new financing tool for downtown property owners
Retrofitting historic buildings in our downtown neighborhood often requires upgrades to seismic, energy, and other systems that are prohibitively expensive yet crucial for building safety and efficiency. We’re pleased to share that, this past September, Skagit County adopted the Commercial Property Assessed Clean Energy and Resiliency (C-PACER) financing program, presenting a new tool for downtown Mount Vernon property owners to enhance their buildings' efficiency and resilience!
What is C-PACER?
C-PACER is a financing program that enables owners of commercial, industrial, non-profit, and multi-family properties to obtain private loans for projects aimed at improving energy efficiency, water conservation, renewable energy, and building resiliency. These loans offer competitive interest rates and no down payments, with repayment terms up to 30 years. They are paid as an assessment alongside property taxes and do not require personal guarantees. Instead, the loan remains with the property in the event of a sale, transferring the repayment obligation to the new owner.
What are the Benefits for Property Owners?
C-PACER financing offers several benefits to downtown Mount Vernon property owners:
Reduced Operating Expenses: Implementing energy-efficient upgrades can lead to significant savings on utility bills.
Enhanced Property Value: Investments in building improvements can increase property values, making them more attractive to potential buyers or tenants.
Improved Occupant Health and Comfort: Upgrades can create healthier indoor environments, enhancing safety and comfort for occupants.
Long-Term Sustainability: Resiliency improvements, such as seismic retrofits or fire suppression measures, can reduce vulnerability and extend the lifespan of buildings.
How Can I Participate?
Property owners interested in utilizing C-PACER financing can find more information on the Skagit County Planning & Development Services Department's C-PACER webpage.
We thank the Skagit County Commissioners for their leadership in adopting C-PACER. This decision supports economic development, promotes sustainability, and enhances the resilience of our built environment, not only in downtown Mount Vernon but across Skagit County.
