Norfolk, VA Approves C-PACE Program

NORFOLK, VA – On May 26, 2020, the Norfolk City Council unanimously approved an ordinance that added a new chapter to City Code entitled Commercial Property Assessed Clean Energy (C-PACE) that establishes a C-PACE Financing Program. Norfolk is the first locality in the region to pursue this new innovative financing option. Commercial Property Assessed Clean Energy (C-PACE) is a creative financing option for existing commercial property owners and new construction developers to incentivize investment in energy efficiency, renewable energy, and water conservation projects for commercial and industrial properties. C-PACE allows up to 100% financing of those items via long loan terms. C-PACE loa

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