C-PACE Financing Innovation to Help Connecticut Green Energy Sector
Green energy upgrades are a bit more attainable in Connecticut due to an innovation in financing. Connecticut is one of the states in which financing at aimed helping commercial, industrial and nonprofits pay for green projects is available through Commercial Property Assessed Clean Energy (C-PACE) loans. Last week, Greenworks Lending said that it had completed the first four C-PACE transactions completed through a private lender. The loans total $1 million.
C-PACE financing covers all project costs with no money down. The costs are repaid as a long-term assessment on the property. The arrangement, according to C-PACE, enables owners to increase cash flow and improve the property’s value.
A high level explanation of how C-PACE works and the advantages it offers are described in a video at a Norwalk news site that was posted when the program started in 2013. The first project was in Norwalk. Another video, which offers a deeper look at C-PACE, is available at the press release describing the Greenworks loans.
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