C-PACE (Commercial Property Assessed Clean Energy) is a financing tool that can be applied to a wide variety of energy and resiliency projects for new and existing buildings.
Benefits to Local Government
Property owners receive 100% fixed rate financing of hard and soft costs from private C-PACE Capital Providers for terms of up to 30 years. C-PACE loans are secured by a special assessment on the real estate, which automatically transfers upon sale or foreclosure of the property.
There are many ways passing a C-PACE program can benefit Virginia cities and counties. Participating in C-PACE allows local governments to:
- Revitalize buildings and improve property values, which leads to more revenue for local communities.
- Stimulate the local economy through new development and construction projects.
- Conserve resources and build resiliency in infrastructure and communities.
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In order to use C-PACE financing, a local government must pass an enabling ordinance. We have seen that outreach by potential users of C-PACE has played a critical role in getting localities to move forward with the process. VPA has created template support letters that you can send to your local government officials to support the adoption of C-PACE. Feel free to modify to fit your needs!