PACE Wisconsin Program to Receive Legislative Boost Following Funding of $53 Million in 2021
Date: 24 Feb 2022
The Wisconsin State Senate passed a bill (692) last week that will make the State’s C-PACE program a more vibrant tool for the finance of commercial building improvements and new construction. The program, which facilitated the private funding of more than $53 million(1) in energy efficiency and renewable improvements during 2021, will become more accessible to commercial and multifamily property owners as the proposed program enhancements include many more types of eligible projects. The bill expands the list of eligible projects to include energy reliability improvements, weather-related resiliency, electric vehicle charging stations and stormwater control.
“Expanding the list of eligible projects opens the door for owners to expand their scope of infrastructure improvements, which benefits both commercial property owners and the community,” explained Chris Kane, Executive Director of CounterpointeSRE, a national C-PACE capital provider. “The pending change in Wisconsin will have a positive impact on both the new construction and existing property types that have begun to use the PACE program as a significant part of their capital planning.”
The proposed program enhancements also include the removal of requirements that a project has guaranteed savings and for a contractor to guarantee these savings.
Renew Wisconsin explained in a press release that “the bill removes the requirement for energy and water savings to exceed project costs and would instead require that the owner obtain a third-party assessment of the anticipated energy and water cost savings from the proposed project and provide confirmation of proper installation after work is completed.”
Increasing energy efficiency and renewables will remains primary uses for the C-PACE program, but the addition of “energy reliability” will mean that increased resiliency can now stand on its own as a reason why a project is eligible.
Senate Bill 692’s next stop is the State Assembly for concurrence before it heads to Governor Tony Evers’ desk.
To learn more about how C-PACE fosters investment in commercial properties to the benefit of owners and community, please click here: About C-PACE financing.