Commercial, GHG Emissions, Industrial, Sourcing Renewables - June 15, 2020
Norfolk approves city's first C-PACE program
Norfolk City Council in Virginia approved June 14 the first Commercial Property Assessed Clean Energy (C-PACE) financing program in the Hampton Roads area, allowing up to 100% financing for energy efficiency, renewable energy and water conservation projects.
The C-PACE loans are available for existing commercial property owners and new construction developers for commercial and industrial properties, WTKR reported. The loans are paid through special assessments on the eligible property.
Business owners will have the opportunity to use these loans to upgrade their buildings with renewable energy and other projects that decrease their energy use and carbon footprint.
The Norfolk Economic Development Department will now work on program guidelines before the C-PACE program’s launch in the coming months. This decision follows other cities and counties in Virginia who have implemented similar programs, such as Arlington, Loudon, Fairfax and Fredericksburg.
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