Commerce Announces Montana’s First Commercial Property Assessed Capital Enhancement Districts
The Montana Department of Commerce announced today Montana’s first two Commercial Property Assessed Capital Enhancement (C-PACE) districts. Through Commerce’s Montana Facility Finance Authority (MFFA), commercial building owners in Park County and Missoula County will be able to utilize C-PACE financing for energy efficiency upgrades and renewable energy investments for local businesses.
“This is the first step for businesses to perform energy efficiency and water consumption upgrades to existing buildings or for new construction,” Commerce Director Scott Osterman said. “It’s a great step for Montana businesses, counties, and the state as a whole,” Osterman added.
Montana C-PACE brings value to Montana commercial building owners by improving their bottom line. The program can cover up to 100 percent of eligible project costs and payments are repaid through a special property tax assessment with terms up to 20 years. As a result, projects become cash positive from day one.
C-PACE is a fit for most industries including farms, commercial office buildings, nonprofit organizations (including places of worship), and multi-tenant buildings. Common investments include solar panels, HVAC systems, lighting, motors, and more.
“These are the first districts but certainly not the last,” said MFFA Executive Director Adam Gill. “The MFFA is in talks with more than 16 other counties to establish C-PACE districts, which would mean commercial property owners within the county would be eligible for C-PACE financing,” Gill added.
Businesses within these C-PACE districts can apply for and receive energy efficiency upgrades on their buildings at preferable rates and terms with the added advantage of businesses saving money on wasted energy costs. To learn more about C-PACE financing, visit LASTBESTPACE.COM.