WASHINGTON, Oct. 5, 2018 /PRNewswire/ -- The C-PACE Alliance announced today that it has been engaged to assist in the design of Commercial PACE (C-PACE) programs, an innovative financing tool actively used in 20 states plus the District of Columbia.
C-PACE Alliance received an invitation this week to join a team of industry advocates and experts, chosen by the Sustainable Energy Fund, to design a turnkey C-PACE program for local governments in Pennsylvania. Abacus Property Solutions leads the consulting team, with help from the Wisconsin Energy Conservation Corporation and other national experts.
"The C-PACE Alliance looks forward to working with the Sustainable Energy Fund and stakeholders to design a program that works for Pennsylvania businesses and achieves the policy goals of investment in property value, economic competitiveness and job creation," said CPA Executive Director Cliff Kellogg. "Our role is to offer insight on the features that have made programs successful elsewhere."
Commercial PACE is a financing tool that provides 100 percent private financing to pay for energy efficiency and water conservation upgrades in office, retail, warehouse and manufacturing structures. In C-PACE, the financing is secured with a special voluntary parcel assessment. In the counties with active C-PACE programs, almost 1,700 buildings have received more than $700 million in private investment in retrofits or new construction projects that save energy, water or improve building resiliency, according to PACE Nation.
"Providing this input on emerging programs is squarely in the mission of the C-PACE Alliance," said Petros PACE Finance CFO and C-PACE Alliance member Jim Stanislaus. "There is no doubt that numerous commercial properties will benefit from C-PACE financing and all the great attributes it has to offer." Greg Saunders, CEO of CleanFund Commercial PACE Capital, Inc., noted, "Building best practices in the adoption of new programs is critical for the long-term scalability of this rapidly growing asset class, and is something the members of the C-PACE Alliance are fully committed to."
Pennsylvania Governor Tom Wolf signed Pennsylvania's PACE statute into law in June 2018. A coalition of organizations has come together to develop program guidelines and a model ordinance for local governments' consideration in early 2019.
C-PACE Alliance C-PACE Alliance (www.c-pacealliance.com) is a coalition of the major C-PACE capital and service providers committed to increasing the use of C-PACE nationwide. The C-PACE Alliance highlights best practices, offers technical assistance to emerging programs, and supports ways to strengthen C-PACE program administration. C-PACE Alliance supports the broader industry-building efforts of PACE Nation.