Commercial Property Assessed Clean Energy for Corvallis (C-PACE)
Corvallis and Benton County are looking at implementing a C-PACE program in our communities. C-PACE is a financing mechanism that can fund up to 100% of clean energy projects. The program supports energy efficiency, water conservation, renewable energy, and seismic building improvements and removes barriers to financing energy improvement projects, the premise being that energy improvements provide a public benefit because of the environmental benefits achieved by reducing carbon emissions.
C-PACE can help improve the region’s economic infrastructure by retrofitting our old buildings to reduce energy consumption, as well as incorporating energy-efficient components into new construction projects. This will help improve the value, building performance, and marketability of the County’s commercial, industrial, and multifamily real estate.
C-PACE is its own financing tool. Authorized by the legislature, it uses the same basic property tax structure to secure financing for energy or seismic improvements to commercial buildings. Cost savings achieved by improved energy efficiency of the buildings are used to finance the improvements. Loans are secured by a “benefit assessment” lien that has priority over all other encumbrances, other than regular property taxes.
Sponsors: Corvallis Benton County Economic Development Office, Oregon Cascades West Council of Governments, Corvallis Sustainability CoalitionEconomic Vitality Action Team
Partners: Multnomah County, Prosper Portland, and the Energy Trust of Oregon