Summit County, Utah — Developers and building owners pursuing new construction and renovation projects in Summit County can now consider utilizing a specialized third-party financing tool to advance energy improvements in commercial, industrial and qualifying multifamily buildings: Commercial Property Assessed Clean Energy (C-PACE).
C-PACE is a voluntary innovative financing mechanism for building improvements that result in enhanced energy performance over the lifetime of a building. Eligible improvements include efficient mechanical systems, installation of renewable energy systems, electric vehicle charging infrastructure, water conservation projects and more. Summit County is the latest Utah community to enable C-PACE, which was initially brought to the state in 2013 and updated through S.B. 273 in 2017.
Existing building projects looking to utilize C-PACE can secure up to 100% financing for hard and soft costs through third-party C-PACE lenders. New construction projects can finance up to 20% of the total eligible construction costs. As a long-term, low-cost financing option, C-PACE encourages the adoption of sustainable design practices that reduce energy consumption, enhance occupant comfort and lower utility bills.
“The C-PACE program aligns with Summit County’s goals to promote energy efficiency in the built environment and reduce greenhouse gas emissions throughout the County,” said Emily Quinton, Summit County Sustainability Program Manager. “We are excited to let building owners and developers know that this tool is available as they seek financing for their projects.”
To process C-PACE applications, Summit County is partnering with Sustainable Real Estate Solutions (SRS). SRS administers C-PACE programs for a number of cities and counties across Utah. SRS will provide the County with third-party verification of eligible projects and will coordinate required documentation between project applicants, third-party lenders and County staff. In addition, SRS is available to provide C-PACE program education and training to interested trade groups, developers, property owners and individuals.