Benton and Washington Counties Join Arkansas PACE District

New ordinances expand access to private financing for commercial property improvements across Northwest Arkansas

The Arkansas Advanced Energy Foundation (AAEF), administrator of the Arkansas PACE District, announced today that Benton County and Washington County have adopted ordinances to participate in Arkansas PACE, expanding access to Commercial Property Assessed Capital Expenditure (C-PACE) financing across two of Arkansas’s fastest-growing counties.

“Bringing Arkansas PACE to Benton and Washington counties is an important milestone for the program and for Northwest Arkansas,” said Jonathon Rasburry, Arkansas PACE Administrator for AAEF. “This gives property owners another private-market financing option to invest in their buildings, manage operating costs and make long-term improvements to their properties. We appreciate the county leaders who took the time to understand the program and make this tool available to their communities.”

Property owners do not automatically participate in C-PACE when a county joins the district. Rather, the county’s participation makes C-PACE financing available to eligible commercial, industrial, agricultural, nonprofit and multifamily property owners throughout Benton and Washington counties.

C-PACE provides long-term, fixed-interest private financing for qualifying improvements to commercial, industrial, agricultural, and multi-family properties. Eligible projects can include energy efficiency, water conservation, renewable energy, resiliency and other building improvements. The long payback period typically creates positive cash flow from their building upgrades. Because the financing is tied to the property, C-PACE can also provide greater flexibility for owners making long-term investments in their facilities.

“Northwest Arkansas continues to experience tremendous growth and investment, and that growth creates demand for practical tools that help businesses and property owners invest in their facilities,” Rasburry said. “Benton and Washington counties joining Arkansas PACE means businesses across the region now have access to another financing option that can support property investment, economic development and continued growth.”

The addition of Benton and Washington counties also significantly expands the geographic reach of the Arkansas PACE Program. Their participation follows previous adoption of the program in Pulaski County and Arkansas County as AAEF continues working with local governments to make C-PACE financing available in communities across the state.

For those interested in submitting a project for PACE consideration, the Arkansas PACE webpage includes a project eligibility check, important documents, and information about PACE financing.

AAEF serves as the statewide Program Administrator and oversees the revolving loan fund supporting approved projects. Through a subaward from Metroplan under the federal Climate Pollution Reduction Grant (CPRG) program, AAEF received $2.8 million to seed the fund. AAEF is accepting revolving loan fund applications for eligible projects in Pulaski, Arkansas, Benton, and Washington counties.

AAEF is also actively working with additional counties to expand the Arkansas PACE Improvement District statewide. There is no cost for counties to join, and participation only requires adoption of a local ordinance. Counties interested in learning more can contact Jonathon Rasburry at jrasburry@arkansasadvancedenergy.com. Property owners interested in eligibility of projects for PACE financing can visit the Arkansas PACE webpage.