The Illinois Energy Conservation Authority NFP (IECA) has been selected by Will County as the program administrator for the Will County Commercial Property Assessed Clean Energy (C-PACE) financing program for commercial real estate owners. The passing of the C-PACE ordinance by the Will County Board makes it the fifth county-wide C-PACE program in Illinois.
“It is exciting for Will County to continue to lead the region in energy, sustainability and economic development by establishing their own C-PACE Program,” said Will County executive Denise Winfrey. “This program enables commercial entities to capitalize on low-cost opportunities to save on energy costs through more efficient buildings. The program also initiates more renewable energy projects and resiliency measures that may have not been possible before.”
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 22,400 jobs.
“We are pleased with Will County’s unanimous passing of the ordinance establishing a C-PACE program and welcome them to the growing list of Counties the IECA is supporting in enhancing local economic development through energy efficient capital improvements,” said Mark Pikus, president of the IECA. “This is a great program for Will County’s commercial real estate owners, and we intend to work with the local constituents to further promote the C-PACE program benefits.”
The IECA is uniquely positioned to assist the region in establishing successful C-PACE programs that will support greater economic development activity, as well as facilitate developing high-performing buildings through the installation of energy efficiency and clean energy technologies.