On October 17, 2022, Governor Pritzker and the Illinois Finance Authority (IFA) announced the launch of a statewide PACE (Property Assessed Clean Energy) program to spur investment in electric vehicle charging stations, energy efficiency, and water conservation, and to stimulate the growth of renewable energy and resilient building design throughout Illinois. The Illinois Finance Authority PACE program, now available to all Illinois counties and municipalities, is designed to reduce costs, improve service delivery, and create uniformity in Illinois’ Commercial Property Assessed Clean Energy (C-PACE) financing market.
Under Illinois law, counties, cities, villages, and incorporated towns may create PACE areas at the request of for-profit and non-profit owners of commercial, industrial, and multi-family (of 5 or more units) properties. C-PACE financing can be used by owners and developers of commercial properties to finance or refinance eligible clean energy improvements in connection with the renovation of existing buildings and new construction, in each case up to 25% of the value of the property.
Counties and municipalities interested in learning more about the IFA PACE Program are encouraged to visit its website here.
Press Release issued October 17, 2022 can be read here.