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<br />
<br />Property owners may receive funding for their qualifying improvements only from capital providers
<br />pursuant to a Financing Agreement negotiated between the property owner and capital provider.
<br />Neither the statewide administrator, the local government, nor program sponsor are party to this
<br />agreement. In the Financing Agreement, the property owner agrees to repay a capital provider
<br />for the C-PACE financing provided, including, but not limited to, any finance charges, fees, debt
<br />servicing, accrual of interest and penalties, and any terms relating to the treatment of prepayment
<br />and partial payment, and the billing, collection, and enforcement of the C-PACE financing. The
<br />financing agreement between the capital provider and the property owner shall be negotiated by
<br />the parties, including all terms and conditions of repayment, including interest, penalties, and
<br />prepayment.
<br />
<br />Property owners are authorized to obtain C-PACE financing to:
<br />(1) Directly purchase the related equipment and materials for the installation or modification
<br />of a qualifying improvement.
<br />(2) Contract directly, including through lease, power purchase agreement, or other service
<br />contract, for the related equipment and materials used in the installation or modification of
<br />a qualifying improvement.
<br />
<br />Qualifying commercial property means any privately-owned commercial, industrial, agricultural,
<br />or multi-family real property with five (5) or more dwelling units. This includes properties owned
<br />by nonprofit, charitable, or religious organizations. C-PACE financing may be provided to
<br />qualifying commercial properties for:
<br />o The acquisition, construction (including new construction), adaptive reuse, lease,
<br />installation, or modification of qualifying improvements
<br />o The refinancing of existing properties or new construction that have had qualifying
<br />improvements installed for no more than three (3) years prior to the date of Project
<br />Application. Exceptions will be approved by EDPNC on a case-by-case basis.
<br />
<br />Qualifying improvements mean permanently affixed improvements on qualifying commercial
<br />property as part of construction or renovation, including one or more of the following:
<br />
<br />● Energy efficiency measure - equipment, component, or program change that reduces
<br />energy use and that meets or exceeds then-existing State and Federal building codes and
<br />efficiency standards or conservation codes. This includes, but is not limited to, energy
<br />produced from a combined heat and power system that uses nonrenewable energy
<br />resources. Examples of eligible measures may also include, but are not limited to: air
<br />sealing; installation of insulation; installation of energy-efficient heating, cooling, or
<br />ventilation systems; building modification to increase the use of daylight; window
<br />replacement; windows; energy controls or energy recovery systems; installation of electric
<br />vehicle charging equipment; installation of efficient lighting equipment; installations
<br />necessary for electrical connectivity; construction materials that use less carbon or have
<br />fewer emissions than comparable materials designed to serve the same purpose; or any
<br />other improvements necessary to achieve a sustainable building rating or compliance with
<br />a national model green building code.
<br />
<br />● Resiliency measure - equipment, component, or program change including, but not limited
<br />to, storm retrofits, flood mitigation, stormwater management (including but not limited to
<br />green and gray infrastructure), wind resistance, indoor air quality improvement, electric
<br />vehicle charging station, backup energy generators enrolled in an electric public utility
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