PACE Equity, the leader in Property Assessed Clean Energy (PACE) financing for development projects, along with decarbonization non-profit Phius, jointly announced a new compliance path for PACE Equity’s CIRRUS Low Carbon program at PhiusCon 2023. Through the new partnership, commercial real estate projects that are certified as Phius CORE or Phius ZERO passive house buildings are automatically eligible for the CIRRUS Low Carbon financing rate when approved for PACE Equity funding.
What is CIRRUS Low Carbon financing?
CIRRUS Low Carbon is the only private financial product that provides a lower cost of capital for buildings that are developed or renovated to a lower carbon design. The standards set by Phius CORE and Phius ZERO are locally tailored and globally applicable, aligning significantly with PACE Equity’s CIRRUS Low Carbon design goals.
Projects that apply for PACE Equity financing with the passive house Phius certification will qualify to receive CIRRUS Low Carbon’s reduced financing rate, helping the project developers fill a gap in a capital stack, replace more expensive funding options, and improve project returns.
“The path to lower carbon commercial real estate development is forged through symbiotic industry partnerships that offer developers and building owners unique financial, environmental, and brand advantages,” said Beau Engman, President and Founder, PACE Equity. “The convergence of Phius passive building standards and PACE Equity’s lower rate financing for lower carbon buildings equips developers with the tools and financial incentive to design more energy-efficient buildings with a better return.”
“With the most effective and widely applicable passive building standard, Phius shares PACE Equity’s vision for a lower carbon future,” said Katrin Klingenberg, Co-founder and Executive Director, Phius. “Partnering with PACE Equity to offer automatic CIRRUS Low Carbon qualification for Phius CORE and Phius ZERO projects helps make decarbonization of the built environment even more achievable.”
About PACE Equity
Since 2014, PACE Equity has funded Commercial Property Assessed Clean Energy projects in innovative, never-before-seen ways, with better financing for better buildings. PACE Equity has closed C-PACE projects across the U.S. and enabled the energy efficient commercial development of over $2.7 billion while eliminating over 1 million metric tons of carbon. PACE Equity offers the design and support that allow customers to intelligently meet the demands of today's consumer and tomorrow's requirements.
About PHIUS
Phius is a non-profit 501(c)(3) organization committed to decarbonizing the built environment by making high-performance passive building the mainstream market standard. It trains and certifies professionals, maintains and updates the Phius climate-specific passive building standard, certifies and quality assures passive buildings, certifies high-performance building products and conducts research to advance high-performance building.
Related Stories
Green | Nov 13, 2022
Global building emissions reached record levels in 2021
Carbon-dioxide emissions from building construction and operations hit an all-time high in 2021, according to the most recent data compiled by the Global Alliance for Buildings and Construction.
University Buildings | Nov 13, 2022
University of Washington opens mass timber business school building
Founders Hall at the University of Washington Foster School of Business, the first mass timber building at Seattle campus of Univ. of Washington, was recently completed. The 84,800-sf building creates a new hub for community, entrepreneurship, and innovation, according the project’s design architect LMN Architects.
Industry Research | Nov 8, 2022
U.S. metros take the lead in decarbonizing their built environments
A new JLL report evaluates the goals and actions of 18 cities.
Green | Nov 8, 2022
USGBC and IWBI will develop dual certification pathways for LEED and WELL
The U.S. Green Building Council (USGBC) and the International WELL Building Institute (IWBI) will expand their strategic partnership to develop dual certification pathways for LEED and WELL.
Wood | Nov 1, 2022
A European manufacturer says its engineered wood products can store carbon for decades
Metsä Wood, a Finland-based manufacturer of engineered wood products, says its sustainable, material-efficient products can store carbon for decades, helping to combat climate change.
40 Under 40 | Oct 19, 2022
Meet the 40 Under 40 class of 2022
Each year, the editors of Building Design+Construction honor 40 architects engineers, contractors, and real estate developers as BD+C 40 Under 40 awards winners. These AEC professionals are recognized for their career achievements, passion for the AEC profession, involvement with AEC industry organizations, and service to their communities.
Green | Oct 5, 2022
In California, a public power provider’s new headquarters serves as a test case for an innovative microgrid and for reducing greenhouse gas emissions
Sonoma Clean Power (SCP), the public power provider for California’s Sonoma and Mendocino Counties, recently unveiled its new all-electric headquarters.
Resiliency | Sep 30, 2022
Designing buildings for wildfire defensibility
Wold Architects and Engineers' Senior Planner Ryan Downs, AIA, talks about how to make structures and communities more fire-resistant.
| Sep 23, 2022
High projected demand for new housing prompts debate on best climate-friendly materials
The number of people living in cities could increase to 80% of the total population by 2100. That could require more new construction between now and 2050 than all the construction done since the start of the industrial revolution.
| Sep 7, 2022
Use of GBCI building performance tools rapidly expanding
More than seven billion square feet of project space is now being tracked using Green Business Certification Inc.’s (GBCI’s) Arc performance platform.
