The Montville Town Council voted on Nov. 26 to engage Montville in a new state program that will allow our commercial, industrial and multi-family property owners to receive 100 percent upfront, low-cost, long-term, financing for clean energy upgrades to their properties. The Commercial Property Assessed Clean Energy program (C-PACE) is administered by the Clean Energy Finance and Investment Authority (CEFIA) as part of the state's Energize Connecticut initiative intended to help consumers save money and use clean energy.
C-PACE allows building owners to access capital to finance qualifying energy efficiency and clean energy improvements by placing a voluntary assessment on their property tax bill. Property owners pay for the improvements over time through this additional charge without having to use their own capital. The repayment obligation transfers automatically to the next owner if the property is sold.
C-PACE will help keep Montville a competitive and business-friendly city for building owners to locate. Montville has more than 20 buildings eligible for C-PACE and we hope many will take advantage of this new program. Please go to www.energizect.com/cpace for more information.