C-PACE will help the City meet its carbon reduction goals, create jobs, and provide significant utility savings for participating buildings. The voluntary program allows property owners to access long-term financing that matches the useful life of the installed improvements generally at lower costs. Participating projects must be located within the boundaries of Philadelphia and engage in eligible energy and/or water savings projects or renewable energy projects.
“C-PACE is another example of how the Philadelphia Energy Authority works with different stakeholders to drive private investment in Philadelphia that creates the jobs of the future and opportunities for our young people, all while creating cost savings and carbon savings for the city,” Council President Clarke said. “C-PACE is good for business and good for the environment – it’s a win-win.”
“C-PACE is a game-changing initiative for our City,” said Councilmember Green. “Philadelphia now has a new financing tool to build a robust clean energy economy that will fight climate change, improve public health and well-being, and save our commercial sector money. I’m proud to have led the charge to establish this important initiative.”
PEA is the Program Administrator for Philadelphia’s C-PACE Program. It has been engaged in a yearlong statewide stakeholder process to facilitate feedback and ideas from residents, lenders, commercial property owners, other government entities and others. As Program Administrator in Philadelphia, PEA will review and approve applications, manage billing, file liens, and perform other general administrative duties.
“Philadelphia is once again showing its leadership in the green economy,” said Emily Schapira, Executive Director of PEA. “Over $1 billion in C-PACE deals have been executed nationwide, and we are proud to join our peers in enabling this important tool.”
Pennsylvania was the 36th state to authorize the creation of C-PACE financing when Governor Tom Wolf signed it into law on June 12, 2018. With the leadership of Councilmember Green, Philadelphia City Council authorized C-PACE for the City of Philadelphia on July 20, 2019 and assigned PEA as Program Administrator. The bill was signed into law by Mayor Kenney on August 14, 2019.
PEA will host a webinar on October 30, 2019, at 1pm ET to review the program guidelines. For more information on the webinar and the Philadelphia C-PACE program in general, visit cpacephiladelphia.org.
The Philadelphia Energy Authority was formed in 2010 to support the city on energy affordability and sustainability, including developing long-term energy programs and policies. Visit philaenergy.org for more information.