Norfolk Division of the Chamber Support Senate Bill 1559

Norfolk Division of the Chamber Support Senate Bill 1559
The Norfolk Division of the Hampton Roads Chamber has been a strong advocate for C-PACE (Property Assessed Clean Energy) and has expressed its support of SB 1559.

The Norfolk Division of the Hampton Roads Chamber has been a strong advocate for C-PACE (Property Assessed Clean Energy) and has expressed its support of SB 1559. Both mitigation and adaptation efforts to address the changing climate, sea level rise, and increased flooding are key focus areas of the Chamber’s Norfolk Board. Senate Bill 1559, introduced by Senator Lynwood Lewis (D-6th), expands the current Property Assessed Clean Energy legislation to allow any locality, by ordinance, to authorize contracts to provide loans for the initial acquisition and installation of resiliency improvements.

The passage of this legislation would enhance  revitalization and resiliency initiatives in cities like Norfolk, which also values strongly, the historic nature of so many of its structures.

Not only is C-PACE a flexible financing tool for businesses, but it also helps to further advance energy efficiency efforts, enhance our economic competitiveness and increase opportunities for business expansion.

 

What is C-PACE?

C-PACE is a loan program for property owners to finance energy efficiency and renewable energy measures for their properties such as: chillers, boilers, controls, solar, lighting, & windows.

 Why do we need this legislation?

The legislation enable localities to create a new economic development program which provides a platform for private capital sources to offer long-term financing for energy and water efficiency upgrades and improvements to commercial and multifamily buildings.

Many commercial building owners do not have access to long-term financing to pay for replacing aging boilers and chillers.  PACE energy efficiency loan programs are designed to offer long-term financing.  PACE loans are secured with a lien equal to tax lien if the existing mortgage holder consents to the priority lien status.  PACE loans are  repaid as a special assessment placed on the property like a tax assessment.

 

Benefits of C-PACE

C-PACE financing has many features that can uniquely solve barriers to the adoption of energy efficiency and renewable energy investments in our buildings:

  • 100% financing requires no up-front cash investment.
  • No out of pocket costs
  • Long-term financing (up to 20 years) results in immediate positive cash flow 
  • Loan is not paid off at sale- it transfers to the new owner (like a tax assessment)
  • Owner retains all tax incentives
  • Can be combined with utility incentives 


This short video from PACE Nation further explains C-PACE. 

 

C-PACE represents a significant economic development opportunity.

Stakeholders that would benefit from a robust commercial building C-PACE program.

  • Commercial, industrial and multi-family building owners
  • Contractors, consultants and engineers
  • Localities seeking to create jobs and improve the building stock
  • Lenders (PACE loans- a new loan product to offer)

 

How can you get involved?

Join the Hampton Roads Chamber, Viridiant, Virginia Energy Efficiency Council, on February 28 to hear the benefits of C-PACE for the Hampton Roads area. Featured speakers and guests will review available options, discuss the needs of the Hampton Roads area, and outline next steps in moving C-PACE legislation forward.

To attend, register here.

Date/Time: February 28th* from 12 to 2 PM

Location: Office of the Hampton Roads Chamber
                500 East Main Street, 7th Floor Suite 700
                Norfolk, VA 23501

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