Am I Eligible for C-PACE Lending?

Solar panels, which can be funded through C-PACE, on a building.

If you’re a commercial property owner looking to make energy efficient upgrades to your building, a C-PACE loan may be your best option

Commercial Property Assessed Clean Energy (C-PACE) lending is an effective tool for small business owners as it funds 100% of up-front costs associated with sustainable upgrades – which could include HVAC overhauls, high-efficiency lighting or solar panels – and results in cash-positive investments thanks to energy savings.

As a small business owner, you might be wondering: Am I eligible for a C-PACE loan?

Here we’ll go over C-PACE lending eligibility requirements and what prospective borrowers should know before applying for the program.

C-PACE Lending Eligibility Requirements

Any Minnesota-based business is eligible to apply for a C-PACE loan through Sunrise Banks if:

  • the business is not currently in bankruptcy proceedings;
  • the business is current on all property taxes and mortgage payments; and
  • there are no mechanics liens Off Site Link on any of the businesses’ properties.

Businesses, farms, cooperatives and nonprofits are all eligible C-PACE borrowers.

The business applying for C-PACE lending must reside in a county that's part of a Joint Powers Agreement with the St. Paul Port Authority. Anoka, Carver, Dakota, Hennepin, Ramsey, Scott and Washington Counties – which comprise the Twin Cities seven-county metro — have all entered into this joint agreement and businesses in these counties are eligible to apply for a C-PACE loan.

Find out more about C-PACE lending eligibility and rules on the C-PACE application.

What Makes an Ideal C-PACE Borrower?

An ideal C-PACE lending borrower is someone who pays for building utilities directly, either owner-occupied or non-owner occupied.

Most property types are eligible for C-PACE lending, including:

  • Commercial / Industrial / Office / Mixed-Use
  • Nonprofits
  • Places of worship
  • Multi-family with more than 4 units

What Happens After I Submit My C-PACE Application?

Once a borrower completes their C-PACE loan application, it will be sent to Sunrise Banks’ underwriting team. If the application is approved, it will then be sent to the St. Paul Port Authority. The Port Authority will then work with the county in which the business operates to place a special assessment on the building being upgraded.

Get in Touch with a Banker

Sunrise Banks offers C-PACE loan financing for eligible Minnesota borrowers. Get in touch with a banker – or access the C-PACE application – here.