C-PACER bill advances through House and Senate

A bill to establish a C-PACER program passed the Legislature. HB 2405 authorizes a commercial property assessed clean energy and resiliency program (C-PACER) to provide owners of commercial properties (including agricultural, industrial, and multifamily residential properties) with low-cost, long-term financing for energy efficient improvements.

This bill authorizes the Department of Commerce to establish a voluntary C-PACER program that counties may choose to participate in. Counties can also establish a separate voluntary countywide C-PACER program.

C-PACER uses borrowed capital to pay for the upfront costs associated with energy efficiency or renewable energy improvements. Unlike other project financing, the borrowed capital is repaid over time via a voluntary tax assessment. Public funding is not necessary for a C-PACER project.

HB 2405 awaits Governor Inslee’s signature.