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, 2023, the Philadelphia Energy Authority, Northbridge ESG LLC, and L-A Battery QOZ LLC closed on C-PACE financing for energy efficiency and water conservation measures installed during the construction of the mixed use property located at 1325 Beach Street. Six of twelve separate condo units copmrising the Battery have C-PACE assessments totaling $26,551,233.All C-PACE Projects