In May 2018, it was announced that C-PACE (Commercial Property Assessed Clean Energy), a financing tool for energy projects, would be available for Utah businesses in Provo.
C-PACE is an energy project financing program that provides zero down payments and can cover up to 100% of project costs.
C-PACE provides financing for up to 30 years and covers improvements such as energy efficiency upgrades, renewable energy systems, and essentially any building improvement that would positively impact its energy efficiency. It allows building owners to better control cash flow from energy projects, directly impacting their company’s bottom line.
The Governor’s Office of Energy Development launched Utah C-PACE District with Provo on May 1st, becoming the first city in Utah to opt-in to the commercial building energy financing program.
“We’re proud to advance Utah’s economy and air quality through the Utah C-PACE District, allowing building owners to achieve affordable energy costs while making important upgrades,” said Laura Nelson, the Governor’s energy advisor. “With the energy savings from the improvements, it’s possible for building owners to be cash flow positive from day one.”.
Provo City Councilman David Sewell added: “Opting in to the C-PACE District was the best option for Provo [and Utah]. We want to see building improvement, economic development, and fewer emissions, but don’t want to take on the burden of building our own program. We are in the process of opting in now and look forward to realizing C-Pace benefits throughout city. By joining the District, local cities and counties can enjoy the benefits of C-PACE financing without committing staff resources.”
According to PACE Nation, a national nonprofit, C-PACE is a half-billion-dollar industry that has completed more than 1,200 commercial projects across the country and helped create over 8,745 new jobs.