HB23-1005 would protect Colorado’s environment and preserve water resources by expanding project eligibility for the C-PACE program and streamlining its approval process
DENVER, CO – Today, Senators Sonya Jaquez Lewis, D-Longmont, and Janice Marchman’s, D-Loveland, legislation to help commercial property owners better finance water and energy efficiency improvements and increase property resilience passed the Senate.
HB23-1005 would expand the Commercial Property Assessed Clean Energy Program (C-PACE) to include resiliency and water efficiency improvements, such as addressing structural integrity, indoor air quality, and storm water control. This bill would help more commercial properties in Colorado take advantage of C-PACE’s financing program for eco-friendly property upgrades and investments.
“Just over a year ago, the Marshall Fire damaged more than 30 commercial buildings in my home county of Boulder. As these kinds of extreme weather events become more frequent because of climate change, it’s important that we do everything we can to make commercial and industrial properties more resilient,” Jaquez Lewis said. “This bill expands and streamlines the successful C-PACE program, so more properties in Colorado can prepare for natural disasters while reducing their carbon footprint.”
“We know many commercial building owners and developers want to make water and energy efficiency upgrades, and our bill makes the process easier so businesses can begin their energy efficiency improvements sooner,” said Marchman. “I’m proud to support measures that invest in eco-friendly infrastructure and improve Colorado’s sustainability for years to come.”
The C-PACE program allows certain commercial and industrial buildings to finance energy improvement projects through a voluntary property tax assessment with repayment terms up to 25-years. Since 2016, the program has helped finance 116 different projects across the state, totaling almost $250 million in investments.
HB23-1005 now heads back to the House for consideration of amendments. Follow the bill’s progress HERE.