Las Vegas commercial property assessed clean energy, (C-PACE), is an energy efficiency financing program that has been adopted by more than 30 states, counties and cities. The financing is provided by private capital providers in an open market, which provides property owners with competitive, private financing. The financing is secured through a voluntary benefit assessment and assignable lien that is levied against the owner’s property and repaid to the capital provider. The term is typically based on the useful life of the improvements and can extend up to 25 years.

Because the long-term financing can cover up to 100 percent of a building’s modernization project cost and often requires no money down, C-PACE enables property owners to make substantial upgrades to their buildings. The project’s energy savings outweigh the C-PACE payments, which creates positive cash flow for the property owner, and whose upgraded building is likely to be more valuable after a C-PACE project has been completed.