C-PACE Financing

Flexible, sustainable, cost-effective capital

About C-PACE
Commercial Property Assessed Clean Energy is an innovative financing mechanism designed to fund energy efficiency, renewable energy, and resilience projects for commercial properties. C-PACE provides building owners with the capital necessary to fund energy-related deferred maintenance upgrades, support new construction costs, make properties more resilient, and provide access to renewable energy.

With its long repayment terms and property tax-based model, C-PACE minimizes upfront costs while maximizing environmental and financial returns.

What is C-PACE?

C-PACE provides property owners with:

  • Access to affordable, long-term financing.
  • Repayment model tied to the property tax bill, not the borrower.
  • A flexible solution for energy and sustainability investments.

Benefits:

  • Boosts property value.
  • Reduces operating costs.
  • Transferable to new owners upon property sale.
  • Fixed rate.
  • Typically off-balance sheet.
  • No impact on owner’s debt capacity.

Using C-PACE for your project

Need a low-cost, long-term, flexible source of capital for acquisitions, development and construction? Contact us now for a no-obligation analysis of your project.

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Where C-PACE Works

Programs are available in many states across the U.S., tailored to local regulations.

Eligible Measures

C-PACE funding covers projects that improve energy efficiency, reduce environmental impact, and enhance property resilience, including:

  • Renewable energy: solar panels, wind turbines, geothermal systems.
  • Water conservation: low-flow fixtures, irrigation systems.
  • Energy efficiency: LED lighting, HVAC systems, insulation upgrades.
  • Resilience measures: floodproofing, seismic upgrades, stormwater systems.

For Mortgage Lenders

Mortgage lenders also benefit from C-PACE financing:

  • Low cost: Rates are significantly lower than mezzanine debt or preferred equity.
  • Enhanced property value: Boosts property equity.
  • Improved cash flow: Reduces default risks by lowering property energy costs.
  • No impact on primary lien: Financing is a tax assessment, preserving senior lender priority.
  • Regulatory framework: Improvements must be approved by local administrator.
  • Non-accelerating: only current or past-due payments can be enforced through a tax lien.

Working with Windmill

The Windmill team has structured hundreds of property and entity financing transactions, including C-PACE.

  • As a former public REIT CFO, we understand your needs as a borrower.
  • 30 years financing experience with more than $4 billion in transactions completed.
  • Streamlined process to accelerate speed to close.
  • We work with your accountants for off-balance sheet treatment.
  • Expertise in state-by-state regulations and limitations.
  • Demonstrated commitment to reducing carbon intensity of the built environment.

Work with Windmill

With just some basic information, we can typically provide you with a preliminary term sheet for your project within 48 hours.

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