NC Senate passes CPACE funding for easy clean energy upgrades.

By Oliver Townsend Jun 28, 2024
NC Senate passes CPACE funding program to make clean energy upgrades more accessible.jpegOrginal image from:

The North Carolina Senate recently passed Senate Bill 802, introducing the Commercial Property Assessed Clean Energy (CPACE) financing program in the state. This initiative aims to make clean energy upgrades more accessible to commercial building owners, allowing them to finance energy efficiency and renewable energy projects through property tax assessments over an extended period. The CPACE program is designed to support projects like rooftop solar installations, energy-efficient HVAC systems, and LED lighting upgrades.

CPACE Financing Program: A Game Changer for Clean Energy Upgrades

The CPACE financing program provides commercial property owners with a flexible and affordable way to invest in clean energy solutions. By spreading the cost of upgrades over a longer period through property tax assessments, businesses can make environmentally friendly improvements without facing immediate financial burdens. This program not only benefits the environment but also helps businesses reduce operating costs and increase energy efficiency.

Benefits of CPACE Financing

One of the key advantages of the CPACE program is its ability to make clean energy upgrades financially viable for commercial property owners. By offering long-term financing options, CPACE encourages businesses to invest in sustainable and energy-efficient technologies that can lead to cost savings in the long run. Additionally, CPACE projects can help companies enhance their brand reputation, attract environmentally conscious customers, and contribute to a healthier planet.

Support from Clean Energy Advocates

The introduction of CPACE financing in North Carolina has received positive feedback from clean energy advocates and industry experts. Matt Abele from the North Carolina Clean Energy Association praised the initiative as a significant step forward for clean energy adoption in the state. With more than 38 states already implementing CPACE programs and over $2 billion in funded projects nationwide, the CPACE model has proven to be successful in driving clean energy investments.

Addressing Concerns and Misconceptions

Despite the widespread support for CPACE financing, some critics, including State Treasurer Dale Folwell, have raised concerns about potential risks associated with the program. Folwell has expressed worries about CPACE being perceived as predatory lending and its impact on small businesses. However, supporters of CPACE argue that the program is voluntary and provides commercial entities with an alternative financing option for clean energy projects.

Embracing Clean Energy for a Sustainable Future

As North Carolina moves towards a more sustainable and resilient future, programs like CPACE play a crucial role in promoting clean energy adoption and reducing carbon emissions. By making energy-efficient upgrades more accessible to businesses, the CPACE financing program not only benefits the environment but also strengthens the economy and enhances the state’s overall energy infrastructure.

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