McHenry Times

McHenry County was recently tapped by the Illinois Energy Conservation Authority as only the third community in the state to be chosen for a program intended to assist businesses in making energy-efficient improvement.

The decision places the county as the administrator for the newly dubbed McHenry County Commercial Property Assessed Clean Energy (C-PACE), according to a release posted by Connect Chicago. The program provides financing to commercial real estate owners in order to support their efforts to attain greater energy efficiency at their properties. 

“The C-PACE program provides a convenient, cost-effective way for businesses to attain up to 100% financing for energy-efficient improvements that can be easily repaid through the property tax bill,” McHenry County Economic Development Commission (MCEDC) President Jim McConoughey said in the release.

MCEDC President Jim McConoughey | LinkedIn

The state program was created in 2019. Not only is financing made available for improvements that make buildings more energy efficient, but there is also assistance available for renewable energy solutions and for efforts that address conservation of water resources.

“This is a great program for McHenry County’s commercial real estate owners, and we intend to work with the local constituents to further educate businesses on the C-PACE program benefits,” IECA President Mark Pikus, also president of Inland Green Capital, said in the release.

The Illinois Finance Authority (IFA) notes on its website that C-PACE's efforts are funded through bond financing. In order to receive the financing through a local municipality, a participating company has to agree to enter into a special assessment with the municipality, according to the IFA. 

The assessment contract is then assigned to the designated C-PACE authority. Funding for the project is then provided by the C-PACE authority issuing bonds for purchase by capital providers, according to the IFA.