Cook County officials have announced the launch of the Commercial Property Assessed Clean Energy (C-PACE) program, which aims to help private building owners finance energy efficiency, water conservation, and renewable energy projects. The announcement was made by Cook County Board President Toni Preckwinkle, joined by Commissioners Moore and Degnen, Calumet City Mayor Michelle Markiewicz-Qualkinbush, leaders from the Cook County Bureau of Economic Development, the Illinois Energy Conservation Authority (IECA), and community partners.
The C-PACE program offers long-term, fixed-rate funding for both existing and new commercial properties throughout Cook County. Building owners can use this financing to pay for upgrades such as heating or cooling systems, lighting improvements, water pumps, insulation, solar panels, and other renewable energy projects.
“The C-PACE program provides us with an opportunity to redefine our approach to creating sustainable green practices and spur renewable energy investments in our County’s building infrastructure,” said President Preckwinkle. “This is a forward-thinking and necessary resource that will provide jobs and enhance the County’s ongoing efforts as a thought-leader in our fight against climate change.”
C-PACE financing is now available in 37 states including Illinois. Since its introduction nationally in 2009, more than 2,500 qualifying projects have been funded for a total of $2 billion. The program has also contributed to the creation of over 22,400 jobs nationwide between 2009 and 2020.
In Illinois since 2019, C-PACE allows commercial property owners to spread project costs over up to 20 years with repayment through an assessment on their property tax bill. This eliminates the need for upfront capital.
“Cook County’s passing of C-PACE legislation provides a significant opportunity to drive economic development, growth and education of the program’s benefits to local constituents,” said Mark Pikus, President of the IECA. “We look forward to assisting Cook County commercial real estate owners in implementing energy efficient capital improvements that not only enhance the net operating income and value of the property but also provide an array of benefits from job creation and business retention to tax savings.”
Xochitl Flores, Bureau Chief of Economic Development at Cook County stated: “The County is proud to partner with the Illinois Energy Conservation Authority to bring developers and building owners an attractive way to finance capital intensive building modernization projects. We are eager to engage the growing list of developers interested in the long-term benefits C-PACE will offer to enhance our sustainability efforts in Cook County.”
Jake Counne, founder and CEO of Wilder Fields—a company applying for C-PACE financing—explained how access helps his vertical farm reduce energy and water consumption: “By making C-PACE resources available to companies like Wilder Fields, President Preckwinkle is lowering what can feel like an almost insurmountable barrier to entry for innovators like us. While Wilder Fields has solid financial backing, access to programs like C-PACE with very favorable terms accelerates our ability to grow in an organic and responsible way.”
Calumet City Mayor Michelle Markiewicz-Qualkinbush added: “This is as an innovative tool that will provide companies with low-cost, long-term financing and investment for energy efficiency, renewable energy, water conservation, and facility resiliency projects. Even more importantly it will have a positive impact on the environment we leave for our children as well.”
Eligible properties include office buildings, hotels, retail spaces, agricultural sites, non-profits organizations’ facilities; industrial buildings; as well as multi-family properties with five or more units—all located within Cook County.
More information about applying for C-PACE financing can be found at www.cookcountyil.gov/CPACE.
