New Financing for Greening Houses of Worship

A new kind of financing is now available for houses of worship and other nonprofits that allows them to go green and save money immediately. Called C-PACE (Commercial Property Assessed Clean Energy), it provides 100% long-term low-cost private capital for major energy efficiency improvements and on-site renewable energy generation systems such as solar and geothermal. Projects are designed to be cash-flow positive from day one. “Commercial properties” include not only office and retail, but also industrial, agricultural, multifamily, and nonprofit or institutional properties such as schools, hospitals, and churches. Existing properties that can benefit from “deep retrofits” of energy-saving equipment, decarbonization (e.g., by replacing existing gas-burning furnaces and appliances with electrical ones, or “electrification”), and/or renewables can qualify for millions in long-term financing that is repaid from the utility cost savings. New construction using energy technologies that are “above code” can qualify to have 20-30% of their capital stack replaced by C-PACE capital. And properties that have had major improvements in the last two or three years can use C-PACE to refinance and recover the costs they incurred. This beneficial financing is available in Rochester, Monroe County, and many other cities and counties in Western New York and throughout the state, and is also available in a number of other states. Where projects are too small to qualify for C-PACE they can often be financed “on-bill,” i.e., by the utilities or by third-party energy suppliers. These and other kinds of clean energy improvements are being promoted by both for-profit and non-profit organizations. In Rochester and the Greater Rochester Region, PossibleRochester.com is an informational website created by Possible Planet, a climate action 501(c)(3) that spearheaded C-PACE for over a decade in New Jersey, and two of whose principals have now relocated to Rochester, where they hope to revitalize the area with this financing. Churches and synagogues, as well as related housing, elder care, and educational facilities, are often ideal candidates because of their high energy usage, large building footprints, and intensive service operations. Possible Planet is also looking to partner with other community-based non-profits, and share referral, placement, and origination fees with allied social-impact and faith-based organizations. Individuals can also earn commissions by referring projects and providing assistance to building owners and managers to fund carbon-reducing projects. For more information, please contact Victoria Zelin-Cloud at 908-507-3150 or victoria@possiblerochester.com (or .org).