County adoption of CPACER
Update 11/17/21: King County adopted 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.
King County is in the process of developing a C-PACER program, as called for in the Strategic Climate Action Plan. It is conducting a public survey, has draft guides, and has begun holding stakeholder workshops. It has a King County C-PACER page with all the information. 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