C-PACE by the numbers: the 2026 state of the market

This page is a reference. It collects the national figures an owner, a journalist or a lender’s credit committee most often asks for about commercial PACE — how big the market is, how fast it is growing, where it is legal, what it costs and who supplies it — with the source and the date beside each one. It will be updated at this address each year rather than replaced, so a link to it stays current.

Two things to know before using any number below. First, the figures come from two industry bodies, a rating agency, the trade press and firms’ own publications, and they do not always agree. Where they disagree we print both. Second, national figures lag: PACENation’s cumulative total below runs to December 2025.

Every sourced figure was re-fetched on 1 October 2026. Figures from our own state and provider directories carry their own check dates, given where they appear.

Cumulative investment and project count

$13.5 billion across 3,837 projects, 2009 to December 2025. PACENation’s PACE market data page reports $13,500 million of cumulative C-PACE investment across 3,837 commercial projects, for the period 2009 to December 2025.

The C-PACE Alliance publishes a second series. Its 2024 National C-PACE Program Volume Data reports an all-time national total of $9,803,735,672 across 2,440 projects, cumulative through 2024. That table is the one with a per-state breakdown, which is why our state directory uses it — but it is a year older than PACENation’s total and counts fewer projects, so the two series should not be mixed in one sentence.

Divided out, the two series give a national average of about $3.5 million per project (PACENation, through December 2025) and about $4.0 million per project (C-PACE Alliance, through 2024). Those are our calculations from the published totals, and they hide an enormous spread between programmes.

The most recent annual origination figure

About $3.7 billion of PACE origination in 2025, over 96% of it C-PACE. Morningstar DBRS’s PACE Snapshot of 15 July 2026 puts 2025 PACE origination volume at approximately $3.7 billion, says C-PACE made up over 96% of it, and describes that as a 53% increase over the $2.42 billion seen in 2024.

Two cautions. The DBRS figure includes residential PACE, so the C-PACE-only total is slightly below $3.7 billion. And the 2024 baseline depends on who you ask: the C-PACE Alliance’s 2024 table records $2,572,482,994 across 225 projects for that single year, higher than the $2.42 billion DBRS cites.

What both 2024 numbers show is that recent deals are much larger than the historical average. The C-PACE Alliance’s 2024 figures divide out to roughly $11.4 million per project in that year, against about $4.0 million across its all-time series. The record transactions sit at the top of that curve: Nuveen’s August 2026 release describes its financing of The Geneva, an office-to-residential conversion in Washington, D.C., as the largest C-PACE financing in history, and the footnote to that release cites Commercial Observer’s January 2026 report of the deal at $465 million.

The securitisation market has followed. DBRS estimates PACE asset-backed issuance at $1.7 billion through 10 July 2026, all of it C-PACE, and says 2026 issuance could easily top the previous year’s record of $2.0 billion.

How many states — and why that number overstates availability

40 states plus D.C. with enabling legislation. Commercial Observer reported that count on 2 June 2026. The same article, citing PACENation, said additions last year brought the total of active C-PACE programmes to 32, compared with six in 2015 — a count of programmes, not of states. Nuveen’s August 2026 fund release uses a third measure, saying C-PACE is now active in 39 states plus the District of Columbia. Check which measure a source is using — enabled by statute, or active — before comparing counts.

The state count is the least useful number on this page for an owner, because C-PACE is not switched on by a statute alone. The US EPA’s C-PACE page states that after statewide enabling legislation is adopted, local governments must adopt their own authorising legislation to create a local PACE programme. In practice that means:

• A C-PACE state can contain counties with no programme. Where the state does not run a single statewide programme, your county or city has to have opted in before your property can carry an assessment.
• Some states have more than one administrator. In California, for example, there is no single statewide administrator; CSCDA Open PACE is the most widely adopted, and counties may run their own alongside it.
• A statute with no closings is a different market. The C-PACE Alliance’s programme map separates states with an active programme and closed transactions from those with a new statute and no closed transactions yet.

Our own state directory takes the conservative view. With entries checked between 30 August and 30 September 2026, it lists 26 jurisdictions as active (a programme list entry was confirmed), 9 as authorised (legislation exists but programme activity was not confirmed) and 16 with no C-PACE. The detail for each is on the state pages; this article deliberately does not repeat it.

Rates and terms

Terms: 20 to 30 years, fixed rate. Commercial Observer described C-PACE in June 2026 as typically structured as fixed-rate, 30-year loans, able to provide up to 45 percent of the capital stack for some buildings. PACE Equity states that the term equals the life of the financed equipment, typically 25 to 30 years. Lument, in August 2024, said C-PACE loans are generally between $2 million and $200 million with 20- to 30-year terms.

Rates: quotes on the record. The two clearest on-the-record descriptions of C-PACE pricing we found are both from 2024:

Source and date	What was said
Lument, 7 August 2024	Spread “typically ranges from the high 300s to the low 400s” basis points over 10-year Treasuries, “making the rate currently in the mid-8% range”
Nuveen Green Capital originator, quoted by Multifamily Executive, 13 December 2024	One loan priced “at roughly 300 to 400 basis points over the yield on 10-year Treasury bonds, or about 7%”

Read these as evidence of how C-PACE is priced — a fixed spread over the 10-year Treasury, fixed for the term — not as a rate you can be quoted today. Your rate is the spread a provider offers on your deal plus the Treasury yield on the day it is fixed. The C-PACE overview explains how that fixed rate interacts with the rest of the capital stack.

Provider concentration

Two provider-level figures, one from a firm’s own release and one from the trade press:

• Nuveen Green Capital says it has originated more than $6 billion in C-PACE financings across securitizations since 2015 (release of 25 August 2026). That is a firm’s own figure, covering a different period from the national totals above, so we do not convert it into a market share.
• Petros PACE Finance has stepped back. Commercial Observer reported on 7 May 2026, citing unnamed sources, that the firm had suspended term sheets for new deals since early April and was managing a portfolio of roughly $2 billion, after underwriting less than $400 million in the previous year.

The second item is why concentration matters to a borrower. When one large provider leaves, its pipeline has to be re-placed with others, and a deal that depended on one lender’s appetite for a particular asset type can stall.

The programme rosters tell a broader story. Our provider directory, compiled from rosters published by individual state and local programmes and last checked on 5 September 2026, counts 48 capital providers on Colorado’s roster, 16 on Texas’s and 15 on California’s. Bayview PACE, Nuveen Green Capital and Petros PACE Finance each appear on all four rosters we track. Rosters can lag events — a provider listed on a programme roster is not necessarily writing new term sheets — so ask any provider directly whether it is currently originating in your state and asset type.

What these numbers do not tell you

National totals say C-PACE is large, growing and increasingly used for big transactions. They do not say whether it fits your building. A market where the average recent deal is above $10 million can still be a poor home for a $1 million retrofit, and an enabled state can still have no programme in your county. The honest first question is not “how big is C-PACE” but “is there an open programme where my property is, and does my senior lender consent” — and sometimes the answer to either is no.

How to cite this page

C-PACE Desk, “C-PACE by the numbers: the 2026 state of the market,” https://cpacedesk.com/guides/c-pace-by-the-numbers-2026/, figures checked 1 October 2026.

When quoting a single figure, please cite the original source we name beside it — PACENation, the C-PACE Alliance, Morningstar DBRS, the US EPA or the publication concerned — with its as-of date. Our own calculations (the per-project averages) are labelled as ours above; cite them to this page. C-PACE Desk is an advisory and placement service, not a lender, a fund or a programme administrator.