; or (B) building renovation. (c) Program requirements (1) Applications To be eligible to participate in the program, the owner of an eligible building shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require. (2) Components In establishing the program, the Secretary shall require that payments for activities under the program shall be— (A) established at a rate not to exceed the net estimated benefit an owner of an eligible building would receive for similar practices under any federally established carbon offset program, taking into consideration the costs associated with the issuance of credits and compliance with reversal provisions; (B) provided to owners of eligible buildings demonstrating at least a 20-percent reduction in carbon emissions potential, based on a lifecycle assessment of the structural assemblies, as compared to the structural assemblies of a model building, subject to the requirements that— (i) the Secretary shall identify a model baseline nonresidential building— (I) of common size and function; and (II) having a service life of not less than 60 years; and (ii) applicants shall evaluate the carbon emissions potential of the baseline building and the proposed building using the same lifecycle assessment software tool and data sets, which shall be compliant with the document numbered ISO 14044; and (C) provided on certification by the owner of an eligible building and verification by the Secretary, after consultation with the Secretary of Energy, that— (i) the eligible building meets the requirements of the applicable State commercial building energy efficiency code (as in effect on the date of the applicable permit of the eligible building)