SPRINGFIELD – The Illinois Finance Authority announced the launch of a statewide Property Assessed Clean Energy program to promote investment in electric vehicle charging stations, water conservation, and to stimulate the growth of renewable energy throughout the state. Under Illinois law, counties, cities, villages, and incorporated towns may create PACE areas at the request of for-profit and non-profit owners of commercial, industrial, and multi-family properties. C-PACE financing can be used by owners and developers of commercial properties to finance or refinance eligible clean energy improvements in connection with the renovation of existing buildings and new construction, in each case up to 25% of the value of the property.
“Here in Illinois, we are at the very forefront of the clean energy revolution,” said Governor JB Pritzker. “Thanks to the Illinois Finance Authority PACE Program, we are making it easier for communities throughout Illinois to advance our state’s clean energy goals like EV adoption and energy storage—all while attracting capital investment. This is exactly the kind of program that will help us achieve our goal of 100% clean energy by 2050.”
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