A state-sponsored program to finance energy-efficient improvements in older buildings is gaining interest across the country. Chris Ellis, director of business development – Ohio, for Greenworks Lending, is promoting the Commercial Property-Assessed Clean Energy (C-PACE) program designed to make energy-efficient retrofits more affordable for developers. “We can offer long-term financing, and with minimal payments you could potentially be cash-flow positive on those energy improvements from day one” Ellis said, during the recent Pittsburgh Mastermind meeting. The upgrades are repaid as a benefit assessment on the property tax bill over a term that matches the life of the improvements, from 20 to 30 years, depending on the specific state’s program. More than 35 states have C-PACE programs. Greenworks lends in about 21 states, including Pennsylvania, which covers commercial property but not multifamily, single-family and government structures.
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