Clean Energy Opportunities in Commercial Buildings
In September 2012, City Council approved an agreement with the Clean Energy Finance and Investment Authority (CEFIA) to create a Commercial Property Assessed Clean Energy program, also known as C-PACE, for businesses and industrial buildings in the city. Bridgeport is the first municipality in the State to offer the C-Pace program.
Under C-PACE, the cost of an energy project may be funded by special financing arranged through CEFIA and repaid annually by the property owner through a special “benefit” assessment on their property tax bill.
How does PACE financing work?
Property Assessed Clean Energy (PACE) is a tax-lien financing program that allows interested property owners to finance qualifying energy efficiency and clean energy improvements on their properties through an additional charge (“assessment”)on their property tax. Similar to a sewer tax assessment, capital provided under the C-PACE program is secured by a lien on the owner’s property tax bill. Property owners pay the improvements back over time, based on the voluntary assessment placed on the property tax bill.
Learn more about C-PACE