’s counties the ability to choose whether or not to adopt necessary rules that would allow developers to access the financing tool. So far, only Tulsa County has opted in with one developer taking advantage of the financing, but the Indian Nation Council of Governments is working with officials across the state to get other counties on board. How it works C-PACE, officials said, allows commercial property owners to secure private low-interest, long-term loans from lenders that can finance the costs to improve a property’s water and energy efficiencies. Those upgrades might include water conserving fixtures, LED lighting, a higher grade of insulation and windows, upgrades of HVAC systems and chillers, the installations of automated building control systems and electric vehicle charging stations and the use of geothermal or solar energy systems. Officials said C-PACE loans help developers tapped out with their traditional lenders complete capital stacks for projects, and could help fill gaps created by construction delays or cost overruns. Debt tied to those upgrades is retired using an assessment placed on the property’s county tax record.Read more on NewsOK.com