C-PACE: financing energy upgrades through the property, not the balance sheet.
Commercial Property Assessed Clean Energy (C-PACE) programs finance qualifying energy projects and are repaid through a special assessment on the property. Connecticut, Massachusetts, Rhode Island and Florida each run a program with its own administrator and rules.
The rule in one paragraph
C-PACE finances qualifying energy efficiency and renewable energy improvements and is repaid through a special assessment attached to the property, so the obligation can transfer with a sale under the program's rules.
Connecticut's program is run by the Connecticut Green Bank; Massachusetts by MassDevelopment (PACE Massachusetts, guidelines version 3.0, 2026); Rhode Island through the Rhode Island Infrastructure Bank; Florida through local districts such as the Florida PACE Funding Agency and the Florida Resiliency and Energy District.
Primary source: Connecticut Green Bank, C-PACE; MassDevelopment, PACE Massachusetts guidelines version 3.0 (2026); Rhode Island C-PACE regulation (RICR 830-10-05-2); Osceola County, Florida PACE Funding Agency.
Who it applies to
Commercial, industrial, non-profit and multifamily properties, subject to each program's eligibility rules (Massachusetts covers multifamily of five or more units).
Existing mortgage lenders generally have to consent. Projects are prepared by a qualified contractor under each program's definition.
What it costs / what it pays
Terms, rates and eligible measures are set by the capital provider and the program. A C-PACE assessment is senior to the mortgage in most programs, which is why lender consent matters.
C-PACE can sit alongside the federal credit and utility incentives; each is modeled on its own line.
How NOI's structure fits
C-PACE suits owners who want to fund LED, HVAC, solar or storage without using equity or corporate debt, and who plan to hold the property for a long time.
Confirm current terms with the program administrator and capital provider before signature.
Timeline
- QualificationProperty eligibility, mortgage holder and the measures to finance.
- Design reviewEngineering and savings documentation required by the program.
- ApplicationsC-PACE application, lender consent and capital provider terms.
- After approvalsClosing, construction and assessment recorded against the property.
Get your free building energy assessment
Start with your property details. A utility bill is optional. We review the program position and the operating case together.
Other programs in this section
Annual emissions limits on most NYC buildings over 25,000 sq ft, tightening in 2030.
ComplianceBoston's building emissions standard, with annual reporting and emissions limits phased in by building size.
ComplianceWashington DC's Building Energy Performance Standards, enforced on cycles with compliance pathways.
IncentiveNYSERDA's declining-block incentives for commercial and industrial solar across New York.
IncentiveNew Jersey's Successor Solar Incentive, community solar program, and what changed after TRECs.
IncentiveSMART 3.0 capacity and compensation schedules, adders, and how they are assessed alongside BERDO.
IncentiveConnecticut's non-residential renewable energy solutions tariff plus Energy Storage Solutions incentives.
IncentiveAlternative Energy Credits, PPL and PECO rebate programs, and the Act 129 efficiency framework.
IncentiveThe clean electricity investment credit for solar and storage, elective pay and transfer, and which credits have ended.
IncentiveUtility pay-for-performance for commercial batteries that discharge during summer peak events.
IncentiveCommercial-scale solar grants per watt, with carport and storage adders, awarded in rounds.
IncentiveCalifornia's storage incentive: non-residential budget categories are currently closed.
IncentiveRebates for public DC fast chargers in California, in two 2026-27 windows.
This page reflects our understanding as of October 7, 2026. Regulatory numbers and program rules move. Confirm current statute specifics with your tax and legal advisors before signature.