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BFA and clean‑energy advocates push revised C‑PACE bill to unlock private capital for building upgrades
Summary
A revised commercial Property Assessed Clean Energy (C‑PACE) bill would create a central administrator (the Business Finance Authority), fix technical drafting errors in the existing statute and provide towns with implementation support so private lenders can offer long‑term financing repaid via property tax assessments.
Representative Michael Vohs introduced House Bill 450 on behalf of Speaker Sherman Packard. The bill would create a modern commercial Property Assessed Clean Energy program to allow private lenders to finance eligible efficiency and resiliency upgrades on commercial and multifamily (5+ unit) properties, with repayment attached to property tax bills in participating municipal districts.
James Key Wallace of the New Hampshire Business Finance Authority told the committee the BFA was asked to rework earlier C‑PACE statutes after prior versions passed but produced no lending activity. The BFA examined other states’ programs, gathered stakeholder input from municipal, banking and developer groups, and proposed technical fixes to the statute: clarify that the financing instrument is not a mortgage; require lender consent from existing mortgage holders; set a 5‑unit minimum for multifamily eligibility; and authorise the BFA to act as a central administrator that provides standard documents, program administration and a single point of contact for municipalities.
Sam Evans‑Brown of Clean Energy New Hampshire endorsed the proposal as a market‑ready way to unlock private finance for long‑payback efficiency work. He said C‑PACE reduces risk for lenders by creating a stable, assessment‑backed repayment stream attached to the property, which helps owners unwilling to commit long payback periods proceed with upgrades. The committee discussed implementation mechanics — municipal opt‑in, district definition and how assessment line items would be administered — and asked for clarifications about whether projects could be combined with other programs; witnesses said projects can stack with other incentives but would require lender review and mortgage‑holder consent.
The Senate already passed a companion measure with two small drafting clarifications; the speaker’s office indicated the House may consider the Senate’s version on an expedited schedule. The committee took testimony but did not vote.
