INCOG has worked for the last year to bring Commercial Property Assessed Clean Energy (C-PACE) financing to Oklahoma. Already available in 22 other states, C-PACE is a new economic development tool initiated at county level to accelerate commercial development. C-PACE can significantly lower the cost of energy, water, and resiliency improvements for commercial buildings. Beginning this fall, C-PACE will be available to any county in Oklahoma at no cost to the county.
As a voluntary, open-market financing model, C-PACE allows commercial property owners to secure private, low-interest, long-term loans for eligible energy improvements via a voluntary assessment on their property which is then repaid in parallel with the county property tax system. The financing arrangement then remains with the property even if it is sold, facilitating long-term investments in building performance. The longer-term payback allows the efficiency improvements to pay for themselves over time.
On October 8, 2020, at 1:30 p.m., INCOG, Association of County Commissioners of Oklahoma, and the Oklahoma Department of Commerce will be hosting a webinar for County Commissioners, Treasurers, Assessors, and staff regarding the benefits of C-PACE and how INCOG can provide this tool at no cost to the county. Click here to register.