Virginia launches statewide clean energy financing program | State and Regional News [Video]

Previously, Virginia localities that wanted to implement financing for clean energy projects at commercial properties had to set it up on their own – but now they can opt into a statewide program.

C-PACE, which stands for Commercial Property Assessed Clean Energy, is a financing program that helps commercial real estate install energy efficient measures to their buildings. Examples include storm water management, updated HVAC and insulation, solar panels, and electric vehicle charging stations.

The financing offers upfront costs with repayment through property assessment bills for up to 30 years.

The state created Virginia PACE Authority as a nonprofit to administer C-PACE programs for the Virginia Department of Energy.

According to the United States Office of Energy Efficiency and Renewable Energy, 37 states and the District of Columbia have utilized the financing. Maryland’s program, …