High Point commercial, nonprofit and apartment owners can now finance energy, water and storm upgrades through NC C-PACE. Terms, fees and who qualifies.
Owners of commercial buildings in High Point have a new way to pay for energy, water and storm-proofing upgrades. The city, Greensboro and Guilford County have joined North Carolina’s C-PACE program, which lets owners borrow from private lenders and repay through an assessment tied to the property.
The three governments announced the move in a joint release on Oct. 16. It followed a vote by the Guilford County Board of Commissioners on Oct. 15. The city posted the announcement again on Friday.
Who can use it
C-PACE stands for Commercial Property Assessed Capital Expenditure. The joint release says it is open to willing owners of:
- commercial and industrial property
- agricultural property
- nonprofit property
- apartment buildings with five or more units
Homeowners cannot use it. It covers existing buildings and new construction.
What it pays for
The release lists these as qualifying improvements:
- heating, ventilation and air-conditioning systems
- insulation and other building-envelope work
- energy-efficient lighting and equipment
- water-efficiency and conservation measures
- solar and other renewable energy systems
- work that protects a property from storms, flooding and other hazards
How the money works
The financing comes from private capital providers, not from the city, the county or Greensboro. The release says the governments do not guarantee the loans or pledge public money or taxing power to repay them. It also says the assessment “is not a tax.”
The program is run statewide by the Economic Development Partnership of North Carolina (EDPNC) under the state’s C-PACE Act. Its program guidelines set out the main terms:
| Term | What the guidelines say |
|---|---|
| Maximum amount | Up to 35% of the property’s value |
| Length | No longer than the useful life of the upgrades, generally 20 to 30 years |
| Application fee | $750, paid to EDPNC |
| Processing fee | 1% of the amount financed, capped at $25,000, at closing |
| Local government fee | $500 at closing, to cover the city’s or county’s paperwork |
| If the building is sold | The repayment passes to the next owner unless paid off |
The guidelines also say billing and collection are handled by the lender, not by the county tax office. Owners pick their own contractors and lenders. Anyone who already holds a mortgage or other qualifying lien on the property must agree in writing first.
What the mayor said
“C-PACE provides our commercial and industrial companies and developers in High Point with a competitive financing option for their next expansion or building improvement, helping create new jobs and continually improve our building stock,” Mayor Cyril Jefferson said in the release.
Board of Commissioners Chairman Melvin “Skip” Alston said the program helps “grow our local economy without putting the cost on County taxpayers.”
Where it applies
High Point spreads into four counties. EDPNC’s list of participating governments, dated Oct. 6, includes Guilford and Forsyth counties. Davidson and Randolph counties are not on that list. Owners of High Point property in those two counties should check with EDPNC before applying.
Across North Carolina, 21 counties and towns are listed as taking part, including Mecklenburg, Durham and Raleigh.
What it means for you
If you own a store, office, warehouse, factory, church building or apartment complex in the Guilford County part of High Point, you can now apply. A new roof system, a solar array or a heating and cooling replacement can be paid off over years instead of up front. Weigh the fees against a conventional loan, and talk to your mortgage lender early, since its consent is required.
If you rent a home or own a house, nothing changes for you. The program does not touch residential property taxes. Our property taxes page explains what you pay and when.
To ask about a project, contact C-PACE program administrator Kristin Bunn at EDPNC at kristin.bunn@edpnc.com or (919) 634-1647, or read the state program page. For permits on the work itself, see our building permits and zoning guide.
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