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VAEEC: PACE Financing in Virginia [Video]

January 26, 2018

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Commercial Property Assessed Clean Energy May Be Coming to a Community Near You!

 

Commercial Property Assessed Clean Energy (C-PACE) is gaining momentum quickly nationally, and in Virginia local governments can authorize C-PACE assessments in their jurisdiction. C-PACE allows building owners longer-term financing of energy saving (or energy producing) improvements, such as insulation, new HVAC equipment or solar panels. C-PACE financing is paid back via a special assessment on a building owner’s property tax bill. The program is voluntary for building owners, but a tremendous potential resource for clean energy. PACE loans may be paid back over longer terms than typical property improvement loans, up to 20 years. If an owner sells a building with a C-PACE assessment, it transfers to the new owner. The new owner and tenants benefit from lower energy bills, improved cash flow, and building comfort.

 

A number of organizations have collaborated to advance C-PACE in Virginia, including Abacus Property Solutions, Arlington County, Virginia Community Capital, and the VA Energy Efficiency Council. Eligible building types include: commercial office, manufacturing/industrial, agricultural, and multifamily buildings with more than four dwelling units. In 2016, Virginia’s Department of Mines, Minerals and Energy successfully applied for $500,000 in grant funding from the US Department of Energy’s State Energy Program (SEP) to create the Mid-Atlantic PACE Alliance or MAPA.

 

MAPA’s key role is to promote communication and coordination among C-PACE program sponsors, program administrators, and other key stakeholders in the mid-Atlantic region. MAPA just announced its first regional C-PACE conference, entitled “Winning with PACE: Game Plans for Financing Energy Improvements” for Monday, November 13, 2017.  For more information and registration details please visit the MAPA website.

 

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