Whether a C-PACE assessment passes through to tenants is a lease-language question, not a C-PACE question. Because the assessment rides the tax bill it frequently falls into the recoverable operating expense category — frequently, not always, and the difference lives in language your predecessors negotiated years ago. Four steps: locate seven clause types from the executed leases and every amendment, ask the eight questions with what a problem looks like on each, record the read per tenant, and compute the recoverable share across the rent roll. Owners forgive an imperfect estimate; they do not forgive a surprise. Includes the alignment argument and its limit — where tenants are separately metered and the improvement is landlord-side, tenants may pay a recoverable assessment and see none of the savings — plus four rules for talking to tenants.
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