The Illinois Energy Conservation Authority, NFP (IECA), an Illinois tax-exempt 501(c)(3) nonprofit organization, has announce that it has been selected by Kankakee County as the program administrator for the Kankakee County Commercial Property Assessed Clean Energy (C-PACE) financing program for commercial real estate owners. The county is the latest to join a growing list of counties that have passed a C-PACE ordinance in Illinois.
Introduced in Illinois in 2019, C-PACE is an innovative financing tool that provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects (“PACE projects”) to be installed in both existing or new commercial properties.
C-PACE financing is currently available in 37 states, including the District of Columbia, and stimulates local economies by funding the upfront capital for PACE projects that may lower operating costs, generate clean energy, instill resiliency and promote water use conservation in commercial properties. From 2009 to 2020, C-PACE programs have funded more than 2,500 qualifying projects nationwide for a total of $2 billion, while also creating over 24,000 jobs.