Utah's Commercial Property Assessed Clean Energy (C-PACE) program allows owners who have already completed qualifying energy efficiency upgrades, clean energy systems, water conservation, renewable energy, battery storage systems, or seismic resiliency improvements to secure C-PACE financing retroactively. Under Utah Code § 11-42a-204, costs may be financed if incurred no earlier than three years before the local entity adopts its assessment resolution, ordinance, or assigns the lien—giving owners a meaningful three-year look-back window. Existing buildings may recover up to 100% of eligible upgrade costs, while retroactive new construction is capped at 35% of total energy conservation construction cost.

This structure lets owners replace expensive bridge loans, mezzanine debt, or construction financing with long-term, fixed-rate C-PACE proceeds—often at rates well below mezzanine pricing—improving cash flow and freeing reserves. Key conditions apply: written mortgage holder consent is mandatory before closing, since the energy assessment lien sits senior to existing debt, and oftentimes owners must document project completion, including certificates of occupancy and a project eligibility report/energy audit.

In resorts, hospitality, and entertainment, I have represented many property owners, capital providers, and consenting mortgage holders in Utah, Idaho, Nevada, New Mexico, Colorado, Ohio, and Alaska where retroactive C-PACE was used to pay down existing debt, in some cases, as part of a loan extension and modification, illustrating how look-back financing can support stabilization. 

Alexandra Cooley, CEO and CIO of Nuveen Green Capital, provides insight on the second half of 2026: “As we enter the second half of 2026, the market conditions driving C-PACE adoption show no signs of easing. Banking consolidation, loosening but still constrained conventional lending, and a surge in capital-intensive adaptive reuse and conversion projects are all creating compelling opportunities for the flexible, fixed-rate, non-recourse capital that C-PACE uniquely provides.”

Bridge Market Place ties it back to resorts and hospitality.