Increasing your property’s value with renewable energy has always been appealing, though not always economically compelling. Onsite solar projects can provide reliable and significant electricity cost savings. Especially in Rhode Island, where electricity rates are among the highest in the country, properties with solar installations can differentiate themselves – and even draw a premium – for progressive tenants drawn by industrial expansion and economic growth. However, typical financing structures can severely limit the potential for these projects to become a reality for middle market commercial and industrial property owners.
However, a new option is quickly gaining popularity in the Ocean State: Commercial Property Assessed Clean Energy (C-PACE). C-PACE allows property owners to finance a solar project through voluntary charges on their property tax bill over the life the project. Following major successes in California and Connecticut, C-PACE legislation has been enacted in Rhode Island and 31 other states to help owners bring their properties into the new energy economy.
Read Nexamp Project Developer Michael Cucchiara’s full Op-ed in the New England Real Estate Journal.