C-PACE financing can make energy efficiency upgrades more affordable – if it’s available

The first phase of the Black Desert Resort near Zion National Park in Ivins, Utah, had a soft opening in October. This development phase of the 630-acre property features a resort hotel, spa, golf course, roughly 1,000 condos, and 190,000 square feet of commercial space, including shops and restaurants.

The sustainability-minded resort used Commercial Property Assessed Clean Energy, or C-PACE, financing for installing energy-efficient HVAC systems and insulation, earthquake mitigation and water conservation measures.

“We wanted to develop the property in an environmentally sustainable and sensitive way, one the community would be proud of,” said Jon Day, CFO at Reef Capital Partners, the commercial real estate investment company that owns the resort. “The irrigation system and water storage were constructed with water conservation as the top priority, which is especially important in a desert like Utah. We built the system with industry-leading technology and materials, and the C-PACE money helped us.”

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