Gallatin County Establishes C-PACE District to Assist Businesses With Energy-Efficient Projects
The Gallatin County Commission has established a C-PACE program in Gallatin County, which will provide financial help to small business owners who wish to invest in energy efficiency upgrades and renewable energy projects.
On Tuesday, April 12, commissioners approved a resolution to establish Gallatin County as a Commercial Property Assessed Capital Enhancement (C-PACE) district.
Commercial building owners evaluate and select qualified projects that fall under the categories of energy conservation measures or renewable energy systems. The building owners then secure financing from a bank or other financial institution. Gallatin County would then add an assessment to the building owner’s property tax bill, allowing the assessment to pay off the loan over 20 years as the project realizes energy savings from the improvements.
This program uniquely allows commercial property owners to invest in energy efficiency projects and solar or renewable energy upgrades with no down payment.
Qualified projects require utility savings to exceed payment obligations, making investments cash positive for commercial property owners and tenants.
The program is administered statewide by the Montana Facility Finance Authority. The program is tax neutral with no financial exposure to the county or to taxpayers.
Gallatin County Commissioner Zach Brown praised the district as a benefit to the county’s business community. It will ultimately lower the cost of doing business in Gallatin County, while also driving down energy consumption, he said.
“I’m glad Montana is finally getting on board, following the many other states who already have a C-PACE program on the books. This will be a great financing program for Gallatin County businesses looking to invest in energy saving projects,” Brown said.
For more information on eligible projects, program guidelines, applications, and any other questions, visit the Montana C-PACE Financing website at lastbestpace.com.
