Connecticut Property Assessed Clean Energy (C-PACE) is an innovative financing program that provides owners of commercial, industrial, and multi-family properties access to affordable long term financing for energy efficiency and clean energy upgrades to their buildings.
In 2013 the Board of Selectman and the RTM voted for Greenwich to become a C-PACE community. C-PACE allows building owners to finance qualifying projects by placing a voluntary assessment on their property tax bill; the cost of the improvements are paid back overtime on the property tax bill. The assessment remains with the property even if ownership changes; as a result low interest capital can be raised from the private sector to finance qualifying improvements such as energy efficient boilers, new windows, solar panel installations, and energy efficient lighting. These improvements will give owners of commercial buildings to access cleaner, cheaper, and more reliable energy.
For the purposes of C-PACE all non-residential buildings including religious institutions and NGO's, or residential with 5 or more dwelling units, are considered commercial. As an additional benefit Greenwich will earn 20 points for each completed C-PACE program and an additional 5 points for each application for C-PACE funding through the Clean Energy Community Program. The First Selectman, in coordination with the Conservation Commission, is hosting a reception and program on Sept 19, 2013 from 5:30 to 8 p.m. to kickoff C-PACE in Greenwich. All commercial real estate owners are cordially invited to attend. RSVP required to 203-622-6461.