The CT Green Bank C-PACE program is recognized by the industry as the most successful commercial PACE program in the country. In order to maintain its leadership and to continue to scale, CT Green Bank has chosen to partner with ICP to implement its market based certification system as an alternative pathway for projects funded by third party investors. In doing so, CT Green Bank will leverage ICP’s nationally recognized standards that increase the confidence of owners, investors, and all stakeholders in project engineering and performance.
ICP is an initiative of Green Building Certification Incorporated (GBCI) and works with a range of C-PACE, On Bill Finance, Pay-for-Performance and other programs to fulfill each program’s unique requirements while still providing the benefits of standardized project engineering, documentation and independent review. Typically, programs desiring to implement project quality control must either devote substantial resources to developing their own proprietary engineering and underwriting processes or hire third party firms to implement complex closed-system processes. With ICP’s methodology, programs benefit from market tested technical standards that are ready to go and a workflow that enables competition, encourages private sector participation, and ensures high quality projects. ICP allows programs to provide a roadmap to success for building owners resulting in a higher performing projects, more satisfied participants, and the fulfillment of the program’s fiduciary duty to its constituents.
The ICP system consists of a set of open-source tools and a certification workflow that result in Investor Ready Energy Efficiency™ (IREE) certification for compliant projects. The ICP Protocols were developed by the energy efficiency industry, for the industry, through feedback from a diverse swath of industry stakeholders including building owners, investors, mortgage holders, insurers, program managers, project developers, installers, manufacturers and other stakeholders. The end result are a standardized set of technical and documentation requirements that satisfy the heterogeneous needs of industry stakeholders and strike a careful balance between engineering rigor and efficiency project origination. Projects seeking certification must first undergo technical review by ICP Quality Assurance Assessors who are licensed professional engineers that provide the important task of independent review to ensure that projects are truly compliant with the ICP protocols. Projects that are deemed to be compliant with ICP standards are eligible to be certified as IREE by GBCI, the leader in green building certification which also manages the well known LEED certification program.
Commercial PACE represents one of the most exciting demand drivers for energy efficiency projects today. However, programs struggle to address a fundamental misalignment in incentives for building owners, contractors, and investors that opens up the door for potential abuse of PACE assessment resulting in poorly performing projects that do not provide anticipated financial results and burden building owners with unnecessary debt. It is up to the PACE programs themselves to incorporate a balanced approach to mitigate this risk. ICP provides program administrators of all types of programs an efficient and effective means to achieve such a balance and is proud to partner with Connecticut Green Bank and a growing number of other innovative programs to accelerate the proliferation of energy efficiency projects and a robust energy efficiency marketplace.