How Can C-PACE Contribute to Your Region’s Economic Development?

Last week, we and partner Anne Hill from RAHILL Capital, LLC, hosted a workshop for over 25 developers, investors and government officials from Riverside County, CA to discuss the benefits C-PACE. We were thrilled to see strong interest in the program, and now collaborating with the country’s leader in C-PACE financing, we look forward to working with Southern California’s builders to take advantage of this program that is increasingly being used for regional economic development.

While C-PACE is a government-backed program, all financing comes from private sources. Along with a senior bank lender, C-PACE has the ability to finance up to 95% of the total cost of a project – with the balance of only 5% left to the property owner. The program can also be used to refinance an established project of up to three years. In order to be eligible for C-PACE financing, energy conservation must be a key component of the project – these are permanent fixture elements of a building, such as seismic retrofitting, water conservation systems, and solar panels/storage.

Basic information that we need to get started on helping you secure C-PACE financing is your construction budget, energy efficiency plans and a five-year proforma. The approval process is usually between two-three months and we can even help identify a senior lender, if needed.

According to PACENation’s 2017 Economic, Energy and Environmental Impact Report, C-PACE completed $251M in funding with a $40M seismic retrofit to Seton Medical Center in Daly City, CA as the largest project in that year. Overall, six projects over $5M and four projects over $10M closed with an estimated 5,000-9,000 jobs created and up to $1,500M in economic impact. C-PACE-funded projects saved 6.3M mWh of energy over their useful lifetimes, which will lead to a reduction in 3M tons of greenhouse gas emissions.

If you’re a Southern California developer looking at financing options, contact us to learn more about C-PACE.