Philadelphia C-PACE released its 3rd annual C-PACE Year in Review. 2022 marked the expansion of the C-PACE program to include eligibility for multifamily properties as well as measures to improve resiliency and indoor air quality. The program also hit $100MM in C-PACE investments in 2022. Check it out here.
Author: mmyrtetus
Largest C-PACE and 2nd Multifamily Deal in PA Closes
$40MM IN ENERGY EFFICIENCY FINANCING FOR MULTIFAMILY PROPERTY
Developer Southern Land Company secures $40MM in energy efficiency financing for 329 apartments and 15,000 SF of retail through C-PACE program expansion
The Philadelphia Energy Authority, Nuveen Green Capital and Southern Land Company announced today the closing of $40MM for a 329-unit multifamily property in the Callowhill neighborhood of Philadelphia at 5th and Spring Garden Streets. This is the largest C-PACE financing in Pennsylvania.
Commercial Property Assessed Clean Energy (C-PACE) financing allows for investments in energy efficiency, water conservation, renewable energy, and now IAQ and resiliency, that are paid back over time through special property assessments. This project is the second in Pennsylvania to take advantage of expanded eligibility for multifamily properties.
“This project could not have been financed without C-PACE. We are grateful to be benefiting from the newly expanded C-PACE program,” said Tim Downey, Southern Land Company Founder and CEO. “Energy efficiency is central to the design and functionality of this project. It truly matters to us that C-PACE financing is available to support our objective of designing and building better for the long-term. Both the Philadelphia Energy Authority and Nuveen Green Capital have made this process easy to navigate and clearly beneficial.”
“We could not be more thrilled to have worked on this historic deal with Southern Land Company and the Philadelphia Energy Authority,” said Shelah Wallace, Director of Originations at Nuveen Green Capital. Not only is it the largest, and second-ever multifamily project to be funded through C-PACE, it is showing CRE developers and property owners the power of this financing mechanism.”
Senate Bill 635 expanded eligibility for C-PACE financing to include multifamily commercial buildings, indoor air quality and building resiliency improvements. Act 43 of 2022 expands on Act 30 of 2018, which first enabled C-PACE financing in Pennsylvania for commercial buildings. Sponsored by Senator Yudichak, the Act extends eligibility to multifamily commercial buildings of 5 or more units, as well as indoor air quality and building resiliency improvements. Representative Heffley sponsored the House companion bill, HB 1760.
“We are grateful to Senator Yudichak and Representative Heffley for their sponsorship of expansion,” said Emily Schapira, President & CEO of the Philadelphia Energy Authority, Philadelphia’s C-PACE Administrator. “This project is evidence of the importance of the expansion.”
This and all other Philly C-PACE case studies and disclosures can be found here.
The Inflation Reduction Act (IRA) and Commercial Properties
The Inflation Reduction Act (IRA) of 2022 was signed into law by President Biden on August 16, 2022. This truly historic law includes $369 billion of federal climate-related funding. It is designed to reduce the nation’s carbon footprint by 40 percent of 2005 levels by 2030.
There are many things we know about the IRA and other implementation details that are being developed. Multiple federal and state agencies have yet to issue regulations, guidance, or distribute grants to determine how to move these historic amounts of dollars. Much of the IRA funding is in the form of tax incentives (credits, rebates, and direct pay) which are essentially guaranteed and will not run out based on demand.
The Philadelphia Energy Authority and the Philadelphia Office of Sustainability are working together to ensure that Philadelphia is best positioned to maximize opportunities from the IRA. We believe it is reasonable to target $5 billion in funding for Philadelphia in the form of formula and competitive grants, rebates and tax credits (institutional and consumer). This level of investment will generate approximately 50,000 clean energy jobs. Of this $5 billion, we anticipate that the majority of this funding will come to Philadelphia in the form of tax credits and payments.
Four Primary Provisions of IRA Relevant to Commercial Property Owners
- 179D tax deduction for energy efficiency improvements to existing and new commercial buildings
- 45L tax credit for energy efficiency in residential buildings – multifamily and single family
- Section 48 Investment Tax Credit (ITC) for renewable energy including solar, combined heat and power (CHP), and energy storage
- 30c tax credit for installation Electrical Vehicle (EV) charging stations (only applies to buildings in low income and rural areas)
They are broken out below by Energy Efficiency, Renewables/Solar and EV charging
Energy Efficiency
The IRA contains two major tax incentives for commercial property owners to reduce energy use in their buildings, for both new buildings and retrofits. Both incentives -179D (a tax deduction) and 45L (a tax credit) – are existing programs that were set to expire in 2021. The IRA extends these programs for 10 years and increases the dollar amount an owner can earn.
The 179D incentive provides owners and long-term lessees with a dollar amount per square foot if their commercial or residential buildings meet a certain efficiency standard. Owners of a new construction or retrofitted building can earn up to $5 per square foot, depending on its energy efficiency relative to the ASHRAE standard — a benchmark validated by the American Society of Heating, Refrigerating and Air-Conditioning Engineers that is updated every few years and varies by building type. See White House Guidebook, page 115 for details. Eligible improvements include: interior lighting, heating, cooling, ventilation, hot water, and building envelope.
The 179D deduction is a stepped benefit, beginning at $2.50 per square foot for a building with a 25 percent reduction in energy usage relative to the ASHRAE standard. Every percentage point thereafter adds 10 cents until the maximum of $5 for 50 percent or more energy savings. These numbers apply only to those owners who pay workers a prevailing wage and registered apprenticeship requirements. Those who don’t pay prevailing wage are eligible for a maximum of $1 per square foot.
The IRS has not yet published guidelines for the 179D deductions thus many details are still unclear. To qualify, owners will need a third party to certify the change in energy efficiency.
Design teams, which do pay federal taxes, can apply for this tax credit on behalf of government agencies and nonprofits enabling a reduction in overall project costs. In addition, owners can earn 179D benefits every three to four years, as long as a new capital event has led to additional reductions in the building’s carbon footprint.
The 45L tax credit is directed at residential property owners who can earn up to $5,000 per unit (single-family home or apartment) if they meet the criteria. Beginning in 2023, rentals that meet the Energy Star standard earn $500 per unit, while those that meet the zero energy ready homes (ZER) standard earn $5,000 per unit. Multifamily units must use prevailing wage labor to be eligible for the maximum incentive (otherwise their incentive is capped at $1,000 per unit).
Renewable Energy and Storage
The IRA extends the investment tax credit (Clean Electricity Investment Tax Credit (Sec. 13702)). There is a 10-year extension of 30% of the cost of installed equipment to be tax exempt, falling to 26% in 2033, and 22% in 2034. That 30% credit also applies to energy storage, meaning retrofits of batteries to solar arrays can benefit. The ITC is eligible for an additional 10% – 20% boost for projects in certain low-income communities and buildings. The ITC includes a 30% standalone credit for energy storage. Interconnection costs will be included for projects smaller than 5 MWac.
Very significantly, government and nonprofit properties are now eligible for direct pay. This means that building owners will be paid the equivalent of the tax credit to taxable entities. Previously, nonprofits had to enter into more complex financing arrangements with 3rd parties, making the projects less economical.
The IRA includes significant “adders” to raise the ITC beyond 30%. Projects featuring a minimum amount of domestically produced content are eligible for another 10% incentive. To reach that target, all steel and iron must be U.S. made and at least 40% of manufactured goods – solar panels, inverters, electrical gear – must qualify too, with certain percentages to rise in the future. Historically, Made-in-the-USA goods must feature at least 55% domestic content but the bill lists exceptions, permitting imports of materials not made to satisfactory quality or in sufficient numbers within the U.S. Domestic components which would raise project costs by more than a quarter can also be imported.
An additional 10% incentive is available to projects in designated “energy communities” – brownfield sites and former fossil fuel production areas. In the latter case, county subdivisions – or “census tracts” – and their immediate neighbors, are eligible as long as there has been coal, oil, or natural gas extraction since 2000.
EV Charging
30c: Property owners and investors interested in installing electric vehicle charging stations in their parking lots (or garages) in low-income or rural areas are now able to take advantage of the extended and modified Alternative Fuel Vehicle Refueling Property Credit. From 2023 through 2032, a 30% tax credit will be applied to this charging infrastructure up to $100,000 per item of property.
Summary
Over the coming months the Treasury Department will be issuing guidelines providing more specificity than what is known today.
The IRA is truly a once-in-a-generation opportunity for the U.S. to decarbonize. The Philadelphia Energy Authority is committed to sharing information and resources to help your organization take advantage of these opportunities. PEA and our green bank affiliate have many existing programs to assist with financing energy efficiency and solar as well as obtain a quote for solar on your property. We also run workforce training programs leading young people to jobs in the solar and building retrofit industries.
Please contact us at cpace@philaenergy.org to learn more.
Resources
Below are resources for you to explore about the IRA. Feel free to send us additional resources to add to this list at cpace@philaenergy.org
- The White House has an IRA Guidebook and a table with updates regarding status of the major provisions.
- Real Estate Roundtable fact sheet updated January 5, 2023
- ULI webinar September 2022
- Commercial Observer IRA and Commercial Property September 2022
- Globest.com IRA and Commercial Real Estate September 2022
- EDP Renewables Understanding the IRA
- Trane Resource Center
- Genie Solar Energy IRA Implications Solar November 2022
- Marcum LLP Renewable Energy Incentives November 2022
First Multifamily C-PACE Deal Closes in PA
Riverwards Group secures $17.9MM in energy efficiency financing for 220 apartments through C-PACE program expansion
The Philadelphia Energy Authority and Nuveen Green Capital announced the closing of $17.9MM for a 220-unit multifamily property in the Port Richmond neighborhood of Philadelphia on East Somerset and Tulip Streets. This project is the first in Pennsylvania to take advantage of expanded eligibility for multifamily properties and it is the 12th project in Philadelphia, bringing total C-PACE investments to $117MM.
Commercial Property Assessed Clean Energy (C-PACE) financing allows for investments in energy efficiency, water conservation, renewable energy, and now IAQ and resiliency, that are paid back over time through special property assessments.
The Riverwards Group development, known as Somerset Station, is set to open in 2024. “We are grateful that this development is the first multifamily project in Pennsylvania to benefit from the newly expanded C-PACE program,” said Mo Rushdy, Managing Partner, Riverwards Group. It is a transformative project that brings an unprecedented large-scale development to North of Lehigh Avenue, in an area that has been neglected development-wise. This development would not have happened without the use of C-PACE and Community Revitalization Act funding. Nuveen Green Capital and Citizens Bank worked together to make this project happen.”
Shelah Wallace, Director of Origins at Nuveen Green Capital stated “we are thrilled to be able to help Riverwards reduce their equity requirement by utilizing our C-PACE product. We are also very proud to have partnered with Citizens Bank as they recognized the benefits of having C-PACE in the capital stack.”
Senate Bill 635 expanded eligibility for C-PACE financing to include multifamily commercial buildings, indoor air quality and building resiliency improvements. The bill was signed by Governor Wolf in July 2022 and took effect in September 2022. Act 43 of 2022 expands on Act 30 of 2018, which first enabled C-PACE financing in Pennsylvania for commercial buildings. Sponsored by Senator Yudichak, the Act extends eligibility to multifamily commercial buildings of 5 or more units, as well as indoor air quality and building resiliency improvements. Representative Heffley sponsored the House companion bill, HB 1760.
“We are grateful to Senator Yudichak and Representative Heffley for their sponsorship of expansion,” said Emily Schapira, President & CEO of the Philadelphia Energy Authority, Philadelphia’s C-PACE Administrator. “This project is evidence of the importance of the expansion.”
Largest PA C-PACE deal closed; Philly total @$100MM
Nuveen Green Capital Provides $30 Million in Financing Through the Philadelphia
C-PACE Program for Freezpak Logistics
Philadelphia-area based BG Capital uses C-PACE to complete capital stack for new construction of industrial cold storage facility
Nuveen Green Capital and the Philadelphia Energy Authority announced the closing of $30.08 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a cold storage facility at 2201 E. Allegheny Avenue in the Port Richmond neighborhood of Philadelphia. This is the largest C-PACE deal to-date in Pennsylvania.
This brings the total amount of C-PACE dollars invested by private sector lenders to $100MM in Philadelphia, a true landmark in the program which became active in late 2019, just before the pandemic-induced recession.
C-PACE financing is being used for extensive energy efficiency improvements, making the building 30% more efficient than required by Philadelphia’s building energy code. Financed measures include energy efficient walls and glass, interior and exterior LED lighting, variable volume air handlers, freezer evaporators, domestic water heater, and exhaust fans. C-PACE financing is projected to contribute to the annual reduction of 1,661,573 pounds of CO2-e.
According to BG Capital’s Managing Partner Joe Byrne, “in these challenging times, alternative debt solutions like C-PACE have now become critical in rounding out the capital stack within larger scale projects. We are extremely fortunate to work with the team at Nuveen Green Capital on getting this deal over the finish line and working with a company whose product has an emphasis on sustainability within our industry.”
Shelah Wallace, Director, Originations at Nuveen Green Capital stated that “it was a pleasure to work closely with BG Capital and Freezpak, Ocean First Bank, and the Philadelphia Energy Authority on getting us to the closing table at a time when interest rates continuously fluctuated and parties risked losing rate locks. We look forward to financing more energy efficient projects together in the future.”
“This project is a great example of how clean energy financing enables job creation and creates economic development. We use energy as a tool for positive local impact, and this project exemplifies that,” said Matt Stern, Senior Director of Commercial Programs at the Philadelphia Energy Authority, which administers the Philadelphia C-PACE program. “In addition to the construction jobs being created by this facility, Freezpak expects to generate over 60 permanent jobs at the facility.”
Details on this and all Philadelphia C-PACE deals can be found here.
Interested in learning more about C-PACE? Contact us at cpace@philaenergy.org and/or attend our C-PACE Open Meetings.
C-PACE Expansion: Live in Philadelphia
The C-PACE Program Guidelines have been updated to reflect the C-PACE expansion enabled by Act 43 of 2022. Applications are now being accepted for multifamily properties with 5 or more units and Indoor Air Quality (IAQ) and resiliency projects.
The Philadelphia Energy Authority, Philadelphia’s C-PACE Program Administrator, in partnership with the Sustainable Energy Fund, conducted an extensive stakeholder engagement process to draft the revised guidelines. A draft Addendum was issued for public comment on August 25, 2022 for a two-week period. The final Addendum to the Philadelphia C-PACE Program Guidelines is now available for download in the Program Resources page of the website.
In addition to the Program Guidelines and Addendum update, the Pre-Application, Final Application and Statement of Levy and Lien have also been revised.
A summary of changes includes:
- Multifamily properties to be treated the same as other property types
- Guidelines for submission of IAQ and Resiliency projects now available (Addendum starts on Page 70 of the September 2022 Program Guidelines)
- Appendix M – Disclosures and Recommendations form added to Final Application Requirements
- Brief discussion between Property Owner and Program Administrator required prior to submission of final application
- Section 4.3.1 energy survey requirements updated
- Statement of Levy and Lien modified
- C-PACE Assessment no longer requires Program Administrator or Property Owner consent to assign and “Exhibit E” language of Statement of Levy and Lien modified
Please download the latest versions of all application materials, including the Statement of Levy Lien, prior to submitting information to PEA. Here again is the link to Program Resources. Word versions of documents are available for those with approved Pre-Applications. Questions can be directed to cpace@philaenergy.org.
Public comments welcomed on C-PACE Expansion Program Guidelines
As Philadelphia’s C-PACE Program Administrator, the Philadelphia Energy Authority has drafted an Addendum to the Philadelphia C-PACE Program Guidelines to implement expansion of the program to include multifamily properties and IAQ and resiliency as additional eligible measures per Act 43 of 2022.
We are offering the opportunity for interested stakeholders to provide comments on the draft Addendum which is available by clicking the download link below. Comments will be accepted via this form.
Please submit only one response per organization.
Email CPACE@philaenergy.org if you have any questions. If you are unable to use the Monday.com form, email CPACE@philaenergy.org and we will make other arrangements.
Please note the deadline is September 8th at NOON ET. Submit comments here.
DOWNLOADC-PACE Expansion Implementation
UPDATE July 7, 2022: Governor Tom Wolf signed the C-PACE expansion legislation now known as Act 43. The Act will take effect September 6, 2022, 60 days after signing. PEA and SEF are working on updating C-PACE program guidelines. Stakeholder sessions were held in February for resiliency and IAQ. A stakeholder session to discuss multifamily properties will be announced soon.
Philadelphia C-PACE is accepting “intent to submit” forms for multifamily projects. If you have a multifamily project you intend to use C-PACE funds for, the form can be found in the Program Resources page of the website or downloaded directly here.
UPDATE June 29, 2022: C-PACE Expansion Legislation Has Passed! With the final passage of SB 635 by the House, the bill is awaiting Governor Wolf’s signature. The act will take effect 60 days after signing. Last week, in its final session before recess for the summer, the City of Philadelphia passed expansion language contingent on the passage of state legislation. With the passage of both state and local enabling legislation, Philadelphia will be able to finance multifamily, resilience, and indoor air quality projects once our program guidelines are updated, no sooner than the end of the aforementioned 60-day period. During this period, we will continue our robust stakeholder engagement efforts to collect feedback to inform program guidelines. Philadelphia C-PACE is accepting “intent to submit” forms for multifamily projects. If you have a multifamily project you intend to use C-PACE funds for, the form can be found in the Program Resources page of the website or downloaded directly here.
UPDATE June 22, 2022: The House Commerce Committee passed SB635 unanimously. It now goes to the House floor for 1st consideration, then it is moved to the House Appropriations Committee. There will then be two more House floor votes. The votes all expected to take place the week of June 27th. Upon final passage, it will go to Governor Wolf for signature.
UPDATE June 14, 2022: The House Commerce Committee hearing was cancelled. More updates to follow once a new date has been scheduled or a different path to passage has been announced.
UPDATE June 9, 2022: Exciting news! The PA House Commerce Committee has scheduled a hearing to consider SB 635 on Tuesday June 14, 2022 at 10:00 A.M., Room 515, Irvis Office Building. The House Commerce hearing to consider the already-passed Senate Bill 635 is a critical step toward final passage of the C-PACE Expansion bill. As a reminder, this bill has passed favorably out of both the House and the Senate but one chamber must pass the other’s bill in order for the bill to become law. If voted out of Committee favorably, it then is referred to the House Appropriations Committee. Since there is no financial impact, the Appropriations Committee will forward it to the full House for a vote which requires three considerations to pass and be sent to the Governor for signature. There are 12 session days between June 13th and June 30th.
UPDATE March 21, 2022: Since the House passed HB 1760 on January 24th, no action has been taken to advance C-PACE expansion legislation despite broad, bipartisan support. Either the House or the Senate must vote to approve the other chamber’s bill for C-PACE legislation to be sent to Governor Wolf for his signature.
If you are a developer or capital provider with a project that is impacted by this delay and are willing to contact key legislators to demonstrate your support of the bill’s passage, please contact Matt Stern at mstern@philaenergy.org for more information.
Please also note that should the C-PACE expansion bill be passed into law at the state level, there is a 60-day waiting period before it can take effect. Upon passage at the state level, counties must also implement necessary local updates including amendments to ordinances and program guidelines to allow projects to be financed under the expanded guidelines. Implementation timelines will vary county by county.
UPDATE January 24, 2022: HB 1760 passed the House 200-0! Both the House and Senate bills have made it through their respective chambers. One chamber will need to approve the other’s bill before it can be sent to Governor Wolf for signature.
UPDATE January 12, 2022: HB 1760 was referred to House Appropriations on January 12. Before being referred, the bill was amended to ensure that the language of the bill was identical to its Senate counterpart SB 635, a procedural step that helps prime the bill for passage.
UPDATE December 15, 2021: On its last day in session in 2021, SB 635 was passed by the Senate by a vote of 42-8! The House and Senate are now adjourned until the new year. When they return in late January, HB 1760 will first need to be passed out of Appropriations before it’s ready for a full House vote.
UPDATE December 13, 2021: HB 1760 was voted unanimously out of the House Commerce Committee!
Adopted in 2018, Pennsylvania’s Commercial Property-Assessed Clean Energy (C-PACE) financing allows commercial property owners to borrow money for energy efficiency, renewable energy, and water conservation projects. Repayments are made via a special assessment similar to a property tax assessment.
In the program’s first two years, C-PACE brought $72 million of private capital to the Commonwealth to make its buildings more efficient, more comfortable, and less expensive to operate.
Given the success of the C-PACE program to date, Philadelphia Energy Authority (PEA) and many other organizations are supporting proposed legislation to expand C-PACE-eligible projects in Pennsylvania.
The legislation would expand eligibility for C-PACE funding to include:
- Multifamily commercial buildings of 5+ units
- Indoor air quality improvements (such as COVID-19 mitigation)
- Resiliency improvements
Legislation to expand the scope of C-PACE-eligible projects has been introduced in both the Pennsylvania House of Representatives and Senate. To expand the benefits of C-PACE financing to Pennsylvania’s businesses, clean energy workforce, and residents, we need your help.
House Bill 1760 and Senate Bill 635 both need to be voted out of their respective committees to keep the momentum going on C-PACE expansion.
For more background on the expansion legislation, please visit Keystone Energy Efficiency Alliance’s C-PACE website.
PA C-PACE Expansion Opening the Door to Millions of Dollars in Investment in New and Existing Buildings
PA C-PACE Expansion Opening the Door to Millions of Dollars in Investment in New and Existing Buildings
Multifamily buildings and indoor air quality and resiliency added to list of financeable projects
Contact:
Matt Stern
Philadelphia Energy Authority
347-637-8376
mstern@philaenergy.org
Contact:
John Costlow
Sustainable Energy Fund
610-264-4440
jcostlow@thesef.org
Contact:
Cliff Kellogg
C-PACE Alliance
202-744-1984
ckellogg@c-pacealliance.com
Contact:
Jeaneen Zappa
412-693-0319
Keystone Energy Efficiency Alliance
jzappa@keealliance.org
Harrisburg, PA – Today, Governor Wolf signed into law Senate Bill 635, expanding eligibility for Commercial Property-Assessed Clean Energy (C-PACE) financing to include multifamily commercial buildings, indoor air quality and building resiliency improvements. The bill, SB 635, expands on Act 30 of 2018, which first enabled C-PACE financing in Pennsylvania for commercial buildings in Pennsylvania.
Sponsored by Senator Yudichak, SB 635 extends eligibility to multifamily commercial buildings of 5 or more units, indoor air quality improvements (such as COVID-19 mitigation), and building resiliency improvements. Representative Heffley sponsored the House companion bill, HB 1760.
“We are grateful to Senator Yudichak and Representative Heffley for their sponsorship of expansion bills SB 635 and HB 1670, respectively,” said Emily Schapira, President & CEO of the Philadelphia Energy Authority, Philadelphia’s C-PACE Administrator. “This expansion provides additional opportunities to finance critical new and existing building resilience upgrades, help mitigate the spread of airborne contaminants in indoor environments, and create good paying jobs across Pennsylvania.”
Prior to the expansion, C-PACE financing allowed for investments in energy efficiency, water conservation and renewable energy that are paid back over time through special property assessments. This expansion builds on the existing C-PACE Program to expand the types of projects eligible for financing.
“C-PACE financing can be used for both hard and soft costs associated with constructing new buildings and retrofitting existing ones, making it an invaluable tool for structuring a capital stack for efficient buildings,” said John Costlow, President of the Sustainable Energy Fund, Pennsylvania’s C-PACE Administrator. “We are excited to deploy this tool for upgrades to make the buildings we live and work in safer and healthier for decades to come.”
“We and our members are enthusiastic about the opportunity to expand financing to multifamily buildings and support additional measures. Multifamily property owners have been eager to access C-PACE financing and we expect significant growth in Pennsylvania’s C-PACE market,” said Cliff Kellogg, Executive Director of the C-PACE Alliance, whose members include C-PACE capital providers and transaction experts.
To date, C-PACE has facilitated $88 million of private capital investment in the Commonwealth for more efficient and healthier buildings that are less expensive to operate. C-PACE programs are active in 19 counties throughout Pennsylvania.
“We are excited to deliver policy that helps County governments support resilience efforts and expands C-PACE financing as part of their economic development tools and leverages private dollars. We look forward to continuing to educate and support those considering new C-PACE programs, along with existing C-PACE counties across the Commonwealth,” said Jeaneen Zappa, Executive Director Keystone Energy Efficiency Alliance.
The expansion will take effect in 60 days, contingent on individual counties approving the program expansion in accordance with their local adoption rules.
About Philadelphia Energy Authority
The Philadelphia Energy Authority (PEA) is an independent municipal authority created in 2010 to advance energy affordability and sustainability. PEA has facilitated over $291 million in clean energy projects in Philadelphia since launching the Philadelphia Energy Campaign in 2016, creating more than 2,500 jobs. As Program Administrator, PEA reviews and approves applications, manages the billing and lien processes, engages in market education, and supports the growth of the Philadelphia C-PACE program. For details, visit www.PhiladelphiaCPACE.org.
About Sustainable Energy Fund
Sustainable Energy Fund (SEF), a nonprofit organization, assists energy users in overcoming financial, educational and regulatory barriers to a sustainable energy future. SEF provides a variety of services including financing energy conservation, energy efficiency and renewable energy projects; educating the leaders of today and tomorrow to create a passion for sustainable energy; and representing the interests of energy conservation, energy efficiency and renewable energy in proceedings before the Pennsylvania Public Utility Commission. Visit www.thesef.org.
About C-PACE Alliance
C-PACE Alliance (CPA) is a coalition of capital providers and technical experts who have invested in or professionally advised the vast majority of capital for C-PACE financing nationally. CPA provides technical assistance and education to state and local governments to drive more investment that makes building more energy efficient and resilient and, in turn, creating jobs and economic development.
About Keystone Energy Efficiency Alliance
Along with our affiliated 70+ business members, the Keystone Energy Efficiency Alliance trade association educates, partners and advocates to collaboratively advance policy that prioritizes and increases deployment, funding and market adoption of energy efficiency — the least-cost energy resource and the largest and fastest-growing industry in the energy sector. Started in 2006, KEEA’s work saves energy, grows the workforce, promotes equity, and decarbonizes buildings.
10th C-PACE deal closed in Philadelphia
Nuveen Green Capital, the Philadelphia Energy Authority and the owners of 4002-22 Ridge Avenue closed the 10th C-PACE deal in Philadelphia with $3,083,268 to finance energy efficiency and water conservation measures for a new 756-unit self-storage facility. Fact sheets for this project and all PA C-PACE projects can be found here.
More than $69 million of private capital utilizing the C-PACE program has been invested in energy efficiency, water conservation and solar energy during the first two years of the program’s inception in Philadelphia.
The property owner’s representative, Jeremy Terr of Argo Property Group, noted that “C-PACE filled a hole in our capital stack that would have made completing the project much more difficult. Going through the process we learned we were also benefiting from environmentally smart building methods and technologies and we were pleased there is a program to move more developers into this mindset during the design phase.”
This project is notable because of the speed it was approved and closed. It took just under two months from submission of the pre-application to recording the C-PACE assessment.
Interested in learning more about C-PACE? Contact us at cpace@philaenergy.org and/or attend our C-PACE Open Meetings which take place on the last Thursday of each month from 2:00-3:00PM.