Displayed below is a list of Frequently Asked Questions (FAQs). Click on the “>” icon associated with each question to view the answer.
Improvements that are eligible for C-PACE financing must be permanently affixed to the commercial or industrial property. Examples include, but are not limited to:
- Automated building controls (such as BMS and EMS)
- Automated parking systems or parking that reduces land use
- Battery storage
- Boilers, chillers, and furnaces
- Building envelope (such as insulation, glazing, windows)
- Combined heat and power (CHP) systems
- EV chargers
- Geothermal systems
- High-efficiency lighting
- Hot water systems
- HVAC upgrades
- Hydroelectric systems
- Roof replacement that improves energy efficiency (such as reflective/cool roof, enhanced insulation)
- Seismic resiliency upgrades
- Small wind systems
- Solar PV* (roof upgrade/replacement for rooftop systems is also eligible)
- Solar thermal
- Variable speed drives on motors, pumps, and fans
- Vertical transport devices (such as energy efficient elevators and escalators)
- Water efficient fixtures (such as low-flow faucets and toilets)
In addition, the cost of improvements that are directly related to the installation of eligible improvements may be included in the C-PACE financed amount, e.g., roof upgrades to support a roof-mounted solar PV installation. This list is not all-inclusive and may change over time. For a complete list of improvements, see Utah Code 11-42a-102.
If a proposed improvement or expense is not on this list please contact us and provide a description of the proposed improvement or expense.
*Additional limitations apply for solar PV systems. Under the C-PACE Act, solar PV projects in the Rocky Mountain Power service territory are limited to 2 MW for existing building (there is no cap for new construction). Solar PV projects are prohibited in rural electric co-op territories.
Visit the Participating Areas page for a list of governing bodies that participate in the C-PACE District. Note that the C-PACE District can only accept applications from property owners whose buildings are located in areas that have joined the program. Contact us to learn more or work with us to help your city or county join the C-PACE District.
Property owners are encouraged to consult their accountants on this matter.
There has been no specific ruling by the Financial Accounting Standards Board on this issue.
Upon closing of C-PACE financing.
Yes. Owners who choose not to participate remain unaffected.
Qualifying for C-PACE financing is based on the property, and not the owner. The C-PACE District will look at:
- The property’s estimated market value (assessed or appraised)
- The amount of the owner’s equity in the property
- The owner’s recent mortgage and property tax payment history
- The dollar value of the proposed eligible energy improvements
C-PACE projects typically range from $200,000 to more than $1 million. Constraints on the amount are driven by the financial health of the building and include:
- Building financials
- Loan-to-value percentage (<80% LTV is preferred)
- Other considerations of the mortgage holder
To ensure the best possible terms, including interest rate and other fees, the property owner can review term sheets from multiple private capital providers, facilitated by the C-PACE District, to select the best fit.
Repayment periods span up to 30 years, depending on the owner’s preference, and are limited by the weighted average effective useful life (EUL) of the financed improvements.
Property owners are encouraged to pursue available federal investment tax credits (ITC), utility rebates, and all other available incentives. All or a portion of total incentives may be subtracted from the amount financed under the C-PACE program.
Each C-PACE capital provider set their own terms, including pre-payment, in its financing agreement with the property owner. It is common for C-PACE capital providers to include a pre-payment fee schedule.
Yes. View a list of contractors who have attended C-PACE training. Note that by providing this list, OED is not recommending or endorsing any specific contractor.
No, there is no fee to apply for C-PACE financing.
No. Rural electric cooperatives prohibit renewable energy projects. C-PACE can finance renewable energy systems in regulated public utility territories, e.g. Rocky Mountain Power.
To view a list of rural electric cooperatives operating in Utah, click here: https://publicutilities.utah.gov/elect-coops.html