Earlier this month, City Council of Richmond, VA adopted a C-PACE program.
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. The PACE program allows property owners to pursue 30-year loans to help finance clean energy improvements for both existing buildings and new construction.
The approval makes Richmond the seventh locality in Virginia to take actions toward adopting a C-PACE program since 2017, when the state passed PACE-enabling legislation. Richmond's program, which takes effect July 2020 will be administered by a third party.
City staff expect the program to reduce greenhouse gas emissions and enhance the city's real property tax base, making properties more attractive to users, with additional benefits across employment and economic growth. The C-PACE program will help homeowners and businesses afford the high upfront costs that are typically associated with such energy improvement projects.
City Council member and co-sponsor of the ordinance, Kirsten Larson said of the program, "It encourages clean energy, and it's another way for people to finance clean energy - another tool in that development toolbox"
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