Commercial Property Assessed Clean Energy

Program Overview

Commercial Property Assessed Clean Energy (C-PACE) provides long-term, fixed-rated financing for building upgrades in commercial and industrial properties. By financing with C-PACE, businesses eliminate the need for upfront capital and generate immediate positive cash flow.

Benefits of C-PACE include:

  • Finance up to 100% of project hard and soft costs
  • No personal guarantees
  • Long-term financing (up to 25 years)
  • Lower utility bills
  • Owner retains all tax incentives
  • Works with utility incentives
  • Easily transferred upon property sale

How It Works

Project types that are eligible for 100% C-PACE financing include, but are not limited to:

  • Energy efficiency
  • Renewable energy
  • Water conservation
  • Alternative fuel infrastructure (e.g., electric car charging stations)
  • Environmental health and safety projects (e.g., asbestos or lead abatement)

Commercial and industrial properties that are eligible for C-PACE financing include:

  • Office buildings
  • Manufacturing facilities
  • Agricultural
  • Non-profit
  • Multifamily (5+ units)

Both existing properties and new construction projects are eligible for C-PACE.

Eligible Communities

The following communities have opted into C-PACE:

  • Barrington
  • Bristol
  • Central Falls
  • Charlestown
  • Cranston
  • Cumberland
  • East Providence
  • Middletown
  • Newport
  • North Kingstown
  • North Providence
  • Pawtucket
  • Providence
  • Richmond
  • Smithfield
  • South Kingstown
  • Warren
  • Warwick
  • West Warwick
  • Westerly
  • Woonsocket

C-PACE Capital Providers

RIIB sponsors and administers the C-PACE program in RI.  Project financing is provided by our approved Capital Providers, listed below:

  • Bayview PACE
  • Centreville Bank
  • CleanFund Commercial PACE Capital, Inc.
  • Counterpointe Sustainable Real Estate LLC
  • Enhanced PACE Finance, LLC
  • LordCap PACE
  • Nuveen Green Capital
  • PACE Loan Group
  • Petros PACE Finance, LLC
  • Twain Financial Partners
  • Western Alliance Banc
  • White Oak Global Advisors LLC
  • Ygrene

Additional Resources

clean-energy

For more information about C-PACE, please contact:

Toby Ast

Business Development Manager
Rhode Island Infrastructure Bank
tast@riib.org