Provo is first city to opt into the commercial building energy financing program
SALT LAKE CITY (May 1, 2018) — The Governor’s Office of Energy Development today launched Utah C-PACE District with Provo as its first city to opt-in to the commercial building energy financing program.
C-PACE, also known as Commercial Property Assessed Clean Energy, provides zero down and up to 100 percent private financing for up to 30 years for commercial building improvements. Improvements can include energy efficiency upgrades, renewable energy systems, water conservation measures, seismic upgrades, hybrid elevators and escalators, electric vehicle infrastructure, and parking automation.
“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 will be joining the Utah C-PACE District later this month, and additional cities are pending. Once a city or county opts into the program, commercial building owners can work with the C-PACE District to access new templates and tools to implement their projects.
“Opting in to the C-PACE District was the best option for Provo. We want to see building improvements, 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 our city,” said Provo City Councilman David Sewell, “By joining the District, local cities and counties can enjoy the benefits of CPACE financing without committing staff resources.”
According to the national nonprofit PACE Nation, C-PACE is a half billion dollar industry. Nationwide, more than 1,200 commercial projects have been completed, resulting in 8,745 new jobs created. To learn more about the program visit Utah’s new C-PACE website utahcpace.com.
About Governor’s Office of Energy Development (OED)
Governor Gary R. Herbert recognizes energy as one of the four cornerstones of Utah’s strength, along with education, job creation, and self-determination. In recognition of this priority, the Governor’s Office of Energy Development (OED) was created in 2011 to advance Utah’s diverse energy sector through planning, policy and direct engagement with the private sector; and thereby to foster economic growth through energy development and conservation activities and through the provision of affordable, reliable energy.
See the full press release here.