The Commissioners OK Program for Clean Energy Loans for Commercial Properties
Chester County Commissioners this week approved a resolution to activate the county’s participation in a program that will allow owners of commercial buildings to borrow money for specific energy improvements to their properties and repay the money through an assessment of their property tax bill.
C-PACE, which stands for Commercial Property Assessed Clean Energy, is a financial tool that enables commercial property owners to secure long-term, low-cost financing for energy efficiency, renewable energy and conservation projects. some water. C-PACE can facilitate a loan for a project by placing a voluntary lien on the property that the owner repays over a period of 10 years or more.
C-PACE’s focus on promoting green projects helps advance the County’s vision for climate action, which aims to reduce Chester County’s contribution to global climate change and equitably improve health and well-being of the community. C-PACE will specifically help meet the county’s goals of promoting sustainable energy and energy efficiency at the community level. The Climate Action Plan can be viewed in full here.
“After being among the first counties in Southeastern Pennsylvania to take a C-PACE program, I am delighted that we are officially embracing this model and establishing our own active program. C-PACE is mutually beneficial because it will not only help the local environment, but it will stimulate job creation and support for the business community by increasing investment in our buildings, ”said the Chair of the County Commissioners of Chester, Marian Moskowitz.
Commissioners also today authorized a contract for the administration of the C-PACE program. The PP&L Sustainable Energy Fund (the Sustainable Energy Fund) will administer the program in Chester County and connect project developers with contractors and licensed lenders. The Sustainable Energy Fund has loaned money across Pennsylvania for such programs for two decades.
“By providing investments to renovate older buildings to create even more jobs in an industry that is already growing locally, the local Chester County energy efficiency industry stands to benefit greatly from C- training. PACE, ”said Chester County Commissioner Josh Maxwell. “It’s a natural fit and will help achieve several goals as we prepare our country for the future. “
Pennsylvania is one of more than 30 states that have authorized C-PACE. Four public sector and nonprofit organizations worked together to develop the program in the state: Keystone Energy Efficiency Alliance (KEEA); Philadelphia Energy Authority; City of Pittsburgh Sustainability Commission; and the Sustainable Energy Fund.
“I am excited to see what our C-PACE program will bring to our community. C-PACE makes it easier for people to finance energy efficient projects and to avoid many of the common funding barriers that prevent them from starting projects, ”said Chester County Commissioner Michelle Kichline.
Details of the C-PACE program application process will roll out in the new year and will be posted on the county’s website, www.chesco.org.