What Existing Property Owners Need to Know About the New Garden State C-PACE Program 

The Garden State C-PACE Program offers existing property owners 100%, long-term, non-recourse financing for clean energy and resiliency upgrades. Eligible properties include office, retail, multifamily, industrial, agricultural, and institutional/nonprofit buildings, including churches, schools, and medical facilities. Keep reading to see why you should consider C-PACE financing for your next project.

Overview of C-PACE:

The Commercial Property Assessed Clean Energy (C-PACE) program is a financing tool designed to support energy efficiency, renewable energy, and water conservation improvements in commercial properties. The New Jersey Garden State C-PACE Program provides property owners with access to low-cost, long-term financing for sustainable building upgrades. This initiative enables municipalities to foster green building practices and meet state-level sustainability goals while promoting economic growth and energy efficiency.

Key Features of the Garden State C-PACE Program:

• The program is administered by the New Jersey Economic Development Authority (NJEDA).
• Property owners must complete an ASHRAE Level I or Level II Audit or comparable analysis, plan the upgrades, have them approved by a technical reviewer, and obtain financing in order to submit a project.
• Eligible projects completed with a three-year period prior to submission may qualify for refinancing.
• We can assist you with this.

Why You Should Consider C-PACE for Your Upgrade

All buildings require ongoing re-evaluation of their energy usage, GHG emissions, and resiliency needs—and most could use significant improvement. Renewables and energy efficiency aren’t just good for the environment, they’re also good for your bottom line. Financing a significant improvement to your property through C-PACE is a smart move, both for you and for the investor. You save money, avoid using your own capital, and give someone else a stake in your success. C-PACE investors, typically insurance companies and pension funds, benefit from long-term stable returns. C-PACE is available at low market rates, does not increase your debt, and serves as a long-term investment in your asset value. It also gives your property a competitive edge in the marketplace. 

If you have completed an eligible project within three years prior to submission, you may qualify for refinancing. We can assist you with this.

Eligibility:

• Available for commercial, industrial, multi-family (5+ units), agricultural, and nonprofit/institutional properties such as hospitals, churches, and schools.
• Eligible improvements include energy efficiency upgrades, renewable energy installations (solar, wind, etc.), water conservation and other resiliency projects.
• Financing is available to properties and owners that meet eligibility and underwriting requirements.

Financing Terms:

• Financing is repaid through a special assessment added to the property tax bill, typically over 10 to 30 years.
• The amount financed can cover up to 100% of the cost of eligible projects.
• Long-term financing offers lower interest rates compared to traditional loans, which helps reduce upfront financial barriers for property owners.

We can assist you with all aspects of planning and financing your project.