Do more with Utah C-PACE
Utah C-PACE FOR DEVELOPERS
When developing your next property, what if you could:
- Fill gaps in your capital stack with non-recourse financing?
- Get capital over and above what banks provide?
- Reduce your building’s energy use?
It’s possible, thanks to a new government-sponsored program called Utah C-PACE.
What is Utah C-PACE for new construction?
Utah commercial property assessed clean energy (C-PACE) is an innovative financing mechanism that allows you to unlock capital to achieve higher building performance—improvements that are often “value-engineered” out of a construction project.
The private financing is provided by capital providers through an open market to enable competitive rates and terms, and is repaid through a voluntary energy assessment and assignable lien that is recorded on the property.
The C-PACE financed amount will depend on whether you exceed the current energy code (2015 IECC, ASHRAE 90.1-2013) by at least 5 percent. As long as the project exceeds the current energy code by at least 5%, you may select an amount of C-PACE financing no less than 10% of the TECC and no more than 20% of the TECC. The maximum C-PACE finance amount will not exceed 20 percent of the TECC. See the User Guide for more information.
Today, thanks to C-PACE, there’s no longer any reason to value engineer energy efficiency out of a project. Now, you can build a sustainable, high-performing building right from the start.
How Does It Work?
You start by submitting an application. Applicants are required to provide total project construction costs by trade component, so that the C-PACE District can evaluate the TECC. Applicants are also required to confirm that the building will be designed to exceed the current international energy conservation code for commercial buildings in Utah (2015 IECC, ASHRAE 90.1-2013).
Contact us today to learn more about Utah C-PACE for new construction.