Legislation to encourage investments in clean energy
PIERRE, SOUTH DAKOTA – Commercial property assessed clean energy, or C-PACE, is a financing tool that allows businesses and nonprofits to make clean energy improvements to their properties. Today, the Center for Rural Affairs released a fact sheet which analyzes how C-PACE can benefit South Dakota’s businesses while furthering its clean energy portfolio.
According to the publication, 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 stays with the property regardless of ownership changes.
“C-PACE is a great resource for businesses, nonprofits, and other eligible organizations to invest in energy-saving features for their operations,” said Heidi Kolbeck-Urlacher, policy assistant at the Center for Rural Affairs and author of the fact sheet. “C-PACE programs across the region have yielded impressive results and are serving as a blueprint for states like ours that are considering adoption.”
This session, South Dakota lawmakers have introduced legislation to enact C-PACE. House Bill 1090 would authorize counties to establish voluntary C-PACE programs for property owners. It mirrors other PACE programs which are enacted in 36 states.
“Many states, including Nebraska, Colorado, and Minnesota, have seen the benefits of empowering property owners to invest in clean energy improvements,” said Kolbeck-Urlacher. “House Bill 1090 is designed to allow counties to establish C-PACE programs that meet the unique needs of South Dakota’s property owners.”
To view the fact sheet, visit cfra.org/publications/FactSheetCPACE.