Commercial property assessed clean energy, or C-PACE, is a financing tool that creates opportunities for businesses and nonprofits to make clean energy improvements to their properties. Adopting this legislation has the potential to grow South Dakota’s businesses while furthering the state’s clean energy portfolio.
C-PACE enables low-cost, long-term funding for energy efficiency, renewable energy, and water conservation projects for eligible properties. Financing is repaid as a special assessment on the property where projects are installed—meaning the value always stays with the property. Annual energy savings for C-PACE projects are designed to exceed the annual assessment payment, allowing property owners to save money right away.
The program would encourage businesses to invest in their area, creating jobs and using the local workforce to make energy-saving improvements to existing buildings or to build new buildings with these money-saving features. The C-PACE programs that exist across the region are serving as a blueprint for states like South Dakota that are considering adoption.
In South Dakota, House Bill 1090 would authorize counties to establish voluntary C-PACE programs for property owners. House Bill 1090 mirrors other PACE programs which are enacted in 36 states. The legislation is designed to allow counties to establish C-PACE programs that meet the unique needs of South Dakota’s property owners.
Nearby states have seen the benefits of empowering property owners to invest in clean energy improvements. As South Dakota’s landowners look to invest in clean, renewable energy, C-PACE allows the state to demonstrate leadership and encourage innovation in the market.
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