Wayne approves clean energy loan program

By OWEN WALSH
Posted 10/23/19

HONESDALE, PA — The Wayne County Commissioners recently approved the implementation of Commercial Property Assessed Clean Energy (C-PACE), a loan program that helps local businesses, nonprofits …

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Wayne approves clean energy loan program

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HONESDALE, PA — The Wayne County Commissioners recently approved the implementation of Commercial Property Assessed Clean Energy (C-PACE), a loan program that helps local businesses, nonprofits and other groups finance their clean energy projects. According to a press release, the decision makes Wayne County “the first rural county” to adopt the program.

C-PACE makes clean energy projects more financially viable for commercial property owners by allowing them to apply for a long-term, low-cost loan. The loan, which can cover up to 100 percent of a project’s upfront costs, gets paid back over a 20- to 25-year period. Ideally, the property owners’ savings on their yearly energy bill as a result of the project will be greater than the additional annual tax bill they pay to finance the C-PACE loan.

“For any commercial property owner that’s got issues with energy costs, that needs to improve their cash flow, a C-PACE loan is very advantageous,” said Jocelyn Cramer, former executive director of Sustainable Energy Education, Development and Support (SEEDS) and commissioner candidate, who helped spearhead adoption efforts.

Each state is responsible for approving C-PACE individually (PA approved it in June 2018), implementation is then up to local governments. The commissioners chose a nonprofit called Sustainable Energy Fund (SEF) to be the program administrator, which is responsible for reviewing and certifying projects that eligible for C-PACE.

According to Keystone Energy Efficiency Alliance, C-PACE loans have accounted for half-a-million dollars worth of investments nationally; that figure is expected to double over the next few years.
Local commercial property owners who are interested in C-PACE can visit www.pennsylvaniacpace.org for additional information on program development, guidelines and pre-application. Property owners can also call SEF at 610/264-4440 for assistance in finding a contractor or capital investor in their clean energy projects.

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