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MEDIA CONTACT: JACE RADKE | 702.229.2205 | 702.249.3514
City Of Las Vegas First In Nevada To Offer New Financing Tool For Sustainable Buildings
Property Assessed Clean Energy program provides energy efficiency finance for both new and existing commercial buildings
The city of Las Vegas is launching the Commercial Property Assessed Clean Energy (C-PACE), a new program designed to provide long-term investments in clean energy for commercial property owners.
Owners of existing commercial, industrial and multifamily buildings will be able to finance up to 100 percent of the cost of qualifying energy efficiency improvements and renewable energy projects for up to 25 years.
To be eligible, the project’s estimated energy cost savings must exceed the financing amount. For a new building, commercial property developers can use the program to finance up to 20 percent of the eligible construction cost. The property must be designed to meet or exceed the city’s building energy code.
Project financing is provided by private capital providers in an open market and repaid through a voluntary assessment placed on the owner’s property similar to a special improvement district assessment. Since the financing is tied to the property, the owner is not required to sign a personal guarantee and the C-PACE assessment can transfer to a new owner upon sale.
After a competitive search process, the city selected Sustainable Real Estate Solutions (SRS) to serve as the third-party administrator of the C-PACE program. SRS provides support services to C-PACE programs in 10 states. SRS will handle outreach, education, project underwriting and quality assurance services.
To introduce the program, SRS will conduct a free workshop for contractors serving existing buildings and real estate project developers on Thursday, Sept. 26, from 1:30 to 5 p.m. at the Development Services Center, located at 333 N. Rancho Drive, fifth floor, Great Basin Conference Room. To sign up please visit https://vegascpace.com/events.
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About Las Vegas C-PACE
The Las Vegas Commercial Property Clean Energy Program (C-PACE) was established in November 2018 when the City Council adopted Resolutions No. R-60-2018 and No. R-61-2018. For more information, visit the C-PACE program website.
About Sustainable Real Estate Solutions (SRS)
Sustainable Real Estate Solutions (SRS) partners with state and local governments to administer commercial property assessed clean energy (C-PACE) programs. Founded in 2010 by experienced commercial real estate and energy efficiency professionals, the company’s proprietary technology-enabled PACEworx™ Platform streamlines the management of the data-intensive C-PACE technical and financial underwriting process. SRS’s Investor Confidence Project-credentialed quality assurance methodology has facilitated more than $175 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.
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