Commercial Property Assessed Clean Energy (C-PACE) is a financing mechanism designed to encourage energy and water efficiency improvements, renewable energy systems, and building resiliency projects for commercial properties. As a voluntary, open-market financing model, C-PACE allows commercial property owners to secure private low-interest, long-term loans for eligible permanently affixed energy source or energy-efficiency, water conservation, or resiliency improvements whereby the loan is placed on the property in the county land records as a special assessment. The financing is repaid annually by the property owner over the useful life of the improvements. As a property special assessment, 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.
In Oklahoma, C-PACE financing may be made available for commercial building improvements which include HVAC upgrades, boilers, chillers and furnaces, automated building controls, high efficiency lighting, building envelopes (insulation, windows, etc.), low-flow fixtures, solar, geothermal, electric vehicle charging stations, and other energy source, energy-efficiency, water conservation, and resiliency improvement projects.
In early 2020, during the shortest legislative session in state history, an amendment to the C-PACE amendment was approved by the legislature and signed by the Governor, establishing the legal groundwork for the C-PACE program that operates today.
Continuing through 2020 and with assistance from the Oklahoma Department of Commerce, Tulsa County officials, private sponsors, and many C-PACE stakeholders throughout the state and country, the Indian Nations Council of Governments (INCOG) with PACE Financial Servicing worked to design, develop and launch the Oklahoma C-PACE Program early 2021.
The first counties to become enabled authorizing Oklahoma C-PACE Program were Tulsa and Cleveland County. Tulsa County closed the 1st C-PACE project in May 2021. Canadian County became the third Oklahoma C-PACE enabled county in July 2021. As of Fall 2022, there are 9 counties in the program and we are actively working to expand C-PACE throughout the state and continue to add counties to the program. See the Participating Counties page for an updated county map!