The city of Las Vegas is launching the Commercial Property Assessed Clean Energy (C-PACE), a new program designed to provide long-term investments in clean energy for commercial property owners.
Owners of existing commercial, industrial and multifamily buildings will be able to finance up to 100 percent of the cost of qualifying energy efficiency improvements and renewable energy projects for up to 25 years.
To be eligible, the project’s estimated energy cost savings must exceed the financing amount. For a new building, commercial property developers can use the program to finance up to 20 percent of the eligible construction cost. The property must be designed to meet or exceed the city’s building energy code.
After a competitive search process, the city selected Sustainable Real Estate Solutions (SRS) to serve as the third-party administrator of the C-PACE program. SRS provides support services to C-PACE programs in 10 states. SRS will handle outreach, education, project underwriting and quality assurance services.
Read the full press release.