Tulsa County Launches C-PACE, Closes First Loan

For Immediate Release

May 5, 2021

Contact: Adriane Jaynes| 918-579-9494 | [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.

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Oklahoma C-PACE Program Guidelines are Complete!

For Immediate Release

October 23, 2020

Contact: Adriane Jaynes| 918-579-9494 | [email protected]

We are pleased to announce that the Program Guidelines for the Oklahoma C-PACE program are complete! The full text is available for download here.

Thank you to the Oklahoma C-PACE Steering Committee, stakeholders, lenders, and C-PACE experts and others from across Oklahoma and across the country for taking the time to provide us with your comments and feedback. Your input has made the program stronger and we are greatly appreciative of your time and effort.

Please note that C-PACE in Oklahoma is enacted at the county level through an enabling resolution. This document will serve as the C-PACE Program Guidelines for all counties in Oklahoma opting-in to Oklahoma C-PACE.

We are currently working with a number of counties to enact C-PACE. The program will be active in these counties in the coming weeks. If you have a potential C-PACE project and have not reached out to us to see if we are currently working with the relevant county regarding C-PACE, please do so. If you represent a county interested in enacting C-PACE, please let us know. Our staff are available for informational meetings to assist any county in establishing C-PACE in their community.

We look forward to fully launching Oklahoma C-PACE in select counties very soon. Thank you for your interest in this exciting program.