This September, the Multnomah County Board of Commissioners and the Portland Development Commission approved a Commercial Property Assessed Clean Energy, CPACE, pilot. Developed in collaboration with Energy Trust, the pilot will provide financing for up to 10 commercial building owners making energy-efficient upgrades in Portland.
CPACE removes financial roadblocks to energy-efficient and clean energy investments by providing 100 percent of a project’s costs, which are repaid for up to 20 years through an assessment added to the property’s tax bill. With assessment payments offset by lower energy bills, building owners can reap the benefits of upgrades without accruing long-term costs. CPACE assessments transfer to a new owner if a property is sold. Check out this short video to see how Property Assessed Clean Energy financing works.
Administered by the Portland Development Commission, the two-year pilot will provide $3 million in funding generated by tax-increment financing through urban renewal programs. To increase economic opportunities for historically disadvantaged populations and create equitable access to living wage jobs, the pilot will develop a contractor pool of certified Minority, Women and Emerging Small Business firms to support CPACE projects. The CPACE pilot will leverage the technical expertise of Energy Trust’s Trade Ally Network to facilitate energy audits on buildings selected for participation.