Illinois PACE Programs
- Program Name: Commercial Property Assessed Clean Energy
- Administrator: Varies
- Program Summary: C-PACE is a financing program that provides long-term, fixed-rate financing to building owners for renewable energy, energy efficiency, water efficiency, and resiliency projects. C-PACE is secured through an assessment lien on the property and is repaid over time as a line item on the property tax bill. If the building changes ownership during the payback period, C-PACE does not accelerate or become due. Rather, payments transfer to the new owner. Building owners work directly with private sector lenders to provide up-front costs for projects.
- Applicable Building Size: Any
- Eligible Projects: Energy Efficiency, Water Efficiency, Renewable Energy, EV Charging, Water Use Improvements, Resiliency Improvements
- Funding: Up to 100% of project costs. Financed amount may not be less than $100,000.
- Process:
- Determine Eligibility – some programs may require a pre-application
- Project Development
- Secure Financing with a capital provider/ lender
- Complete contract with capital provider and program administrator/ locality
- Loan funding and project execution
- Repayment – financing is repaid semi-annually on property tax bills.
- Advantages: Long-term payback (up to 30 years based on useful life of the equipment) makes larger projects cash flow positive quickly, fixed interest rate, funding covers both project costs and soft costs (such as engineering design and consulting)
- Disadvantages: Not all communities in Illinois participate in C-PACE programs
- Illinois C-PACE Programs:
- Illinois Energy Conservation Authority PACE
- City of Chicago PACE
- Illinois Finance Authority PACE
