|Incentive Type:||PACE Financing|
|Eligible Efficiency Technologies:||Lighting, Lighting Controls/Sensors, Chillers, Furnaces, Boilers, Heat pumps, Central Air conditioners, CHP/Cogeneration, Programmable Thermostats, Energy Mgmt. Systems/Building Controls, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Siding, Roofs, Motor-ASDs/VSDs, Processing and Manufacturing Equipment, Comprehensive Measures/Whole Building, Custom/Others pending approval, Yes; specific technologies not identified, LED Lighting, Solar Water Heat, Solar Space Heat, Solar Thermal Electric, Photovoltaics, Landfill Gas, Wind, Biomass, Geothermal Electric, Fuel Cells, Geothermal Heat Pumps, Municipal Solid Waste, CHP/Cogeneration, Small Hydroelectric, Fuel Cells using Renewable Fuels, Other Distributed Generation Technologies|
|Terms:||Locally determined; 20-year payback term|
In June 2012, Connecticut passed legislation enabling Commercial Property Assessed Clean Energy financing (C-PACE), targeting commercial, industrial and multifamily property owners. C-PACE is a financial policy tool that allows property owners to finance qualifying energy efficiency and clean energy improvements on their properties through a special assessment on the property tax bill, which is repaid over a period of years (up to 20 years). Connecticut's C-PACE program is “owner-arranged,” meaning the property owner contracts directly with a private capital provider to obtain financing. The special assessment (also called a lien) on the property automatically transfers to the next owner in the event of a sale or transfer of ownership. The lien is senior to a mortgage, although it is non-accelerated, meaning in the event of default, only the payments in arrears would come due.
To participate in C-PACE financing, interested property owners must:
While there is no financing minimum, PACE financing is best suited for capital improvements above $150,000, due to transaction costs.