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MassDevelopment outlines CPACE financing and invites Northborough to opt in
Summary
MassDevelopment presented the Commercial Property Assessed Clean Energy (CPACE) program to Northborough Select Board, explaining private lenders provide long‑term financing for energy projects repaid via a municipal betterment assessment; staff were urged to follow up with MassDevelopment to assess workload and grant readiness.
Connor Glasheen, a MassDevelopment green‑finance specialist, told the Northborough Select Board on Nov. 24 that the Commonwealth’s Commercial PACE program lets commercial property owners access long‑term private financing for energy upgrades and new construction, repaid through a special betterment assessment on the property tax bill. "PACE allows commercial property owners to access financing for energy improvements," Glasheen said.
Glasheen described how the financing works: approved private capital providers supply funds up front; the municipality bills a PACE betterment assessment on the property tax schedule; Zions Bank, acting as MassDevelopment’s paying agent, remits payments to the capital provider. He…
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