The City of Asheville and Buncombe County announced on Mar. 12 that they have launched North Carolina C-PACE (Commercial Property Assessed Capital Expenditure), a new financing tool to help commercial property owners and developers fund energy efficiency, water conservation, and resiliency upgrades. To introduce the program, a free information session will be held on March 18 from 9 to 10 a.m. at 200 College St, Asheville.
The initiative aims to address the challenge of high upfront costs that often prevent sustainable building improvements. C-PACE offers long-term private capital for building upgrades, with repayment secured by a voluntary assessment and lien on the property rather than traditional loans.
According to the announcement, benefits of C-PACE include up to 100% financing for both hard and soft project costs with little or no upfront investment required. Financing terms can last between 20 and 30 years, which may result in energy savings that exceed payment obligations over time. The repayment obligation is tied to the property itself, so it transfers automatically if ownership changes hands. Upgrades made through this program are expected to increase property value by improving energy efficiency, resiliency, renewable energy use, and water conservation.
Eligible projects include high-efficiency lighting, HVAC systems, insulation, solar electric systems, wind or geothermal installations, flood mitigation measures, stormwater management improvements, roof reinforcements for wind resistance, indoor air quality enhancements, and water-saving fixtures. The Economic Development Partnership of North Carolina administers the program; local governments authorize participation while funding comes from private capital providers. Owners must be current on taxes and mortgages and obtain written consent from all existing mortgage holders before proceeding. Financing can cover up to 35% of a property’s value.
Asheville’s City Hall at 70 Court Plaza serves as the central administrative hub for municipal operations according to the official website. The city uses its City Plans initiative for long-term community engagement and planning focused on sustainable growth according to the official website. Asheville operates under a council-manager government structure with elected officials setting policy while a city manager oversees daily operations according to the official website. The city coordinates among departments such as Public Works and Planning to manage services according to the official website.
For those unable to attend the session in person, more information about C-PACE is available through resources provided by EDPNC.
