In response to pandemic-related challenges and uncertainty, more commercial property owners are using Commercial Property Assessed Clean Energy (C-PACE) as a refinancing tool to raise cash and lower expenses. Demand for C-PACE refinancing continues to surge in 2021, fueled by ongoing business disruptions and capital restrictions among traditional lenders, along with broader availability and market awareness.

In fact, one C-PACE firm, Petros PACE Finance, nearly tripled its 2019 total transaction volume in 2020, with refinancing transactions across eight states in the last 12 months. This included more than $100 million in retroactive C-PACE transactions. Based on a pipeline in excess of $2 billion in C-PACE, Petros expects to close multiples of its 2020 volume this year.

“The economic crunch under the pandemic has led a lot of commercial property owners to seek alternative financing options, and we are fortunate to have helped so many of them – with refi transactions growing significantly as a percentage of total transaction volume,” said Mansoor Ghori, Petros CEO. “While C-PACE has been instrumental for owners weathering this storm, we’re seeing more interest than ever in C-PACE as a preferred refinance tool because it enhances the long-term financial performance and efficiency/sustainability of their properties.”