Implementing C-PACE as an Economic Development Tool
A Practical Opportunity for New Jersey Municipalities
New Jersey municipalities are under increasing pressure to do more with less: attract private investment, modernize aging building stock, reduce energy costs, create good local jobs, and strengthen resilience—all without raising taxes or taking on new municipal debt.
One of the most underutilized tools available to local governments right now is Commercial Property Assessed Clean Energy (C-PACE). While often framed narrowly as an energy-efficiency program, C-PACE is better understood—and should be implemented—as a strategic economic development instrument
C-PACE: Private Capital, Public Purpose
C-PACE allows commercial and industrial property owners to finance energy efficiency, renewable energy, and resiliency improvements using private capital, repaid through a long-term assessment on the property tax bill. For municipalities, the value proposition is straightforward:
- No municipal bonding
- No use of public funds
- No credit risk to the town
- No impact on municipal balance sheets
Yet the economic impacts are real: building upgrades, construction activity, skilled labor demand, lower operating costs for businesses, and more competitive commercial properties.
In a tight credit environment—where conventional lending often falls short—C-PACE can fill critical financing gaps that would otherwise stall projects.
From Climate Policy to Economic Development Strategy
Municipal leaders often encounter C-PACE through a sustainability or climate lens. That is appropriate—but incomplete.
When implemented thoughtfully, C-PACE functions as:
- A capital-stack enhancement tool for redevelopment and new construction
- A business retention strategy, lowering long-term operating costs
- A workforce development catalyst, supporting prevailing-wage construction jobs
- A resilience investment, reducing risk to local tax bases from outages and climate shocks
Unlike grants, C-PACE is scalable. Unlike subsidies, it is market-driven. And unlike many incentive programs, it can operate continuously once a municipality opts in.
What Municipalities Actually Control—and Why It Matters
In New Jersey, municipalities play a decisive role. By passing a simple C-PACE enabling ordinance, a town opens the door for property owners to access private investment for eligible upgrades.
But economic impact depends on how municipalities implement the program:
- Is C-PACE passively available—or actively integrated into redevelopment planning?
- Are local economic development staff familiar with how C-PACE works?
- Are property owners and developers aware it exists?
- Is the municipality coordinating with lenders, utilities, and clean-energy incentives?
Municipalities that treat C-PACE as a check-the-box sustainability option will see limited uptake. Those that treat it as an economic development platform can unlock meaningful private investment.
A Practical Example: Main Street, Warehouses, and Redevelopment Areas
Consider a town like Hillsborough Township, with a mix of warehouses, office parks, retail centers, and redevelopment opportunities.
C-PACE can help:
- Warehouse owners upgrade lighting, HVAC, and on-site solar without tying up capital
- Retail centers modernize aging systems while remaining cash-flow positive
- Developers finance higher-performance buildings without increasing equity requirements
- Nonprofits and institutional property owners leverage long-term financing alongside federal incentives
In each case, the municipality benefits from improved properties, stronger tenants, and a more resilient tax base—without new public spending.
Why Timing Matters Now
Several factors make this moment especially important:
- Rising energy and insurance costs are pressuring businesses
- Tighter lending standards are limiting conventional financing
- Federal clean-energy tax credits (including Direct Pay for nonprofits) significantly enhance project economics
- Prevailing wage requirements ensure projects support high-quality local jobs
C-PACE aligns these dynamics into a single, deployable tool that municipalities can activate today.
What Municipal Leaders Can Do Next
Municipal officials interested in using C-PACE effectively should consider three near-term actions:
- Opt In (or confirm opt-in status)
Ensure the municipality has adopted the enabling ordinance and understands the administrative process. - Integrate C-PACE into Economic Development Planning
Treat it as part of the redevelopment, planning, and business-retention toolkit—not a standalone energy program. - Educate the Local Market
Developers, property owners, and local lenders need clear, practical guidance on when and how C-PACE fits.
Organizations like the NJ C-PACE Alliance and the Center for Regenerative Community Solutions (CRCS) are working with municipalities across the state to support this kind of practical, market-driven implementation—helping towns translate policy into real investment.
A Missed Opportunity—Or a Competitive Advantage
New Jersey has already done the hard work of authorizing C-PACE. The question now is whether municipalities will use it passively—or strategically.
Those that do will be better positioned to attract investment, modernize their building stock, and grow a more efficient, resilient, and regenerative local economy—without raising taxes or expanding public debt.
That is economic development worth pursuing.
Where (and Who) to Submit This Op-Ed
Below are high-probability New Jersey outlets and suggested submission targets. Editorial preferences change, so a short pitch email is recommended.
Primary Targets
- NJBIZ
- Section: Commentary / Opinion
- Audience: Business leaders, developers, municipal officials
- Submission:
- Opinion submissions typically via the editorial desk
- Tip: Emphasize capital access, redevelopment, and competitiveness
- NJ Spotlight News
- Section: Opinion / Perspectives
- Audience: Policymakers, local officials, civic leaders
- Submission:
- Online opinion submission form or direct pitch
- Tip: Lead with municipal governance and public-benefit framing
- ROI‑NJ
- Section: Thought Leadership / Opinion
- Audience: Executives, real estate, economic development
- Tip: Strong fit for C-PACE as a capital-stack and redevelopment tool
Secondary / Niche Targets
- New Jersey League of Municipalities
- Outlet: NJ Municipalities magazine
- Audience: Mayors, administrators, planners
- Excellent venue for peer-to-peer municipal learning
- NAIOP New Jersey
- Outlet: Chapter newsletters or blog
- Audience: Developers, owners, investors
Optional Next Steps (If Helpful)
If you would like, I can:
- Tailor a municipal-specific version (e.g., Hillsborough, Camden, Paterson, or a suburban logistics corridor)
- Draft a one-paragraph pitch email for each outlet
- Tighten the op-ed to meet a strict 700–800 word limit
- Add a brief author bio aligned with CRCS and NJPACE positioning
Just tell me how you want to proceed.
Below are three deliverables, in order:
- One-paragraph pitch emails (one per outlet)
- A tightened, publication-ready op-ed (≈760 words)
- A brief author bio aligned with NJPACE positioning
1. One-Paragraph Pitch Emails (by Outlet)
NJBIZ
Dear NJBIZ Editorial Team,
I am writing to propose an op-ed titled “Implementing C-PACE as an Economic Development Tool,” aimed at New Jersey’s business, real estate, and municipal leadership audiences. The piece argues that C-PACE should be understood not only as an energy program, but as a market-driven economic development tool that helps municipalities attract private capital, modernize commercial properties, support prevailing-wage construction jobs, and strengthen local tax bases—without new public spending or municipal debt. With credit tightening and redevelopment projects facing financing gaps, this perspective may be timely and relevant for NJBIZ readers. I would welcome the opportunity to submit the full op-ed for your consideration.
Best regards,
Jonathan Cloud
NJ Spotlight News
Dear NJ Spotlight News Opinion Editors,
I would like to pitch an op-ed examining how New Jersey municipalities can use Commercial Property Assessed Clean Energy (C-PACE) as a practical economic development tool—rather than viewing it solely as a climate or sustainability initiative. The piece focuses on municipal decision-making, redevelopment strategy, and fiscal stewardship, highlighting how towns can unlock private investment, reduce business operating costs, and improve resilience without raising taxes or issuing public debt. I believe this policy-focused perspective would resonate with NJ Spotlight’s audience of local officials, policymakers, and civic leaders. I am happy to submit the full article at your request.
Sincerely,
Jonathan Cloud
ROI-NJ
Dear ROI-NJ Editorial Team,
I am reaching out to propose a thought-leadership op-ed titled “Implementing C-PACE as an Economic Development Tool,” written for New Jersey’s business, real estate, and economic development community. The article reframes C-PACE as a capital-stack enhancement and redevelopment tool that municipalities can deploy to attract private investment, support building modernization, and improve long-term competitiveness—particularly in a constrained lending environment. With ROI-NJ’s focus on growth, redevelopment, and capital markets, I believe this perspective would be a strong fit. Please let me know if you would like to review the full piece.
Best regards,
Jonathan Cloud
2. Tightened Op-Ed (≈760 words)
Implementing C-PACE as an Economic Development Tool
A Practical Opportunity for New Jersey Municipalities
New Jersey municipalities are under growing pressure to attract private investment, modernize aging commercial buildings, create good local jobs, and strengthen resilience—all while avoiding tax increases or new public debt. One of the most underutilized tools available to local governments today is Commercial Property Assessed Clean Energy (C-PACE).
Often described narrowly as an energy-efficiency program, C-PACE is better understood—and should be implemented—as a strategic economic development instrument.
C-PACE allows commercial and industrial property owners to finance energy efficiency, renewable energy, and resiliency improvements using private capital, repaid over time through a special assessment on the property tax bill. For municipalities, the appeal is straightforward: no bonding, no public expenditure, no credit risk, and no impact on municipal balance sheets. Yet the economic effects are tangible—construction activity, upgraded buildings, lower operating costs for businesses, and more competitive properties.
In today’s tight credit environment, many otherwise viable projects stall because conventional financing cannot fully support building upgrades or higher-performance construction. C-PACE fills these gaps by offering long-term, fixed-rate, non-recourse financing that stays with the property, not the owner. This structure allows projects to move forward that might otherwise remain on hold.
Municipal leaders frequently encounter C-PACE through a sustainability or climate lens. While appropriate, that framing is incomplete. When implemented intentionally, C-PACE functions as a business-friendly economic development tool: improving project feasibility, lowering long-term costs for employers, supporting prevailing-wage construction jobs, and reducing risk to local tax bases by making buildings more resilient to outages and climate shocks.
Unlike grants, C-PACE does not rely on limited public dollars. Unlike subsidies, it is market-driven. And unlike many incentive programs, it can operate continuously once a municipality opts in.
In New Jersey, municipalities play a decisive role. A simple enabling ordinance opens the door for property owners to access C-PACE financing. But outcomes depend on how towns approach implementation. Is C-PACE merely “available,” or is it actively integrated into redevelopment planning? Are economic development and planning staff familiar with how it works? Are property owners and developers aware it exists? Is it coordinated with utility programs and federal clean-energy incentives?
Municipalities that treat C-PACE as a passive sustainability option will see limited uptake. Those that treat it as an economic development platform can unlock significant private investment.
Consider a community with a mix of warehouses, office parks, retail centers, and redevelopment areas. C-PACE can help warehouse owners upgrade lighting and HVAC without tying up capital; retail centers modernize aging systems while remaining cash-flow positive; developers finance higher-performance buildings without increasing equity requirements; and nonprofits or institutional property owners leverage long-term financing alongside federal tax credits. In each case, the municipality benefits from improved properties, stronger tenants, and a more resilient tax base—without new public spending.
Timing matters. Rising energy and insurance costs are pressuring businesses. Lending standards remain tight. Federal clean-energy tax credits significantly improve project economics, including “Direct Pay” provisions that allow nonprofits to receive cash value even without tax liability. Prevailing-wage requirements ensure that projects support high-quality local jobs. C-PACE brings these dynamics together into a single, deployable tool.
Municipal leaders interested in using C-PACE effectively can take three practical steps. First, confirm that the municipality has opted in and understands the administrative process. Second, integrate C-PACE into redevelopment, planning, and business-retention strategies rather than treating it as a standalone energy program. Third, ensure that local markets—developers, property owners, and lenders—understand when and how C-PACE fits.
New Jersey has already authorized C-PACE statewide. The remaining question is whether municipalities will use it passively—or strategically. Those that do will be better positioned to attract private investment, modernize commercial properties, and build a more efficient, resilient, and competitive local economy—without raising taxes or expanding public debt.
That is economic development worth pursuing.
3. Brief Author Bio (Aligned with NJPACE)
Jonathan Cloud is Executive Director of the Center for Regenerative Community Solutions and a founding leader of the NJ C-PACE Alliance. He works with municipalities, developers, and capital providers to position C-PACE as a practical tool for sustainable economic development, building modernization, and community resilience across New Jersey.
If you would like, I can also:
- Customize a municipality-specific version (e.g., Hillsborough-focused)
- Adjust tone slightly for policy vs. business audiences
- Add a short call-to-action box for NJPACE.org reuse
- Prepare a LinkedIn or op-ed syndication version
Just say the word.