SolarPACE is claimed to solve most credit challenges found in commercial solar project financing, since C-PACE is secured by a parcel tax assessment with payments billed through ordinary property taxes. Source: Solaria
Solar module technology provider Solaria and CleanFund Commercial PACE Capital – the leading Commercial Property Assessed Clean Energy (C-PACE) financier – have announced a partnership on building-integrated solar (BIPV) known as SolarPACE.
SolarPACE is based on state and local government programmes that allow property assessed clean energy (PACE) financing to be recorded as a special property tax assessment.
The partnership aims to make the integration of solar into buildings more affordable, as the architectural solar market expands. BIPV not only provides clean power, but raises property values. By partnering with CleanFund, Solaria, already a leader in the BIPV arena, will now leverage its customizable product line through commercial building owners.
SolarPACE maximises the availability of long-term incentives to developers who implement BIPV into commercial projects. The collaboration lowers project costs for commercial property owners while aiming for net zero energy. Tax incentives of PV system ownership can be directly captured by property owners, and there are shared benefits available between owners and single or multiple tenants in leased properties.
“We aim to partner with companies that are driving the adoption of innovative clean energy solutions,” said Joshua Kagan, vice president of Sales at CleanFund. “This is no exception - Solaria is paving the way for the mainstream adoption of architectural solar. And, with SolarPACE financing, the decision to incorporate this technology is now more accessible than before.”
“Solaria is privileged to partner with the leading provider of a nationwide financing platform that makes building improvements affordable for commercial property owners,” said Udi Paret, general manager of Solaria’s Building Solutions. “Now we can offer customers a viable option for funding and installing an architectural solar system, especially important for net zero energy projects. This is a significant competitive advantage for our industry partners who offer their own warrantied ‘powered-by-Solaria’ architectural solar products.”