Released: June 10, 2021
Delaware County Council unanimously voted to approve a resolution to implement Commercial Property Assessed Clean Energy (C-PACE) during its March 17 meeting. Council members approved C-PACE to help owners of commercial property with energy and water conservation projects. This program will also allow Delaware County property owners to access long term loans to pay for renewable energy systems, energy efficient equipment, and fixtures that reduce water consumption.
Council approved the C-PACE resolution and authorized the County to enter into a Cooperative Agreement with Sustainable Energy Fund for the administration of the Program. The program administration will include the adoption of Program Guidelines and a possible fee structure to cover administrative costs of the county.
“This is exciting for our community and our environment,” said Councilman Elaine Schaefer. “This program will allow our community to invest in renewable and more efficient systems that save money and protect the environment.”
Delaware County commercial businesses, agriculture interests, and nonprofits, with the aid of private capital providers, will be able to finance clean energy and water efficiency projects. The C-PACE program, offering as much as 100% financing, will save local constituencies money and energy, providing even greater opportunity to those with initiative.
“Sustainable Energy Fund is proud to offer its 20 years of experience in clean energy lending to Delaware County, allowing them to take advantage of this powerful new energy finance tool for bringing investment, jobs, and clean energy to their communities,” said John Costlow, President of SEF.
Commercial Property Assessed Clean Energy (C-PACE) is a financial tool for property owners to obtain low-cost, long-term financing for energy efficiency, renewable energy, and water conservation projects. C-PACE can facilitate a loan from private capital sources for a project by placing a voluntary special payment on the property’s annual tax bill that repays the cost of the upgrades. Nationally, more than $750 million has been invested through PACE loans, and many industry experts expect that number to exceed $1 billion in the next 18 months. In Pennsylvania, C-PACE investment could help retrofit one of the nation’s oldest building stocks and accelerate growth in a local energy efficiency industry that already accounts for 65,000 jobs.
For more information on program development, program guidelines, and links to the preapplication, visit https://delawarecountycpace.org. If you have a project and would like assistance finding a contractor or capital provider, contact SEF at (610) 264-4440.