C-PACE is an initiative of the Efficiency Maine Green Bank
On July 26, 2022, the Efficiency Maine Trust hosted an online workshop regarding the proposed program design and implementation plans for Maine C-PACE .
The workshop was open to the public and provided a forum for the Trust to introduce a straw proposal of the program design for Maine C-PACE and an opportunity for questions and comments.
- Present a high-level overview of the proposed C-PACE program requirements and processes;
- Answer clarifying questions; and
- Obtain stakeholder feedback on key components of the proposed program design.
Files for Stakeholder Review
- Draft Guidelines (PDF)
- Draft Process Manual (PDF)
- Enabling Legislation – LD-340 (PDF)
- C-PACE Stakeholder Event PowerPoint Presentation (PDF)
Stakeholder Event Video
For more information, please send us an email or call 866-376-2463.
Background on Commercial Property Assessed Clean Energy (C-PACE) in Maine
Last year, the Maine Legislature enacted “An Act to Allow for the Establishment of Commercial Property Assessed Clean Energy Programs,” commonly known as “C-PACE” in June, 2021. The C-PACE Act authorizes Efficiency Maine Trust (the “Trust”) and municipalities adopting a C-PACE Ordinance to establish C-PACE programs.
The purpose of a C-PACE program is to accelerate installation of energy efficiency and renewable energy improvements on commercial property by facilitating, and improving the terms of, financing for such energy improvements.
A C-PACE program allows qualifying commercial real property owners to access financing to undertake qualifying energy efficiency and clean energy improvements on their buildings and repay the investment over time. Like other project financing, C-PACE uses borrowed capital from a Capital Provider to pay for the upfront costs associated with energy efficiency or renewable energy improvements. Unlike other project financing, the borrowed capital is securitized by a property tax assessment with an associated lien on the subject property. The security provided by the tax assessment results in several compelling features, including longer term financing and transferability of the repayment obligations to subsequent owners of the property. In turn, C-PACE strengthens the business case for investment in longer payback and deeper building retrofits beyond what may be possible with traditional financing.
C-PACE Program Design
Maine’s C-PACE Act provides for several program parameters on project eligibility (including a savings-to-investment ratio greater than 1.0) and underwriting criteria. Key details of the program design and rules must be established by the Trust. In preparation for the launch of its C-PACE program, the Trust has spent the past year researching program design options. To that end, the Trust has reviewed materials from other jurisdictions, met with national experts, and interviewed Maine-based stakeholders.
The Trust is now in the process of completing and publishing its first draft of the program materials and proposed process workflow.
The Trust will be seeking feedback on these materials through this stakeholder workshop and written comment period.