C-PACE Retrofit Financing Process
From your idea to project implementation
Getting Started
C-PACE (Commercial Property Assessed Clean Energy) offers innovative financing for green improvements to your property. The following process is what property owners can expect when working with the Connecticut Green Bank on a C-PACE financed project.
Application
1-2 days
Property Owner
Submit an initial application for C-PACE financing once you have a project you are interested in.
Green Bank
We will review your application and contact you with next steps.
Underwriting &
Documentation Collection
3-4 weeks
Property Owner
&
Green Bank
Financial Underwriting
We request documentation needed to assess the financial health of your property and business. We may come to you with follow-up questions or requests for additional information during our review.
Technical Underwriting*
We request documentation from your contractor related to the project and energy savings projections. The Green Bank’s technical team will review this documentation to ensure that the project is expected to save more than it costs over the useful life of the equipment. We may have follow-up questions or requests for additional information during our review.
*This process is not necessary for EV charging infrastructure projects.
Governance & Insurance Documentation
We request documentation from you related to your business’s governance structure. We will also request and review property and liability insurance certificates to ensure that coverages meet the requirements outlined in the C-PACE Financing Agreement.
Lender Consent
(if applicable)
Because C-PACE is a senior assessment, we will require that any existing property secured debtholders consent to subordinate to C-PACE by signing a form that we will prepare for you.
Project Approval
The Green Bank approves the project!
Closing
Green Bank
We work with the contractor to draft a disbursement schedule based on construction milestones. We send a draft Financing Agreement for your review and approval—this contains an estimated repayment schedule.
Property Owner
Review and sign Financing Agreement.
Green Bank
We send benefit assessment documents to the Town Clerk to be filed on your property’s land records.
Construction
1-2 days
Property Owner
Request funds as construction milestones are met. Construction interest will accrue on the disbursements at the rate outlined in your Financing Agreement.
Project Completion
Green Bank
We schedule a site visit with your contractor and our technical team to ensure the measures are installed as planned. After this, any remaining C-PACE funds are disbursed.
Loan converts to the term interest rate outlined in your Financing Agreement and the repayment schedule is finalized.
Billing &
Keeping in Touch
Green Bank
Our team works directly with you on billing. You will receive invoices at the same time as your municipality’s real estate taxes are billed.
Property Owner
Enjoy the benefits of green improvements for years to come!
