New changes to the state’s Commercial Property Assessed Clean Energy program will make it easier for developers and borrowers to access financing for their projects, officials from the Connecticut Green Bank said.
The Connecticut Green Bank Board of Directors last month approved a slew of changes to the C-PACE program, which offers financing to companies, developers and others pursuing clean energy projects. Among the changes, developers and borrowers can now access up to 35% of the total eligible construction costs in C-PACE financing based on their building’s designed energy performance
Connecticut Green Bank is the administrator and lender of the program.
Other changes include:
- The minimum energy performance threshold to access financing was lowered. A more strict option has also been added to promote even higher energy performance above code and access to greater C-PACE financing.
- Developers have the option of accessing an additional 5% in total eligible construction costs in financing by incorporating two bonus technologies into the project design, or an additional 10% for adding four bonus technologies. Bonus technologies can include electric vehicle charging stations, battery storage systems, high-efficiency heat pumps and heat pump water heaters, fuel cells, and solar photovoltaic systems.
- Developers can also design projects to be all-electric and to achieve net zero to access 35 percent of total eligible construction costs in financing.
Other changes to the program allow more access to financing for green energy projects at multifamily properties.
Green Bank Vice President of Financing Programs Mackey Dykes said the revisions will provide greater access to C-PACE financing and also encourage developers to design projects with higher energy performance goals.
More information about C-PACE financing and changes to the program can be found online at www.cpace.com/contact-us.
