County adoption of CPACER
In the 2020, Washington authorized CPACER, or commercial property assessed clean energy and resiliency. This allows a property owners to secure low-cost, long-term financing for qualifying improvements, including energy efficiency, renewable energy, water conservation and resiliency projects. The loans are secured by a lien on the property that is held by the county; the loan is part of the property, it transfers with the property, and is not a personal debt obligation of the owner. This is a way to get funding for projects that may take a long time to pay off, in an economy where owners may only be holding property for a few years. It applies to agricultural, commercial, and industrial properties and of multifamily residential properties with five or more dwelling units. 37 other states have similar programs.
We would like CPACER to be approved by King County, so that owners qualifying properties in the county may take advantage of this, and for the county to publicize it so property owners are aware of their options. This will allow funding for many of the sorts of improvements that are necessary for mitigating climate change: electrifying buildings and improving their efficiency.
ShiftZero has much more information about CPACER here.
In the Media
From the Northwest Energy Coalition, Washington enacts law to spur building efficiency, resilience upgrades.
From the National Law Review, Keeping “PACE” in Commercial Real Estate Improvements