More communities than ever are seeking innovative ways to allow their businesses to install solar energy, including a funding mechanism called Commercial Property Assessed Clean Energy (C-PACE). Under a C-PACE arrangement, businesses can pay off their solar arrays through their property taxes, usually offering no money down.
Now companies interested in installing solar through C-PACE have a new funding source.
CleanFund Commercial PACE Capital and Solaria announced a C-PACE partnership to make the integration of solar technologies into the building skin more affordable. Under this partnership, commercial building owners can use Solaria’s products to install on their businesses using money from the new SolarPACE fund.
The partners said they launched the fund to encourage innovative uses of building-integrated photovoltaics (BIPV) in commercial projects.
“We aim to partner with companies that are driving the adoption of innovative clean energy solutions,” said Joshua Kagan, vice president of sales at CleanFund. “With SolarPACE financing, the decision to incorporate this technology is now more accessible than before.”
Funding commercial solar projects often bedevils companies that want to install solar. The new fund will maximize cash flow with terms up to 30 years. With flexible options to utilize solar tax credits, SolarPACE enables building owners and developers to stay within project budgets and lower overall project costs.
“Now we can offer customers a viable option for funding and installing an architectural solar system, especially important for net zero energy projects,” said Udi Paret, general manager of building solutions for Solaria. “This is a significant competitive advantage for our industry partners who offer their own warrantied ‘powered-by-Solaria’ architectural solar products.”