New hope for NYC’s struggling C-PACE program

After a half decade of sluggishness, a green lending program in New York City may finally get a much needed boost.

C-PACE, or Commercial Property Assessed Clean Energy, offers developers and owners low rate financing for green building upgrades through a tax assessment. When the city approved its own C-PACE program in 2019, hopeful lenders expected NYC to become a hot spot due to its large, aging building stock. But in the half decade since approval, the program has eked out only three projects.

Robbie Pinkas, senior vice president of originations at PACE Loan Group, said he expects to see numerous closings every quarter once the new guidelines are out.