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COLORADO C-PACE FOR DEVELOPERS
What if, when you were developing your next property, you could:
- Finance up to 20 percent of your construction costs with affordable, fixed-rate, non-recourse financing
- Reduce your owner-equity contribution, mezzanine financing and other forms of high-cost capital
- Fill gaps in your capital stack
- Reduce your building’s energy use and cost
- Build a more valuable and competitive building?
It’s possible, thanks to the Colorado C-PACE program!
What is Colorado C-PACE for new construction?
Colorado commercial property assessed clean energy (C-PACE) is an innovative new financing mechanism for commercial real estate developers. It enables you to access affordable, long-term, non-recourse financing for the installation of energy efficiency and renewable energy measures, and the more efficient your building design, the more financing you can receive!
You can access Colorado C-PACE financing for up to 20 percent of your building’s total eligible construction cost if you design the building to exceed the 2015 International Energy Conservation Code (IECC) by 5 percent or more. (Meet IECC 2015 and still receive 15 percent.)
Financing is provided by private capital providers in an open market so you can choose the most competitive rates and terms, and is repaid through a voluntary assessment that is recorded on the property, similar to a sewer assessment. Repayment terms can extend up to 20 years—and you can transfer the assessment to a new owner if you sell the property.
Today, there’s no longer any reason to “value engineer” energy efficiency and renewable energy measures out of a project! Thanks to CO C-PACE, you can build a sustainable, high-performing building right from the start, while reducing your equity contribution.
How Does It Work?
You start by submitting an Pre-Qualification Submission Form, on which you’ll be asked to confirm that your building will be designed to meet or exceed IECC 2015. You’ll also need to provide construction costs by trade component to determine the total eligible construction cost.
Next, the Colorado C-PACE program administrator will coordinate with you and your engineering/construction/energy modeling firms, where necessary, to ensure that all parties understand the C-PACE program requirements, and that the project is consistent with potential utility incentives.
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