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Wake County committee backs letting municipalities opt into new CPACE commercial financing program
Summary
The Wake County Growth and Economic Strength Committee voted Aug. 18 to advance a staff recommendation that municipalities be authorized to participate in North Carolina's new CPACE program by requesting county concurrence, rather than having Wake County administer CPACE countywide.
The Wake County Growth and Economic Strength Committee voted Aug. 18 to advance a staff recommendation that municipalities be authorized to participate in North Carolina's new CPACE program by requesting county concurrence, rather than having Wake County administer CPACE countywide.
Michael James, who briefed the committee, said CPACE is a financing tool authorized by Senate Bill 802 in 2024 that allows commercial property owners to secure private loans for eligible energy, resiliency, renewable energy and water-conservation improvements. Loans are repaid through liens placed on the property by the participating local government, which can produce longer payback terms and lower loan costs for owners and lenders.
"This is a relatively new program that…
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