For Immediate Release
May 5, 2021
Contact: Nancy Graham| 918-579-9418 | [email protected]
Tulsa County launched a program to lower the cost of energy and water efficient construction in April and the first project was finalized today. Commercial Property Assessed Clean Energy Financing, commonly known as C-PACE is a tool used in 25 states to enable lower cost access to energy and water saving technologies, along with resilience measures and alternative energy – which can lead to substantial savings in operational costs over the life of a building.
Tulsa County is the first county in Oklahoma to enable C-PACE, launching a limited pilot program in December 2019, launching its full program in April 2021 and closing its first loan on May 5, 2021.
Tulsa County worked with INCOG and the Oklahoma Department of Commerce to develop Oklahoma C-PACE, which can be used in any county interested in establishing a C-PACE program at no cost to participating counties through INCOG. INCOG is working with several other counties to expand the program in the near future. Learn more at www.oklahomacpace.org.
Tulsa County Commissioner Ron Peters remarked, “We have worked for the last few years with our partners across the state and country to get this program running. We are excited to be the first County in Oklahoma to offer C-PACE, and proud to partner with INCOG and Department of Commerce to offer the program to other counties so they can leverage the countless hours our team has put into C-PACE to quickly enable access as our economy rebounds from the effects of COVID-19.”
C-PACE projects do not use grants or public funds. C-PACE enables private market loans, which are tied to the building’s property tax record as an assessment and paid annually. These assessments enable longer term loans, up to 30 years, and require no upfront payment. This mechanism lowers the upfront costs of such projects and allow property owners to utilize the realized energy savings to pay the loan. If the property is sold, any remaining assessment is passed to the new property owner.
On May 3, the Board of County Commissioners approved the first C-PACE assessment under Tulsa County’s fully launched Oklahoma C-PACE program for the new 40-bed Tulsa Rehabilitation Hospital in southeast Tulsa. The new hospital will feature energy efficiency improvements including LED lighting, wall and roof insulation, efficient windows, high-efficiency HVAC and water heating systems and low-flow fixtures. Petros PACE Finance was the direct lender selected by NKD Rehab to provide C-PACE financing.
INCOG is proud to administer Oklahoma C-PACE for Tulsa County. Along with its partners PACE Financial Servicing and Slipstream they look forward to expanding the program to any county in Oklahoma with interest in the program.