(Credit: Pixabay)The first project in Pennsylvania to use Commercial Property-Assessed Clean Energy (C-PACE) financing has received $1.5 million from Twain Financial. The funds will be used to pay for energy and water efficiency upgrades to the commercial portion of a new mixed-use development in Philadelphia.
The development, J-centrel, provides new retail and workspace for local businesses, and discounted rent for tenants volunteering in the neighborhood. The C-PACE financing covers cost-reducing measures, including LED lighting, window replacements, energy recovery units, heat pumps, and low-flow plumbing. The measures reduce the building's carbon footprint by 2,700 metric tons of CO2 equivalent.
Philadelphia City Council passed legislation enabling C-PACE financing in Philadelphia in June 2019.
C-PACE was enabled in Pennsylvania in 2018 through legislation sponsored by State Senator John Blake (D-Lackawanna County). "We worked for years to get C-PACE across the finish line because we understood the economic and environmental benefits of this creative, market-driven funding mechanism to enable businesses to make important water conservation and energy efficiency upgrades," Sen. Blake said.
C-PACE has grown in popularity in recent years. In April, Counterpointe Sustainable Real Estate (CounterpointeSRE) announced the closing of four Commercial Property Assessed Clean Energy (C-PACE) transactions for a total of $15 million in financing through the California Statewide Communities Development Authority’s (CSCDA) Open PACE program. The largest of the financings at $14.5 million will support energy efficiency, seismic strengthening, and water conservation measures at a new multifamily property, which is being developed by LiveWorkCreate.
