In 2012 the Connecticut legislature created the Connecticut Commercial Property Assessed Clean Energy (C-PACE) program. The Clean Energy Finance and Investment Authority, now known as the Green Bank, administers the program, which allows nonresidential building owners to finance qualifying energy efficiency and clean energy improvements by placing a voluntary assessment on their property tax bill, similar to a sewer benefit assessment.
If the property is sold, the repayment obligation transfers automatically to the next owner and the improvements are paid for over 20 years’ time through this additional charge on the property tax bill. By giving lenders participating in the program the right to collect on the assessment and assign the lien to a third party, the Green Bank can raise low-interest, long-term capital from the private sector with no government financing required.
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