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NEWS RELEASE
CITY MANAGER’S OFFICE
Please Contact Nicole Lise, 702-267-2053
Henderson, NV –The City of Henderson recently launched Commercial Property Assessed Clean Energy (C-PACE), a new program designed to provide long-term investments in clean energy for commercial property owners.
Owners of existing commercial, industrial and multifamily buildings will be able to finance up to 100% of the cost of qualifying energy efficiency improvements and renewable energy projects for up to 25 years.
The program can help qualifying property owners access long-term, private-sector financing for the installation of qualifying energy efficiency improvements and renewable energy projects. Improvements may include any construction, renovation or retrofitting of energy-efficient technology, clean energy systems, or qualifying waste heat recovery technologies that are permanently fixed to qualifying commercial property.
“C-PACE is a win-win program that, aside from lowering the utility expenses and increasing the value of improved properties, advances goals important to the City of Henderson including reducing energy and water costs, increasing renewable energy deployment, reducing greenhouse gas emissions, and creating local jobs,” said Director of Public Works Ed McGuire.
C-PACE projects must be designed such that the estimated energy cost savings, over the effective useful life of the qualified energy efficiency improvements and/or renewable energy improvements, exceeds the financing amount. Such projects create positive cash flow for the property owner.
An eligible project’s estimated energy cost savings must exceed the financing amount. For a new building, commercial property developers can use the program to finance up to 20% of the eligible construction cost. The property must be designed to meet or exceed the City’s building energy code.
Project financing is provided by private capital providers in an open market and repaid through a voluntary assessment placed on the owner’s property similar to a special improvement district assessment. Since the financing is tied to the property, the owner is not required to sign a personal guarantee and the C-PACE assessment can transfer to a new owner upon sale.
Commercial property owners seeking more information can visit https://hendersoncpace.com/.
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About City of Henderson: Incorporated in 1953, Henderson is Nevada’s second largest city with more than 317,000 residents. Henderson is a premier city, nationally recognized for its stunning parks, trails, master-planned communities, outstanding quality of life and patriotic past. Recognized as one of America’s Best Places to Live (MONEY and Liveability.com), one of America’s Best Cities (Business Week), one of the safest cities in America (Forbes, InsuranceProviders.com, Law Street Media, Movato.com), and a Bicycle Friendly Community (League of American Bicyclists), Henderson is a progressive and vibrant city committed to maintaining premier amenities and services for all who choose to live, learn, work and play in Henderson … a place to call home.