The process of gradually repaying financing through scheduled C-PACE assessment payments over the term of the C-PACE financing.

The estimated value of a property immediately after construction or improvements are finished, assuming the project is complete but not yet fully leased or operational.

The estimated value of a property once it has reached normal occupancy levels and consistent operating income, reflecting long-term performance.

A voluntary special property tax assessment placed on a property to repay financing used for eligible improvements through a C-PACE program.

A jurisdiction or geographic area where a C-PACE program has been authorized and C-PACE assessments may be recorded.

The legal claim recorded against a property that secures repayment of C-PACE financing through a non-accelerating special assessment collected with property taxes.

The official record maintained by a local government listing properties subject to special assessments, including C-PACE assessments where applicable.

The length of time over which C-PACE financing is repaid through property tax assessments.

The transfer of the right to receive C-PACE assessment payments from one capital provider or investor to another.

A unit of measurement used to describe changes in interest rates or yields, where one basis point equals 0.01%. For example, 100 basis points equals 1%.

A special, non-accelerating assessment lien placed on a property to secure repayment of C-PACE financing, typically collected in the same manner as property taxes.

The measurement and comparison of a building’s energy use against similar buildings or standardized metrics to identify efficiency opportunities.

Short-term financing used to cover project costs until long-term C-PACE financing is secured or until C-PACE proceeds are disbursed.

The process of verifying that building systems are installed, calibrated, and operating according to design specifications and owner requirements.

A financing mechanism that allows commercial and other eligible property owners to fund energy efficiency, renewable energy, water conservation, and resiliency improvements through a voluntary, non-accelerating special property tax assessment that runs with the property and is repaid on the property tax bill.

The feature of a C-PACE assessment whereby the repayment obligation remains with the property and automatically transfers to a new owner upon sale, unless the assessment is prepaid.

A condition where projected annual utility and operating cost savings from C-PACE-financed improvements are greater than the annual C-PACE assessment payments.

A lender, financial institution, investment fund, or other entity that supplies the capital used to finance C-PACE projects.

The combination of financing sources used to fund a project, which may include C-PACE, senior mortgage debt, mezzanine debt, tax credits, and equity.

The final step in a C-PACE transaction when financing and program agreements are executed, required consents are obtained, and the C-PACE assessment is recorded.

The evaluation performed by the program administrator to confirm that a project meets C-PACE program guidelines, statutory requirements, and underwriting standards.

A payment disbursed during construction based on completed project milestones or incurred costs, in accordance with the C-PACE funding or financing agreement.

A company responsible for designing and/or installing eligible improvements financed through C-PACE, often required to meet program qualification or registration standards.

Reductions in energy, water, maintenance, or other operational expenses resulting from installed C-PACE-financed improvements.

The total amount required to repay principal and interest on financing, including C-PACE assessment payments over the term.

A financial metric that compares a property’s net operating income to its total debt service to evaluate whether property income can support debt payments, including the C-PACE assessment.

The failure to meet financial obligations under the terms of a financing agreement, including missed C-PACE assessment payments.

Necessary building repairs or replacements that have been postponed and may be addressed through C-PACE-financed improvements where permitted by program guidelines.

Failure to make a scheduled C-PACE assessment payment when due, which may trigger collection actions under applicable tax enforcement procedures.

An individual or company responsible for planning and executing real estate development projects that may incorporate C-PACE financing in the capital stack.

Technologies or upgrades that reduce building energy use, such as high-efficiency HVAC, lighting, or building envelope improvements.

Energy efficiency, renewable energy, water conservation, electric vehicle charging, and resiliency improvements that qualify for C-PACE financing under applicable state law and program guidelines.

A property type that may participate in a C-PACE program, typically including commercial, industrial, agricultural, non-profit, and multifamily (5+ units) buildings as defined by program guidelines.

An engineering assessment that analyzes building energy use and identifies potential energy conservation measures and efficiency opportunities.

A set of regulations that establish minimum energy efficiency requirements for buildings, typically governing design, construction, and performance standards.

Specific upgrades, systems, or operational changes designed to reduce energy consumption, often identified through an energy audit or engineering study.

A professional responsible for evaluating energy performance, modeling, and savings projections for C-PACE projects.

The process of simulating building energy performance to estimate baseline consumption and projected savings from proposed improvements.

An estimate of future energy savings resulting from C-PACE-financed improvements, typically expressed in energy units and cost savings.

A document prepared by an engineer or qualified professional outlining project scope, baseline conditions, proposed measures, and projected savings for a C-PACE project.

Ownership interest in a project or property after accounting for all outstanding debt obligations.

Equipment and related electrical upgrades that provide charging for electric vehicles and may qualify as eligible improvements in some C-PACE programs.

The legal contract outlining the terms and conditions of C-PACE financing, including amount, interest rate, term, fees, and repayment through a special assessment.

The process of evaluating a C-PACE project’s financial viability, risks, and ability to support the proposed assessment based on property value, cash flow, and capital stack.

The legal process through which unpaid property taxes or special assessments, including C-PACE assessments, may be recovered through the sale of the property under applicable law.

A contract outlining the terms, conditions, and procedures under which C-PACE financing is provided and disbursed for a project.

A sustainability certification, such as LEED or similar programs, that recognizes environmentally responsible construction and operation.

A long-term lease in which a tenant leases land from a property owner and is typically responsible for constructing and maintaining improvements on that land.

Direct construction costs for materials and labor, such as equipment purchase and installation, that may be financed as part of a C-PACE project where allowed by program rules.

Building systems that regulate indoor climate and air quality, commonly upgraded through C-PACE-financed energy efficiency improvements.

The estimated operational lifespan of installed equipment or building improvements used to determine appropriate C-PACE term and eligibility.

The rate charged on borrowed funds used for C-PACE financing, typically fixed for the term of the assessment.

A pooled investment vehicle that finances multiple C-PACE projects, often by purchasing C-PACE assessments or funding capital providers.

An entity that provides capital for C-PACE projects, either directly as a capital provider or by purchasing C-PACE assessments or securities.

A C-PACE assessment payment that is not made by the scheduled due date and may be subject to penalties or interest as defined by the local jurisdiction.

Approval from an existing mortgage lender allowing a C-PACE assessment to be placed on the property, often required by C-PACE program guidelines.

A legal claim on property used as collateral for repayment of a debt, including C-PACE assessment liens.

The legal order in which creditors are repaid if a property is foreclosed, with C-PACE assessment liens often having parity with other tax liens as defined by statute.

A ratio comparing total financing amount secured by a property—including C-PACE—to the property’s value, used as a common underwriting metric.

The municipality, county, or other local government that authorizes a C-PACE program and allows C-PACE assessments to be placed on properties within its jurisdiction.

The process of confirming that installed improvements achieve expected performance and savings, using agreed-upon measurement and verification protocols.

The program-defined cap on C-PACE financing, often expressed as a percentage of property value, tax-assessed value, or total capital stack.

Written approval from a mortgage lender acknowledging and consenting to the placement of a C-PACE assessment on the property.

The financial institution or entity providing the primary mortgage loan on the property.

The income generated by a property after operating expenses but before debt service, used to assess the property’s ability to support C-PACE and other debt.

Use of C-PACE financing to fund qualifying measures in ground-up development, major renovation, repositioning, or gut rehabilitation projects.

Financing in which repayment is secured primarily by the property and the C-PACE assessment lien, with limited or no recourse to the borrower’s other assets.

The agreement establishing the non-accelerating special property tax assessment used to repay C-PACE financing, including key terms and conditions.

The collection of C-PACE projects or assessments financed within a given program, jurisdiction, or investment vehicle.

A state-authorized program that enables financing of qualifying improvements through voluntary property tax assessments.

The rules, standards, and procedures governing participation in a C-PACE program, including eligibility, underwriting, and technical requirements.

A comprehensive document outlining the policies, procedures, eligibility requirements, and administrative processes governing a specific C-PACE program.

A formal publication summarizing program activity, performance metrics, and outcomes, often used for transparency, stakeholder communication, and policy support.

A building improvement project financed in whole or in part through C-PACE.

The voluntary, non-accelerating special assessment added to a property tax bill to repay C-PACE financing for eligible improvements.

State legislation authorizing PACE financing programs and establishing legal authority for special assessments and liens.

The process of structuring, underwriting, approving, documenting, and closing a C-PACE project and assessment.

A municipality, county, or other local government that has taken the required steps under state law to enable C-PACE financing within its boundaries.

A contractual assurance, often provided by a contractor or equipment provider, that installed equipment or measures will meet specified performance levels or savings.

The financial and operational performance of multiple C-PACE projects or assessments within a portfolio, program, or fund.

An initial submission used by a C-PACE program administrator to screen property, project, and ownership eligibility before a full application is prepared.

Early repayment of C-PACE financing before the scheduled term ends, subject to any prepayment conditions or fees specified in program and financing documents.

An organization responsible for managing the C-PACE program on behalf of state or local governments, including marketing, underwriting, approvals, and reporting.

The policies and procedures governing participation in a C-PACE program, including technical, legal, and financial requirements.

An agreement between a local government and the C-PACE program administrator authorizing implementation of the program and placement of assessments within the jurisdiction.

The total cost of improvements financed through C-PACE, including eligible hard costs and allowable soft costs.

The process of planning, designing, financing, and implementing improvements for a C-PACE project.

Administrative review confirming that a property and proposed improvements meet C-PACE program requirements and statutory criteria.

Projects currently under identification, development, underwriting, or approval within a C-PACE program or investment platform.

The legal owner of the property receiving C-PACE financing and responsible for payment of the C-PACE assessment.

The tax statement through which C-PACE assessment payments are billed and collected by the local tax authority.

A contractor that has met a C-PACE program’s qualification, registration, or training requirements and is authorized to develop or install eligible improvements.

A determination issued by a credit rating agency confirming that a C-PACE assessment will not negatively impact the rating of an existing securitized mortgage or bond.

The process of registering the C-PACE assessment in official property and/or tax records, creating the assessment lien on the property.

A company that owns, operates, or finances income-producing real estate and often has specific requirements or considerations when participating in C-PACE financing.

Technologies and systems that generate energy from renewable sources such as solar, wind, geothermal, or biomass, as defined by program guidelines.

Upgrades that improve a building’s ability to withstand or recover from environmental and climate-related risks, such as flooding, storms, extreme heat, seismic events, or wildfires, where eligible under C-PACE programs.

The process of upgrading existing building systems or components to improve energy efficiency, water efficiency, or resiliency.

A contractual commitment, typically provided by an energy service company (ESCO), ensuring that a project will achieve a specified level of energy or cost savings.

A metric comparing projected savings over the useful life of improvements to the total project cost, often used to evaluate cost-effectiveness.

Structural and non-structural upgrades designed to improve a building’s performance during earthquakes, where permitted as eligible C-PACE improvements.

A type of commercial mortgage-backed security (CMBS) structure where a single borrower and single property secure the loan, often requiring additional scrutiny for C-PACE inclusion.

Indirect project costs such as design, engineering, energy studies, permitting, legal, and certain program or financing fees that may be included in C-PACE financing as allowed by guidelines.

A charge placed on property taxes to fund specific improvements or services, including C-PACE assessments where authorized by statute.

An agreement that places one lien or claim behind another in repayment priority in the event of default or foreclosure.

Building upgrades that improve environmental performance, such as reduced emissions, resource conservation, or improved indoor environmental quality.

The process through which governments collect property taxes and special assessments, including C-PACE assessments.

A legal claim placed on property for unpaid taxes or assessments, potentially including delinquent C-PACE assessments.

The official list of taxable properties maintained by the government, including those with special assessments such as C-PACE.

The repayment period for C-PACE financing during which C-PACE assessments are billed and collected.

An independent evaluation of project technical assumptions, cost estimates, savings projections, or valuation prepared by a qualified reviewer not directly involved in the project.

The financial and technical analysis used to evaluate the feasibility and risks of a C-PACE project and determine whether it meets program and capital provider requirements.

Reductions in electricity, gas, water, or other utility costs resulting from C-PACE-financed improvements.

The assessed or appraised value of a property used for underwriting, loan-to-value limits, or other C-PACE program criteria.

Improvements designed to reduce water consumption, such as efficient fixtures, irrigation, or leak detection systems.

Strategies and technologies that reduce water usage in buildings while maintaining desired service levels.

Building and site measures designed to reduce the risk of ignition and damage from wildfires, where permitted as eligible C-PACE resiliency improvements.

A building that, on an annual basis, produces as much energy from on-site or nearby renewable sources as it consumes.