RICHMOND, Va. (CBS19 NEWS) — A program that aims to help grow energy efficiency, renewable energy and resiliency improvements in commercial properties across Virginia is now open.
The new program, called Commercial Property Assessed Clean Energy or C-PACE, is now open to localities that want to participate.
According to a release, the Virginia PACE Authority is administering the program for the Virginia Department of Energy.
“With C-PACE, property owners can finance up to 100 percent of clean energy projects with fixed rate terms of up to 30+ years. The new statewide program was announced last year and after feedback, the new documentation will create a standardized program across the Commonwealth for jurisdictions to participate,“ said VPA President Abby Johnson. “We are excited to bring this program across Virginia, especially with a new focus that allows for financing of resiliency, stormwater and electric vehicle infrastructure.”
Previously, Virginia localities that wanted to implement financing for clean energy projects at commercial properties had to set it up on their own — but now they can opt into a statewide program.
C-PACE, which stands for Commercial Property Assessed Clean Energy, is a financing program that helps commercial real estate install energy-efficient measures to their buildings. Examples include stormwater management, updated HVAC and insulation, solar panels, and electric vehicle charging stations.
The financing offers upfront costs with repayment through property assessment bills for up to 30 years.
The new Commercial Property Assessed Clean Energy (C-PACE) state-wide program is now
active and open to localities wishing to participate. The Virginia PACE Authority (VPA) is administering the program for the Virginia Department of Energy (Virginia Energy). C-PACE will help grow Virginia’s energy efficiency, renewable energy and resiliency improvements in commercial properties.
“With C-PACE, property owners can finance up to 100% of clean energy projects with fixed rate terms of up to 30+ years. The new statewide program was announced last year and after feedback, the new documentation will create a standardized program across the Commonwealth for jurisdictions to participate, “said VPA President Abby Johnson. “We are excited to bring this program across Virginia, especially with a new focus that allows for financing of resiliency, stormwater and electric vehicle infrastructure.”
The Unitarian Universalist Congregation of Fairfax wants to finance upgrades to its sprawling, 1960s-era HVAC system. If all the pieces click into place, a Fairfax County church would be the first Virginia property statewide to tap into an initiative designed to quicken affordable upgrades to greener energy.
Read More (Energy News Network)
Fairfax County’s C-PACE program gives commercial building owners an avenue for obtaining private funding to support capital improvement projects intended to save energy or water, or to make their property more resilient to climate-related threats.
Managed by the county and administered by the Virginia PACE Authority, the program offers building owners access typically long-term loans so they can make substantial improvements to older buildings or add sustainable technology to new buildings at little to no upfront cost.
Read More (Fairfax Times)
Today, the Commercial Property Assessed Clean Energy (C-PACE) Alliance industry coalition spotlighted the new programs authorized in New York, Illinois, Pennsylvania, Virginia, and Massachusetts.
Read More (Environment and Energy Leader)
Richmond property owners rehabbing or developing commercial properties soon will have a new financial incentive to include clean energy and water efficiency upgrades in their projects.
City Council last week adopted Richmond’s first C-PACE program, formally called a Commercial Property Assessed Clean Energy Financing Program. It allows property owners to pursue 30-year loans to help finance clean energy improvements for both existing buildings and new construction.
Read More (Richmond BizSense)
The state’s property assessed clean energy law requires local governments to pass ordinances to establish the program.
Read More (Energy News Network)
“Virginia is one of 36 states, plus the District of Columbia, to pass PACE-enabling legislation.”
“The catch is that local governments in Virginia are tasked with crafting an ordinance to establish PACE in their jurisdictions. And that has led to delays.”
Read More (Energy news)
City Council will decide on Wednesday, May 1 whether to reserve funds for a “green” building program, which would enable private lenders to collect debts via the city government’s taxing power.
Proponents say the program — dubbed Commercial Property Assessed Clean Energy (C-PACE) — would enable building owners to invest in eco-friendlier building upgrades, like HVAC systems and roofs. They think such upgrades could yield a relatively big positive environmental impact, since buildings are major greenhouse gas emitters.
With C-PACE, eligible debt attaches to the building, which passes to the new owner if the building is sold. It’s repaid through a special assessment on the property, as a tax bill addition.
“This can address a key disincentive to investing in energy improvements because many property owners are hesitant … if they think they may not stay in the property long enough for the resulting savings to cover the upfront costs,” according to the Department of Energy.
With zero-down and long repayment terms, C-PACE may enables owners to finance upgrades for which they might otherwise lack sufficient cash.
“The annual energy savings for a PACE project usually exceeds the annual assessment payment, so property owners are cash flow positive immediately,” according to the C-PACE Alliance, a coalition of firms. “[Net new revenue] can be spent on other capital projects, budgetary expenses, or business expansion.”
The Ivy Knoll Caring Senior Community in Covington, Ky. illustrates the benefits, says Jessica Greene of the Virginia Energy Efficiency Council. With a $750,000 C-PACE loan, Ivy Knoll installed, among other things, heating and cooling controls that reduce energy costs by some 20 percent.
Read more (Alexandria Gazette Packet)