City of Petersburg

 

The City of Petersburg C-PACE Program is an innovative C-PACE Financing program that offers an open-market solution for building owners and promotes clean energy and economic development in Petersburg, Virginia. The Program enables owners of multifamily, commercial and industrial properties to obtain low-cost, long-term financing for energy-efficiency, renewable energy, water efficiency improvements, resiliency and stormwater management projects.

C-PACE Financing helps property owners overcome financial barriers that discourage investment in energy and water conservation projects to new and existing buildings. Building improvements financed using C-PACE can be completed with no up-front, out-of-pocket cost to property owners and can generate positive cash flow upon completion.

C-PACE loans are based on the weighted average of the improvements or 20 years whichever is less, except for solar improvements with a maximum term of 25 years. This long repayment period results in cost savings that typically exceed the total cost of the C-PACE loan.

The results may include improved business profitability, an increase in the property value and improved sustainability of the real estate asset.

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