Soon businesses in Knox County could have the same option as those in Tennessee’s other metro areas to finance energy and resiliency upgrades. The Commercial Property Assessed Clean Energy and Resiliency (C-PACER) program is up for discussion when county leaders meet in late July.
C-PACER is growing in popularity around the nation, as businesses see the need to save energy, curb costs and upgrade infrastructure. Businesses work with approved lenders to finance projects that they can pay for over several years via their property tax bills. The cost can even be transferred to future property owners.
A public hearing on C-PACER is now set for Monday, July 24, at 4:30 p.m. in the City County building on Main Street. This is immediately before the regularly scheduled Knox County Commission meeting that same day. A resolution on the matter passed unanimously by consent during the June commission meeting. County leaders are planning on the program being administered by the Knox County Trustee’s office.
As described here last week, this energy financing program is already in place for three other major cities in the state: Passed by Memphis in late 2022 and Metro Nashville/Davidson County as well as Chattanooga in early 2023.
This long-term financing for business owners gives them a way to improve cash flow while building equity with upgrades and potentially curbing overhead costs. The addition of solar is just one of multiple uses for C-PACER projects.
Anne Brock is marketing coordinator for Solar Alliance. She can be reached at: abrock@solaralliance.com or 865-221-8349.