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