OAK BROOK – The Illinois Energy Conservation Authority, NFP (IECA), an Illinois tax-exempt 501(c)(3) nonprofit organization, is pleased to announce that it has been selected by Kankakee County as the program administrator for the Kankakee County Commercial Property Assessed Clean Energy (C-PACE) financing program for commercial real estate owners. The County is the latest to join a growing list of counties that have passed a C-PACE ordinance in Illinois.
“Kankakee County is extremely proud to establish a C-PACE program for the benefit of residents and businesses in Kankakee County,” said Kankakee County Board Chairman Andrew Wheeler. “C-PACE supports local economic development through energy efficient capital improvements, and is a great capital program for Kankakee County’s commercial real estate owners. We are excited to work with the Economic Alliance of Kankakee County and the IECA to realize the benefits of this great development tool.”
Introduced in Illinois in 2019, C-PACE is an innovative financing tool that provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects (“PACE projects”) to be installed in both existing or new commercial properties. C-PACE financing is currently available in 37 states, including the District of Columbia, and stimulates local economies by funding the upfront capital for PACE projects that may lower operating costs, generate clean energy, instill resiliency and promote water use conservation in commercial properties. From 2009 to 2020, C-PACE programs have funded more than 2,500 qualifying projects nationwide for a total of $2 billion, while also creating over 24,000 jobs.*
“The Kankakee County C-PACE program provides a convenient, cost-effective way for commercial real estate owners to attain up to 100 percent financing for clean energy and sustainability improvements that can be repaid through the property tax bill,” said Mark Pikus, president of the IECA. “We are thrilled the County passed a C-PACE ordinance and we look forward to working with the local constituents to further promote C-PACE program incentives.”
About The Illinois Energy Conservation Authority
The Illinois Energy Conservation Authority NFP, IECA, is an Illinois tax exempt 501(c)(3) nonprofit organization that was formed out of a commitment to bring innovative PACE program administration to the Chicagoland area. The IECA has compiled a team of collaborators, advisors and consultants with deep ties to the region and nearly eight years of experience in PACE around the country. The IECA is uniquely positioned to assist the Chicagoland area in establishing successful commercial PACE programs that will support greater economic development activity, as well as contribute to developing high performing buildings through installation of energy efficiency and clean energy technologies. For more information on IECA, visit www.iecaPACE.org