Commercial Property Assessed Clean Energy financing (C-PACE) is coming soon to Oklahoma and we need your help! See below for an explanation of the program and how you can help us build this exciting program across Oklahoma. Please register for one or more of the free the webinars below and help us spread the word about C-PACE by forwarding this email to your networks.
What is C-PACE?
Commercial Property Assessed Clean Energy (C-PACE) is a financing mechanism designed to encourage energy and water efficiency improvements, renewable energy systems, and building resiliency projects for commercial properties. As a voluntary, open-market financing model, C-PACE allows commercial property owners to secure private low-interest, long-term loans for eligible energy improvements whereby the loan is placed on the property as an assessment. The financing arrangement then remains with the property even if it is sold, facilitating long-term investments in building performance. The longer-term payback allows the efficiency improvements to pay for themselves over time.
Around the country, C-PACE financing has been used for HVAC upgrades, boilers, chillers and furnaces, automated building controls, high efficiency lighting, building envelopes (insulation, windows, etc.), low-flow fixtures, solar, geothermal, electric vehicle charging stations, and other energy, water or resiliency improvement projects. Oklahoma’s C-PACE project eligibility and other program guidelines are currently being developed. Program completion and launch in Tulsa County is expected no later than Fall 2020.
C-PACE encourages economic development through private investment in smart energy solutions for Oklahoma’s commercial buildings. C-PACE can provide up to 100% financing for program-eligible improvements. Unlike traditional loans for building improvements, C-PACE loans are tied to the building’s county property tax record as an assessment. No down payment is required nor is the property owner required to give a personal guarantee on the loan. The lenders enter into loan contracts directly with the property ownersupd. If the property is sold, any remaining assessment can be passed to the new property owner.
C-PACE in Oklahoma
To create an active C-PACE program, counties must pass resolutions authorizing C-PACE voluntary special assessment liens and establish the program. INCOG is working with Tulsa County and other partners throughout the state to create a C-PACE Program Administrative Platform template that will work statewide for any county choosing to initiate a program. Consistency in policies, procedures and guidelines throughout Oklahoma assures streamlined processes for counties and program participants. The intent is to have C-PACE active in the fourth quarter of 2020 for counties with interest in establishing this program.
Though state and county governments enable C-PACE, no public funds will be utilized in C-PACE loans in Okahoma.
INCOG is working to set up C-PACE in several counties by November 2020, when a new law takes effect clarifying eligible property types and the roles of counties and vendors in this process. In the meantime, you can learn more about Oklahoma C-PACE or get involved in the creation of the program by attending one or more of the following FREE webinars:
C-PACE 101: An Introduction to C-PACE
Wednesday, June 24, 2020 at 1:00 pm CT
This webinar will provide an opportunity to learn how Commercial Property Assessed Clean Energy, or “C-PACE,” financing raises the value of commercial property, reduces utility costs, creates business opportunities for the construction industry, and increases economic development through secure lending.
Content will include:
• The fundamentals of C-PACE financing
• The C-PACE transaction structure
• The benefits of C-PACE
• The C-PACE application process
• What is the Oklahoma C-PACE program?
Who should attend? Property owners, financial institutions, contractors, local governments
WORKSHOP TO DEVELOP OKLAHOMA’S C-PACE PROGRAM:
Developing C-PACE in Oklahoma
Tuesday, June 30, 2020 at 10:00 am CT
This workshop-style web event builds on the previous introductory webinar to C-PACE in Oklahoma and will include opportunities to contribute to the program guidance manual.
Content will include:
• Introduction to C-PACE financing
• Legislative history of C-PACE in Oklahoma
• Introduction to INCOG, the program sponsor
• How to create a statewide C-PACE program
• Drafting the Oklahoma C-PACE Guidance Manual
• Opportunities to contribute to the Guidance Manual
Who should attend? Members of the real estate industry, engineering and contracting industry, financial industry, and economic development officials.
Oklahoma C-PACE: Benefits and Implications For Local Government
Wednesday, July 22, 2020 at 1:00 pm CT
The Oklahoma C-PACE Program invites local government officials and staff to join this webinar on C-PACE financing. C-PACE can be a new tool in your economic development portfolio, but each county needs to first “opt in” to this new program. This web event will explore how C-PACE financing can benefit your counties and communities. The webinar will detail the role of local governments in establishing and administering a C-PACE program, with a close look at which responsibilities can be outsourced by local governments to third parties and how INCOG is working to streamline the startup process for you.
Content will include:
• Fundamentals of C-PACE Financing
• Legal Background on Oklahoma’s C-PACE legislation
• C-PACE program roles: program sponsor, program administrator, and local government
• C-PACE transaction structure
• The county’s role in establishing a C-PACE program
• Program Documents
• Case Studies
Who should attend? Municipal and county tax and economic development officials, county commissioners, and staff.
C-PACE OK Sponsorship
Financial sponsorship toward the costs associated with developing Oklahoma’s C-PACE platform is welcome. Sponsors receive logo recognition on this webpage and will be listed as founding members of Oklahoma’s C-PACE platform. More information regarding the timeline, implementation plan, and sponsorship levels and benefits can be found in our C-PACE sponsorship information packet.