The Utah Office of Energy Development (OED) is proud to relaunch the Utah C-PACE (Commercial Property Assessed Clean Energy) program. C-PACE is designed to provide developers and property owners with access to unique long-term financing at fixed rates for energy efficiency, water efficiency, renewable energy projects, seismic retrofits, and more.
Established under Chapter 42a of the Utah C-PACE Act, the program helps developers and property owners increase energy and water efficiencies and building resilience by lowering the overall weighted cost of capital. Existing buildings are eligible for up to 100% cost recovery and new projects are eligible for up to 35% of eligible construction costs.
C-PACE is an OED program, and Sustainable Real Estate Solutions, Inc. (SRS) administers the program, with participation from over 30 private financial institutions. “The C-PACE program offers our industry and community partners a streamlined, standardized underwriting process for energy and resiliency improvements that is both transparent and technically sound,” said Dusty Monks, OED’s Acting Director. “With SRS as our administrator, we are able to offer an innovative, transparent, and proven financing tool that will drive energy improvements. We are looking forward to seeing the statewide C-PACE program start again here in Utah.”
C-PACE covers a range of commercial property types, including agricultural, industrial, manufacturing, retail, office space, multifamily residential, nonprofits and others. Cities and counties throughout the state can benefit their economies through new investment, job opportunities, energy savings and improved air quality. The program also covers a wide variety of projects, such as new heating/cooling systems, lighting, water pumps, insulation, renewable energy projects and seismic upgrades–almost anything that improves energy and water efficiency and a building’s resilience.
SRS CEO Brian McCarter said, “SRS is delighted to partner with OED to support the timely relaunch of the state’s C-PACE program. In today’s challenging lending market, more building owners and developers are embracing C-PACE as an attractive financing solution to fill gaps in their capital stack and lower the cost of capital for both new construction and retrofit projects.”
Developers and existing property owners do not need money down or a personal guarantee to participate in C-PACE, and SRS supports all stakeholders throughout the process. Interested developers and property owners can visit the C-PACE site to learn more.
