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
| Aug 4, 2022
Newer materials for green, resilient building complicate insurance underwriting
Insurers can’t look to years of testing on emerging technology to assess risk.
Sustainability | Aug 4, 2022
To reduce disease and fight climate change, design buildings that breathe
Healthy air quality in buildings improves cognitive function and combats the spread of disease, but its implications for carbon reduction are perhaps the most important benefit.
K-12 Schools | Aug 1, 2022
Achieving a net-zero K-12 facility is a team effort
Designing a net-zero energy building is always a challenge, but renovating an existing school and applying for grants to make the project happen is another challenge entirely.
Codes and Standards | Jul 29, 2022
Few projects and properties are being built beyond code
Clients and architects disagree on how well building to code provides resilience, according to a recent report by the American Institute of Architects (AIA) in partnership with Owens Corning.
Concrete | Jul 26, 2022
Consortium to set standards and create markets for low-carbon concrete
A consortium of construction firms, property developers, and building engineers have pledged to drive down the carbon emissions of concrete.
Green | Jul 26, 2022
Climate tech startup BlocPower looks to electrify, decarbonize the nation's buildings
The New York-based climate technology company electrifies and decarbonizes buildings—more than 1,200 of them so far.
Education Facilities | Jul 26, 2022
Malibu High School gets a new building that balances environment with education
In Malibu, Calif., a city known for beaches, surf, and sun, HMC Architects wanted to give Malibu High School a new building that harmonizes environment and education.
Mixed-Use | Jul 18, 2022
Mixed-use development outside Prague uses a material made from leftover bricks
Outside Prague, the Sugar Factory, a mixed-used residential development with public space, marks the largest project to use the sustainable material Rebetong.
Sustainable Development | Jul 14, 2022
Designing for climate change and inclusion, with CBT Architects' Kishore Varanasi and Devanshi Purohit
Climate change is having a dramatic impact on urban design, in terms of planning, materials, occupant use, location, and the long-term effect of buildings on the environment. Joining BD+C's John Caulfield to discuss this topic are two experts from the Boston-based CBT Architects: Kishore Varanasi, a Principal and director of urban design; and Devanshi Purohit, an Associate Principal.
Energy | Jul 13, 2022
Electrification of buildings, new and old, furthers environmental responsibility and equity
It’s almost a cliché in our industry, but nonetheless: The greenest building is the one that is already built.
