The Connecticut Green Bank is offering flexible repayment options to new borrowers who use its Commercial Property Assessed Clean Energy (C-PACE) financing to make energy-saving improvements. C-PACE is an innovative program that helps commercial, industrial, and non-profit property owners access affordable, long-term financing for qualifying energy efficiency and renewable energy upgrades. The projects are repaid through a voluntary assessment on the building owner’s property tax bill.
The Green Bank has designed these new repayment options in order to provide relief to property owners impacted by COVID-19. The repayment options will provide borrowers with immediately increased cashflow by significantly reducing operating expenses in the near term and deferring all or a portion of payments until later. Building owners will also enjoy the long-term benefits of energy efficiency or renewable energy projects (like HVAC improvements or solar PV). The Green Bank also hopes that these options will support its contractor community, which has been significantly impacted by COVID-19, in generating more leads and completing more projects.
New borrowers will have the option of:
· Deferring their first two payments on a new C-PACE assessment.
· Making interest-only payments for up to three years on a new C-PACE assessment.
With businesses facing unprecedented challenges and tighter margins, this increased cash flow could provide significant relief for businesses, who will also enjoy the long-term benefits of C-PACE (including a more modern, efficient, and cost-effective building) once their position has improved.
The Green Bank’s programs support job growth and economic development in Connecticut while also benefiting individuals, businesses, and the State as a whole. The Green Bank believes that by investing in the green economy, we can not only get Connecticut “back to normal,” but we can build cleaner, greener and more resilient communities where businesses and people flourish. Together, we can create a better more prosperous future for Connecticut. For more information, please visit: www.cpace.com/offer
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