Commercial PACE financing for energy-efficiency projects is now available in DuPage County
The Illinois Energy Conservation Authority NFP (IECA) is pleased to announce that it has been selected by DuPage County as the program administrator for its commercial Property Assessed Clean Energy (PACE) financing program. The passing of the PACE legislation by the DuPage County Board makes DuPage County one of the first commercial real estate PACE (“C-PACE”) programs in Illinois.
“We are pleased to be among the first in Illinois to offer this tool to our DuPage commercial property owners. The PACE program provides a convenient, cost-effective way for businesses to make important improvements to their properties, resulting in energy efficiency and savings. We encourage these types of improvements because they benefit the environment and individual businesses, strengthening our local economy,” said DuPage County Board Chairman Dan Cronin.
Recently introduced in Illinois, C-PACE is an innovative financing tool that provides low-cost, long-term funding for energy efficiency, renewable energy and water conservation projects in commercial properties. PACE financing is currently available in 36 states and Washington, D.C. From 2009 to 2018, PACE programs have funded 1,934 qualifying projects for a total of $883 million, while also creating over 12,000 jobs.
“From working with stakeholders to develop the C-PACE law to implementing the program in Illinois, the IECA team has been in the forefront of bringing this beneficial program to Illinois,” commented Mark Pikus, president of the IECA. “We’re thrilled that DuPage County is offering the C-PACE program for its commercial real estate owners and we look forward to supporting the community’s economic development.”
The IECA is uniquely positioned to assist the region in establishing successful commercial PACE programs that will support greater economic development activity, as well as contribute to developing high performing buildings through installation of energy efficiency and clean energy technologies.
The IECA is a not-for-profit organization that was formed out of a commitment to bring C-PACE program administration to the Chicagoland area. For more information on IECA visit www.iecaPACE.org