FOR IMMEDIATE RELEASE
November 4, 2024
Commercial Property Assessed Clean Energy Program (C-PACE)
CHARLOTTESVILLE, VA – The City of Charlottesville is the latest municipality in Virginia to opt into Virginia’s statewide Commercial Property Assessed Clean Energy (C-PACE) program. The C-PACE program is administered by the Virginia PACE Authority with support from the Virginia Energy.
The program allows for clean energy, efficiency, and other environmentally beneficial investments in new construction, renovations, and retrofits of commercial and industrial properties through access to low-cost, long-term financing. Property owners can invest in energy efficiency, renewable energy, water efficiency, and resilience improvements. Recently revised PACE legislation expands eligible projects to include grid resiliency projects, electric vehicle charging infrastructure, stormwater management, environmental remediation, indoor air quality and the refinancing of previously completed projects.
“With the passage of C-PACE, we are excited for Charlottesville to have 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 this tool include savings for the initial project, to energy savings for energy efficiency upgrades and resiliency measures. This results in direct benefits for our local communities and residents.”
“We are very excited to be able to finally offer Charlottesville commercial and industrial property owners access to the C-PACE program ,” says Kristel Riddervold, Director of the City’s Office of Sustainability. “By opting into the statewide program, we have another tool in our climate action toolkit and we look forward to the kinds of projects that will make our community cleaner and stronger.”
Virginia PACE is an innovator in the PACE marketplace, advising localities on establishing and developing C-PACE programs, opening up new markets for institutional investors, and educating contractors, lenders and property owners on the business case for C-PACE. To learn more about C-PACE, and find program guidance, forms and the application process, visit: https://virginiapace.com/.
Virginia Energy leads the Commonwealth to a reliable and responsible energy future. The agency is home to the State Energy Office which supports informed decision making 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: https://energy.virginia.gov/.
Media Contact
Kristel Riddervold
Director, Office of Sustainability
City of Charlottesville
434-970-3631
riddervold@charlottesville.gov