Mesa County commissioners this week agreed to let owners of commercial and industrial buildings take advantage of a Colorado program that facilitates financing of clean-energy investments, something the county previously had been reluctant to do.
The commissioners unanimously agreed to let the Colorado New Energy Improvement District conduct the Colorado Commercial Property Assessed Clean Energy Program, or C-PACE, within the county. The program is an initiative of the New Energy Improvement District, which was authorized under the New Energy Jobs Creation Act of 2010 and subsequent bills amending it.
The program allows eligible building owners to finance up to 100% of qualifying energy-efficiency, renewable-energy and water-conservation improvements. They obtain financing through private capital providers with repayment terms up to 25 years. Repayment occurs through a voluntary assessment, similar to a sewer district assessment, on a building ownerâs property tax bill. The an