In order to finance the installation of geothermal heat exchangers, several states have implemented a C-PACE program . C-PACE works as a financial tool for green energy including geothermal, solar energy and wind power. Geopotential can assist the client to secure a C-PACE loan, connecting them with the right organizations.
What’s C-PACE
C-PACE (Commercial Property Assessed Clean Energy) enables property owners to finance improvements to their property and has been enabled in more than 33 states as of 2019. C-PACE also helps governments to create jobs, retain businesses, and keep dollars in the local economy without raising taxes.
C-PACE is a government policy based on the principle that commercial energy projects are public benefits similar to sewers, roads, and bridges.
How C-PACE helps green energy?
C-PACE authorizes counties to work with private capital providers to provide upfront financing to commercial property owners for qualifying improvement projects, and to collect the repayment through annual or semi-annual surcharges on the property’s tax bill.
C-PACE can be applied on commercial property, industrial facility, agriculture facility and non-profit project. The following facilities are eligible for C-PACE finance: Solar Energy Equipment, High-Efficiency Lighting and Building System, High-Efficiency Boilers and Furnaces and Heating Ventilation, Air Conditioning (HVAC) Upgrades, High-Efficiency Hot Water Heating Systems, Combustion and Burner, Building Shell or Envelope Improvements, Building System Energy Management Systems and Process Equipment Upgrades, Geothermal Energy Devices, Water Conservation.
C-PACE in Virginia
Several localities across the Commonwealth have established or are currently developing C-PACE programs.
Arlington County was the first locality in Virginia to offer a Commercial Property Assessed Clean Energy (C-PACE) program in January 2017. And officially launched their program in January 2018.
C-PACE in Maryland
C-PACE administration in Maryland is local level. Only Montgomery and Prince George’s counties have not opted into the MD-PACE Program.
C-PACE and Geopotential
Geopotential has been working with several non-profit organizations, who are eligible for the C-PACE program, via geothermal heat exchangers and lighting installations. GPC has provided geothermal feasibility analysis according to local subsurface thermal properties, for the organizations and are assisting these organizations to facilitate the C-PACE process.
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