Huntley facility lands C-PACE financing deal for energy and water improvements May 4, 2021
The Illinois Energy Conservation Authority NFP (“IECA”), an Illinois tax-exempt 501(c)(3) nonprofit organization, announced the closing of a $345,000 Commercial Property Assessed Clean Energy (“C-PACE”) refinancing deal for energy and water efficiency improvements installed for a self-storage facility in Huntley, Illinois.
The C-PACE program is an economic development tool that helps commercial property owners reduce operating expenses and improve the efficiency and sustainability of their buildings and operations. This transaction marks the first C-PACE deal financed in McHenry County.
Like traditional project financing, C-PACE uses borrowed capital to pay for upfront costs associated with energy efficiency or renewable energy improvements. However, the borrowed capital is repaid over time via a voluntary tax assessment, which allows for longer-term fin