From the Philadelphia Energy Authority:
News and Events
Philadelphia C-PACE Program Closes $312 Million in Financing
The Philadelphia C-PACE Program reached a major milestone in 2025, surpassing $300 million in cumulative Commercial Property-Assessed Clean Energy (C-PACE) financing. Of the $312 million in capital provided to Philadelphia property owners since the program’s launch, nearly half has been deployed over the past two years.
- Learn more: 2024-2025 Philadelphia C-PACE Program Report
More property owners are turning to Philadelphia C-PACE than ever before. The program has supported a range of commercial, industrial, healthcare, and mixed-use multifamily developments. Over the past two years, the program has delivered 411 new rental units to Philadelphia’s housing market. Several projects involve repeat borrowers, underscoring growing confidence in the program and its ability to deliver value across project types.
“Record levels of C-PACE financing are strengthening the resilience and sustainability of high-performance buildings across the city,” said Lisa Shulock, Director of Commercial Programs. “Continued program growth reflects rising demand from property owners seeking flexible, low-cost capital to improve building performance, reduce operating costs, and lower carbon emissions.”
C-PACE financing enables property owners and developers to fund energy efficiency, water conservation, renewable energy, resiliency, and indoor air quality improvements. By deploying private capital, the program helps borrowers lower their occupants’ utility bills, improve health and safety, and future-proof their buildings.
“With the support of this business-friendly lending program, we were able to invest in energy-efficient infrastructure which would not be possible with traditional bank lending,” said Mike Rhoads, Vice President, Rhoads Industries.
2025 Project Highlights
The Philadelphia C-PACE Program closed financing on a diverse set of high-impact projects this year, including:
- Harper Square Tower – The largest C-PACE transaction in Pennsylvania to date, this $60-million project demonstrates how C-PACE can support large-scale development while advancing energy performance and long-term affordability.
- Ford Road Medical Center – An $11 million C-PACE investment enabled critical energy and building system upgrades at this medical facility, improving efficiency and resiliency.
- 7078 Lincoln Drive – In November, the Philadelphia Energy Authority, PACE Equity, and Lincoln 7078 LLC closed on $1.1 million in C-PACE financing for a new construction multifamily property. The five-story, 39,000-square-foot, mixed-use building will incorporate energy efficiency and water conservation measures, exceeding Philadelphia building code requirements by 23 percent.
Program Updates
In response to evolving market conditions and to ensure continual program improvement, the Philadelphia C-PACE Program released updated Program Guidelines in 2025. A key change expands refinancing eligibility, allowing property owners to apply for retroactive C-PACE financing up to three years after project completion, extending the previous two-year window and providing greater flexibility for completed projects.
The Philadelphia C-PACE Program remains a critical tool for unlocking private capital, strengthening building performance, and supporting new housing and economic development across the city.
Reach out to see if C-PACE financing is right for your project: CPACE@philaenergy.org.
