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
| Mar 11, 2011
Texas A&M mixed-use community will focus on green living
HOK, Realty Appreciation, and Texas A&M University are working on the Urban Living Laboratory, a 1.2-million-sf mixed-use project owned by the university. The five-phase, live-work-play project will include offices, retail, multifamily apartments, and two hotels.
| Mar 10, 2011
Steel Joists Clean Up a Car Wash’s Carbon Footprint
Open-web bowstring trusses and steel joists give a Utah car wash architectural interest, reduce its construction costs, and help green a building type with a reputation for being wasteful.
| Mar 9, 2011
Hoping to win over a community, Facebook scraps its fortress architecture
Facebook is moving from its tony Palo Alto, Calif., locale to blue-collar Belle Haven, and the social network want to woo residents with community-oriented design.
| Mar 9, 2011
Fast food franchises are taking the LEED
Starbucks, Arby’s, and McDonald’s are among the top when it comes to fast food franchises implementing sustainability practices. This article takes a look at the green paths these three brands are taking, and how LEED factors into their business and their future.
| Mar 8, 2011
Building, energy performance rating site launched
The Institute for Market Transformation and the Natural Resources Defense Council announced the launch of BuildingRating.org, the world’s first comprehensive resource on energy performance rating and disclosure policies for commercial buildings and homes.
| Mar 8, 2011
BlueCross HQ campus awarded LEED Gold
BlueCross BlueShield of Tennessee announced its certification as a LEED Gold campus, established by the U.S. Green Building Council and verified by the Green Building Certification Institute (GBCI). BlueCross’ headquarters, totaling 950,000 square feet of office space, is the largest LEED Gold corporate campus in Tennessee, and the second largest in the nation.
| Mar 2, 2011
Design professionals grow leery of green promises
Legal claims over sustainability promises vs. performance of certified green buildings are beginning to mount—and so are warnings to A/E/P and environmental consulting firms, according to a ZweigWhite report.
| Mar 2, 2011
Top 10 states for LEED green buildings
According to the U.S. Green Building Council's 2010 list of top 10 states for LEED-certified commercial and institutional green buildings per capita (based on the U.S. 2010 Census information), the District of Columbia leads the nation, with 25 square feet of LEED-certified space per person in 2010. Nevada, being the leading state, has 10.92 square feet per person in 2010.
| Mar 2, 2011
The extraordinary growth of green building—A rebuttal to an article on why green building adoption is slow
In this rebuttal to The Green Building Adoption Rate is Slow, Find Out The Practical Reasons Why, the author argues that in fact the growth rate has been very high and that much of it came during a time of economic unrest and tight capital, which makes it all the more extraordinary.
