Chicago Construction News staff writer
A statewide Property Assessed Clean Energy (PACE) program to encourage investment in clean energy and resilient building design. The program is available to all Illinois counties and municipalities to reduce costs and create uniformity in Illinois’ Commercial Property Assessed Clean Energy (C-PACE) financing market.
Financing can be used by owners and developers of commercial properties to finance or refinance eligible clean energy improvements in connection with the renovation of existing buildings and new construction, in each case up to 25% of the value of the property.
“Here in Illinois, we are at the very forefront of the clean energy revolution,” said Governor JB Pritzker. “This is exactly the kind of program that will help us achieve our goal of 100% clean energy by 2050.”
C-PACE financing can be used by owners and developers of commercial properties to finance or refinance eligible clean energy improvements in connection with the renovation of existing buildings and new construction, in each case up to 25% of the value of the property.
“We know climate action is needed now, and we all can have a role in paving the way to a greener future in our state. We are focused on empowering communities statewide to be part of this transformation,” said Lt. Governor Juliana Stratton. “The Illinois Finance Authority PACE Program provides a path to invest in improvements that foster much-needed development.”
The Illinois Finance Authority PACE program approved Oct. 11 allows capital providers to access C-PACE financing in a statewide, open market sponsored by IFA’s C-PACE Open Market Initiative or administer and service PACE Projects for their own account.
“Feedback we received from local government leaders showed an interest in C-PACE financing, but not in devoting the time and resources needed to develop and implement a property assessed clean energy program,” said IFA vice-president Brad Fletcher. “Changes address those concerns which we expect will lead to statewide adoption, all at no cost to each participating county and municipality.”