Invest Atlanta has launched its Atlanta C-PACE program in an open market structure, providing property owners interested in C-PACE the flexibility to use their own private financing sources as opposed to the exclusive financing program offered previously.
The new program direction will maintain the existing benefits of the C-PACE structure, including attractive up-front capital to property owners and repayment schedules of up to 30 years, while creating a more streamlined process of approving financing.
“As the world community grapples with the global climate crisis, our Administration continues to explore new ways to incentivize responsible environmental stewardship—for residents and the business community,” said Atlanta Mayor Andre Dickens. “The C-PACE program is essentially a call to action for commercial property owners to join us in creating a more sustainable and resilient Atlanta.”
C-PACE is a version of PACE applicable to only commercial properties and is distinctive from R-PACE, which applies to only residential properties. C-PACE provides commercial property owners and developers low-cost, long-term financing paid back through an annual assessment on the organization's property tax bill. C-PACE financing is utilized for eligible energy efficiency improvements including, but not limited to, solar, water conservation, HVAC, and other clean energy improvements.
The Atlanta C-PACE program officially launched in April 2022, and in its first 18 months, four projects were approved totaling more than $16 million in financing, including Pullman Yards and the historic Flatiron and Grant buildings.
There is a robust pipeline of new construction and redevelopment projects, including community centers, multifamily housing, historic buildings and schools, which will further the City's clean energy goal of reducing greenhouse gas emissions by 40% by 2030 and reaching 100% clean energy by 2035.
What’s more, the expansion of C-PACE financing will facilitate the creation and preservation of affordable housing, the reduction of household energy burdens for low-income renters, job creation for minority contractors and a positive cash flow for the organization that can be used for development.
Learn more about the C-PACE program, eligibility and requirements here.