Local businesses can begin applying for NM C-PACE
Contact: Bruce Krasnow
Bruce.Krasnow@edd.nm.gov
(505) 795-0119
FOR IMMEDIATE RELEASE:
July 1, 2024
Gov. Michelle Lujan Grisham
Acting Cabinet Secretary Mark Roper
C-PACE Legislation Passes in Bernalillo County and City of Albuquerque
Economic Development Dept announces first NM C-PACE program open for
applications
SANTA FE, N.M. – Bernalillo County and the City of Albuquerque have
become the first local governments in New Mexico to pass legislation
opting into the New Mexico C-PACE program, Acting Economic Development
Department (EDD) Cabinet Secretary Mark Roper said today.
In 2023, the state adopted the C-PACE, Commercial Property Assessed
Clean Energy, program. The program assists eligible property owners
obtain long-term financing for a range of energy efficiency and
resiliency improvements. The financing is then secured via a special
improvement assessment on the improved property.
New Mexico-based Adelante Consulting Inc. has been contracted by EDD to
serve as statewide program administrator for the New Mexico C-PACE
Program. As such, Adelante is certifying program applications and
working with New Mexico counties to ramp up participation. For more
information visit www.nmcpace.com.
“C-PACE can make all the difference in supporting renewable energy
installations, reducing pollutants, and boosting property values,”
Nora Meyers Sackett, Director of EDD’s Office of Strategy, Science &
Technology. “We are pleased that the program will now be available to
property owners in New Mexico’s most populous county as we work to
expand C-PACE throughout the state.”
Bernalillo County adopted its ordinance with a 5-0 vote on May 28, 2024.
Commissioner Walt Benson sponsored the ordinance. The City of
Albuquerque passed its resolution (R-57), co-sponsored by Councilors
Tammy Fiebelkorn and Dan Lewis, on June 3, 2024, with a 9-0 vote.
“We all know how difficult it can be to make improvements to our
properties when we are hit with large expenses upfront. This program
incentive helps with that barrier and is an excellent way to motivate
business owners to improve their properties with more sustainable and
energy efficient measures,” District 4 County Commissioner Walt Benson
said.
“The special assessment program fills the void that often leaves
sustainability projects short of the total funds needed to make these
important property improvements,” District 7 City Councilor Tammy
Fiebelkorn, co-sponsor of the bill, said. “The program helps
commercial property owners cover 100% of the cost of a sustainability
project. These clean energy building improvements will create jobs and
increase local building values without using public funds or public
credit.”
The resolution’s co-sponsor, District 5 City Councilor and Council
President Dan Lewis, believes the program will greatly benefit the city
as the Improvement Special Assessment Act allows owners of eligible
commercial property to obtain long-term financing from private capital
providers for qualifying projects, encouraging more efficient and
resilient building projects to be funded and completed faster.
There is a waiting period for this legislation to be officially
published. Property owners can begin to submit project applications for
these jurisdictions, with the expectation that transactions can close
once the legislation is published (at the end of June). Information on
how to apply is available at www.nmcpace.com [2].
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EDD’s mission is to improve the lives of New Mexico families by
increasing economic opportunities and providing a place for businesses
to thrive. EDD’s programs contribute directly to this mission by
training our workforce, providing infrastructure that supports business
growth, and helping every community create a thriving economy.
New Mexico Economic Development Department
EDD.NewMexico.gov [1]