Deschutes County announces that a Commercial Property Assessed Clean Energy (CPACE) finance program is now available to eligible property owners in the county.
CPACE is an innovative program that enables commercial property owners to obtain 100 percent long-term, fixed-rate financing for energy efficiency, renewable energy, water conservation and seismic rehabilitation projects. By allowing a property owner to access 100 percent up-front private sector financing for longer terms than are typically available for conventional financing, substantial energy efficient improvement projects become more affordable and accessible.
“CPACE is a great program that developers and property owners can access to make clean energy improvements to existing buildings and incorporate clean energy design into new buildings,” said County Commissioner Phil Chang. “CPACE creates value for building owners with energy upgrades that pay for themselves through energy savings.”
Deschutes County is only the second county in Oregon to offer the CPACE program, Multnomah County also has a CPACE program while several other counties in the state are exploring options to offer a CPACE program.
“I am proud that Deschutes County is one of two counties in the state that is leading the way for clean energy projects with the launch of the county CPACE program,” said County Commissioner Patti Adair. “CPACE provides an opportunity for property owners to access long-term, fixed-rate private sector financing for energy efficient improvements and renewable energy projects.”
The financing is for new and existing buildings and is available to industrial, agricultural, commercial, multi-family (five + units), nonprofit and other properties. CPACE financing is attached to the property and not to the property owner and is non-accelerating, meaning only current or past due annual payments can be collected each year while future payments stay with the property.
For more information, please visit the CPACE website or call Jen Patterson 541-388–6654.
