Commercial PACE (C-PACE)
Commercial Property-Assessed Clean Energy (C-PACE) financing helps commercial property owners pay for energy efficiency, water conservation, clean energy, indoor air quality (IAQ) and resiliency projects. This innovative financing tool allows borrowers to save money on utility bills while reducing their carbon footprints, provide healthier indoor conditions for occupants and improve stormwater management and other flood, fire and wind protective measures.
Visit PhiladelphiaCPACE.org for details on the C-PACE program, application process, case studies and more.Visit Site
C-PACE in Philadelphia
Pennsylvania authorized the creation of Commercial Property-Assessed Clean Energy (C-PACE) finance programs with the passage of Act 30 of 2018. As a result, a Pennsylvania county or municipality with an established community or economic development authority can establish a C-PACE program. No statewide program or administrator was assigned, and no startup funding was allocated.
Philadelphia City Council authorized C-PACE for the City of Philadelphia on June 20, 2019 and assigned the Philadelphia Energy Authority (PEA) as Program Administrator. After C-PACE was updated at the state-level by Act 43 of 2022 to include multifamily commercial buildings of 5 units or more, indoor air quality and building resiliency improvements the Philadelphia Ordinance was amended in June 2022 expanding C-PACE in Philadelphia consistent with Pennsylvania Act 43.
Philadelphia C-PACE is a completely voluntary program. It allows commercial property owners to obtain financing for eligible projects, typically through private capital providers, and to repay the financing through a special assessment similar to a property tax assessment.
On November 30, 2022, the Philadelphia Energy Authority, Nuveen Green Capital and BGFP Philadelphia LLC closed on C-PACE financing for energy efficiency and water conservation measures to be installed during the construction of a new cold storage facility located at 2201 E. Allegheny Avenue. The facility as designed is expected to be 30% more energy efficient than required by Philadelphia’s building energy code. The planned facility is located in the Port Richmond neighborhood of Philadelphia.All C-PACE Projects
PEA is happy to speak to any interested party about the C-PACE Program.
- Email us at CPACE@philaenergy.org
- Call our office at 215-686-4483
For information on Pennsylvania C-PACE outside of Philadelphia, please visit pennsylvaniacpace.org.