About Alaska C-PACE
Commercial Property Assessed Clean Energy, or C-PACE for short, is a financing tool for improving commercial buildings with energy efficiency measures or renewable energy systems. Unlike conventional construction loans, C-PACE is designed to work specifically with the unique needs and barriers of financing building improvements, including longer loan terms, off-book debt, and repayment that transfers with the sale of property just as does the savings generated by the building improvements. Debt associated with doing the improvements is repaid via a line item on local tax assessments.
Authorizing legislation was adopted into Alaska law in 2017 (AS 29.55.100) that allows local governments to create and manage C-PACE programs. The legislation was updated in 2022 (House Bill 227) to expand the legislation, allowing new construction, resiliency, and refinancing.
In January 2019, AEA was the recipient of a $300,000 competitive grant award from the United States Department of Energy that will provide critical administrative assistance for standing up C-PACE in Alaska. The primary outcome of this project was a functioning C-PACE in Alaska. The grant award resulted in the following deliverables:
- The development of C-PACE statewide program parameters and a handbook that includes draft resolutions/ordinances for tailoring by local jurisdictions as per statutory requirements
- The development of a marketing plan for C-PACE covering participating taxing jurisdictions as per statutory requirements; and
- The development and deployment of a business plan and marketing plan for a C-PACE statewide administrator.
The updated legislation required updated documents. AEA worked with a contractor and the Municipality of Anchorage to update the C-PACE documents. The C-PACE program handbook is still in draft form, but available here (an Alaska specific webpage).
Documents and Resources
Alaska C-PACE documents are maintained and updated here.
Municipality of Anchorage
The Municipality of Anchorage is the first local government in Alaska to adopt enabling ordinance for Alaska’s Commercial Property Assessed Clean Energy (C-PACE) program. Learn more at Anchorage C-PACE Financing here.
AK C-PACE 101
An introduction to commercial property assessed clean energy financing in Alaska.
Development of AK C-PACE
A workshop to solicit feedback on commercial property assessed clean energy financing in Alaska.
AK C-PACE for Local Government
Benefits and implications for local governments in offering commercial property assessed clean energy programs.