Older structures can now be updated to a clean energy level, thanks to the Colorado C-PACE program and the Larimer County Assessor’s Office working together to help Larimer County building owners upgrade their properties through a new financing program.
The Colorado Commercial Property Assessed Clean Energy [C-PACE] program https://copace.com/about/ is a state construction program designed to help building owners upgrade and modernize their property to be energy efficient, use cleaner types of energy and use water resources wisely.
Construction loans can be difficult and expensive to acquire, but with help from the C-PACE program, building owners can access private-sector financing with attractive repayment terms that are consistent with the life of the improvements, up to 25 years.
Modernization projects are most often large and require multiple deficiencies to be corrected. The C-PACE program enables several deficiencies to be addressed in an older structure at the same time.
“Partnering with the State of Colorado, the Larimer County Assessor’s Office is raising awareness for Larimer County building owners to upgrade and reduce the environmental footprint of their buildings,” said Larimer County Bob Overbeck. “The C-PACE program also supports our community’s goals of environmental responsibility, renewable energy, sustainability.”
Repayment is built-in to the local Larimer County Property Assessment process and added to the property owner’s property tax bill, with the repayment period up to 25 years.
“Larimer County and C-PACE work closely to promote CPACE financing to benefit property owners and businesses,” said Tracy Phillips Director of the CPACE program.
In most cases, the energy, water and efficiency savings will exceed the amount of the annual assessment payment. Plus, the C-PACE assessment is transferrable, so if the property is sold before the repayment obligation has ended, the assessment transfers to the next owner.
To learn more about the C-PACE program contact Larimer County Assessor Bob Overbeck at [970] 498-7050, or via email at [email protected] or Tracy Phillips, Colorado C-PACE Program Director at [720] 933-8143, [email protected]