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DENVER, CO – The House today passed legislation to help commercial property owners better finance water and energy efficiency upgrades and improve the resiliency of their properties. HB23-1005 passed by a vote of 46 to 15.
“We are one step closer toward making it easier for commercial property owners in Colorado to improve the efficiency of their buildings,” said Rep. Jenny Willford, D-Northglenn. “The C-PACE program is a widely-used, successful program to help commercial properties reduce water and energy usage. In the face of climate change, it is important building owners invest in resilient infrastructure and eco-friendly upgrades–our bill sets them up for success to reduce their carbon footprint.”
“We know the C-PACE program is successful, and our bill modernizes the process so more property owners can improve the resilience and efficiency of their buildings,” said Rep. Brianna Titone, D-Arvada. “By expanding this favorable financing mechanism, more building owners can make property upgrades that help them save water, cut down on energy usage and build more resilient structures. Investing in eco-friendly infrastructure is a smart move, and our bill increases opportunities to take advantage of the C-PACE program.”
HB23-1005 would help protect Colorado's environment and conserve water resources by expanding project eligibility and streamlining the financing process so more commercial properties in Colorado can take advantage of Colorado Commercial Property Assessed Clean Energy (C-PACE’s) program for eco-friendly property upgrades and investments.
The C-PACE program allows certain commercial and industrial buildings to finance energy improvement projects through a voluntary property tax assessment that is repaid over a 25-year term. Since 2016, the program has helped finance 116 different projects across the state, totaling almost $250 million in investments. The C-PACE program is currently utilized by 40 different counties, which make up 96% of Colorado’s commercial and industrial properties.