February 17, 2022 –Earlier this year, the El Paso County Commissioners voted to approve a resolution that gave building owners the choice to participate in the state-sponsored Colorado Commercial Property Assessed Clean Energy (C-PACE) program.
The C-PACE program helps eligible building owners access private-sector financing to upgrade their buildings with energy efficiency, clean energy, and water efficiency improvements. The program offers up to 100 percent financing for existing building retrofits and up to 20 percent financing for new construction, with terms that extend up to 25 years. C-PACE projects are financed by banks, credit unions, and special private capital firms, also known as capital providers. Repayment is secured by a voluntary special purpose assessment that is recorded against the property and billed as a separate line item on the property tax bill.
“We are offering our building owners a financial mechanism to implement building efficiency improvements through the C-PACE program,” said Cami Bremer, El Paso County Board Vice-Chair. “The program provides a gateway for building owners that want to upgrade and modernize their energy and water infrastructure. Building owners have faced tremendous challenges with COVID and changing regulatory environments. It was important for us to give them another tool to decide if it is the right fit for them.”
“We worked with El Paso County to make C-PACE possible because it makes investment in our region by commercial property owners even easier and more feasible, said Cecilia Harry, CEcD, chief economic development officer, Colorado Springs Chamber & EDC. “C-PACE provides access to low-interest financing that may not otherwise be available. I’ve seen in other communities how it often directly and positively impacts the scope of a project. We will be hosting informational discussions in the coming months so commercial property owners can learn more about the program. This is one of many ways we collaborate with El Paso County to help our members, maintain our reputation as a business-friendly community, and enhance our economic competitiveness.”
Eligible property types:
- Multifamily (five or more units)
Examples of qualified improvement projects:
- Insulation, windows, doors, air sealing;
- HVAC, Energy Control Systems, and related;
- Water conservation systems;
- Lighting and related;
- Energy recovery systems, green roofs;
- Electrical vehicle charging equipment at facility or parking lot;
- Elevator and other mechanical projects;
- Energy/Water audit costs, closing fees, and related.
Building owners interested in learning more about the program or applying for financing can visit www.copace.com.