Virginia Beach Joins Statewide Commercial Property Assessed Clean Energy Program (C-PACE)
The City of Virginia Beach announced today it is the latest locality to adopt the Commercial Property Assessed Clean Energy (C-PACE) program. C-PACE is administered by the Virginia PACE Authority with support from the Virginia Department of Energy (Virginia Energy).
The program allows for energy efficiency improvements to be made to commercial and industrial properties by having access to low-cost, long-term financing. Property owners may invest in energy efficiency, renewable energy, and water efficiency improvements. Revised PACE legislation passed in 2022 includes financing grid resiliency projects, electric vehicle charging infrastructure, stormwater management, environmental remediation, indoor air quality and the refinancing of prior projects. By passing ordinances for C-PACE, counties can use the program as an economic development tool for new construction, as well.
"We are pleased that Virginia Beach has opted to utilize this economic development tool to attract both new construction projects and also allow for improvements to existing buildings," said Abby Johnson, executive director of Virginia PACE Authority. "Benefits of enabling PACE allows for property owners to incur savings for both types of projects due to energy efficiency upgrades and resiliency measures. This results in direct benefits for local communities and residents."
About Virginia Beach & the Department of Economic Development
Virginia Beach, one of Virginia's most populous cities, resides where the Chesapeake Bay meets the Atlantic Ocean. The mission of the Virginia Beach Department of Economic Development is to drive economic vitality and inclusive prosperity in the city by fostering the attraction and creation of new investment, innovation, and jobs. www.yesvirginiabeach.com.
Virginia PACEis an innovator in the PACE marketplace, advising localities on establishinganddevelopingC-PACEprograms,openingupnewmarketsforinstitutional investors,andeducatingcontractors,lendersandpropertyownersonthebusinesscase for C-PACE. To learn more about C-PACE, and find program guidance, forms and the application process, visit: virginiapace.com.
Virginia Energyleads the Commonwealth to a reliable and responsible energy future. TheagencyishometotheStateEnergyOfficewhichsupportsinformeddecisionmaking by providing data, information and analyses to stakeholders that are responsible for the development and maintenance of the Commonwealth's energy system. To learn more about Virginia Energy visit: energy.virginia.gov.