Many small business owners are finding that “the cost of doing business is on the rise” as energy and utility expenses continue to escalate. To combat this, savvy leaders are implementing projects designed to improve the efficiency of their facilities and operations.
Commercial Property Assessed Clean Energy (C-PACE) is a powerful tool that equips borrowers with capital to finance the upfront costs associated with projects related to energy efficiency improvements, renewable energy, resiliency, and water efficiency. Unlike traditional commercial loans, capital is repaid via a voluntary tax assessment.
C-PACE Program Features
- Target Market: May be available to industrial, commercial, agricultural, multi-family, and non-profit/religious properties.
- Eligible Improvements: May include projects related to energy efficiency, renewable energy, energy storage, and non-energy measure (e.g., storm and seismic hardening).
- Duration and Transferability: Terms are longer (20-30 years) and repayment obligations can transfer to the next property owner.
Stone Bank CEO Nick Roach and SBA Division President Vinny Muratore met with Car Wash Magazine to discuss how C-PACE funding could be applied to fund applicable projects such as water recovery systems, LED lighting, HVAC units, and more.