Minnesota C-PACE Financing
How MinnPACE Works
Through state legislation, the Saint Paul Port Authority is designated as the C-PACE program administrator with a statewide reach. Marketed as MinnPACE, the Port Authority works directly with Minnesota cities and counties to establish joint powers agreements. These agreements give MinnPACE the authority to place C-PACE assessments on properties where the owner has consented to the agreement.
The actual funds borrowed come from one of the following sources:
- TrillionBTU Loan Program. This is a Saint Paul Port Authority loan program that is available statewide.
- Local Credit Unions. Several credit unions across the state fund C-PACE transactions that are then administered through MinnPACE.
- National Funding Sources. There are numerous organizations that fund multi-million dollar C-PACE loans, including new construction projects.
To learn more about PACE financing nationwide, go to pacenation.org.
- Commercial property owners are able to invest in energy efficiency projects and solar or renewable energy upgrades with no upfront costs.
- Utility savings exceed payment obligations, making investments cash positive for commercial property owners and tenants.
- Payments are rolled into a special tax assessment made payable twice per year as part of the building owner’s property taxes; the first payment is due in May of the following year.
- The program is tax neutral with no financial exposure to cities or counties.
- Energy improving investments promote local jobs.