Benefits to Local Government
C-PACE (Commercial Property Assessed Clean Energy) is a financing tool that can be applied to a wide variety of energy and resiliency projects to new and existing buildings.
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.