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Commercial PACE

The Florida Development Finance Corporation [FDFC] provides access to the Commercial PACE "Property Assessed Clean Energy" (C-PACE) program through a combination of Revenue Notes and Finance Agreements collected with a Non-Ad Valorem assessment on the property's tax bill.  An innovative financing structure that makes it possible for owners of commercial, industrial, multifamily, and nonprofit properties to obtain low-cost, long-term financing for energy efficiency,  renewable energy and wind hardening projects. Capital Providers can provide upfront financing to commercial property owners for qualifying improvement projects, and to collect the repayment through annual assessments on the property’s tax bill.

FDFC partnered with the Florida Resiliency and Energy District [FRED], a  Chapter 163.01 entity created by Interlocal Agreement between Fernandina Beach and Lake Clarke Shores to levy and collect the voluntary, Non-Ad valorem special assessment through the local Tax Collector’s office. 

Communities can join FRED through a resolution and membership agreement which enable property owners within their boundaries participation in the PACE program.

Depending on the effective useful life of the product, the PACE financing term may extend up to 30 years, resulting in utility and other cost savings that typically exceed the amount of the assessment payment.

Office Building

Eligible Borrowers

Roofers at Work

Qualified Improvements

Commercial property owner meeting the following requirements: 

  • Be located in a PACE enabled Florida community with the Florida Resiliency and Energy District. Click here to check FRED communities. 

  • Not been delinquent for the preceding 3 years or the property owner’s period of ownership, whichever is less;

  • No involuntary liens, including, but not limited to, construction liens on the property;

  • No notices of default or other evidence of property-based debt delinquency have been recorded during the preceding 3 years or the property owner’s period of ownership, whichever is less;

  • Property owner is current on all mortgage debt on the property.

Qualifying Improvements FS 163.08

A qualifying improvement shall be affixed to a building or facility that is part of the property and shall constitute an improvement to the building or facility or a fixture attached to the building or facility.

  • Energy Conservation and Efficiency Improvement

  • Renewable Energy

  • Wind Resistance

    • Exception of New Construction​

Typical Measures Funded by C-PACE:

  • HVAC

  • Elevators

  • Cogeneration

  • Lighting

  • Solar

  • Water Fixtures

  • Building Envelope

  • Roofing/Insulation

Building construction

Benefits of C-PACE Financing

The meaningful benefits of PACE Financing: 

  • Non-Accelerating

    • Only delinquent payments are collectible

  • Increase Cash Flow

    • Net operating income and asset value

  • Property Sales 

    • C-PACE is transferrable to the new owner

  • Repayment of Debt​

    • Repayment of debt is paid through property tax bill. ​

  • For Retrofits

    • 100% Funding

  • For New Construction

    • Typically 15-25% of total project costs

  • For Refinancing

    • Qualified improvements installed within the past 36 months are eligible​

  • Non-recourse​

    • No personal guarantee​

  • Fixed Interest Rates​

    • During the asset's useful life​​

Florida apartment building

C-PACE Assessments

C-PACE Assessments are the repayment of the C-PACE Financing. All C-PACE Assessments are Non-Ad Valorem assessments against the property with the qualified improvements. These Non-Ad Valorem assessments are adopted and managed through the Florida Resiliency and Energy District [FRED]. The schedule of repayment will determine the first date of collection through the property tax bill. A Summary Memorandum including the schedule of payments is recorded in the county of the property's taxing jurisdiction. 

Florida Tax Bill Cycles: 

November 1: Tax Bills are issued to property owners. 

March 31: Last date for tax bill payments to the Tax Collectors. 

April 1: Unpaid tax bills are considered delinquent. 

How will the assessment look on the tax bill?

In the Non-Ad Valorem section of the tax bill there will be a line item for either PACE Assessment or Florida Resiliency and Energy District. 

Download a Sample Tax Bill.

Hammer and peg

Connect with FDFC

Building Under Construction

Connect with an Approved Capital Provider

Connect with our office to discuss your project further and learn more. 


Connect with an approved Capital Provider

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