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City hears pitch for statewide CPACE program to fund commercial energy and resiliency upgrades
Summary
Economic development staff and Virginia PACE Authority presented the Commercial Property Assessed Clean Energy (CPACE) program and recommended Staunton adopt an enabling ordinance to allow voluntary liens and private financing for energy, resiliency and remediation projects for commercial properties.
Samantha DeMeo, Staunton’s economic development director, introduced the Commercial Property Assessed Clean Energy (CPACE) program at the City Council work session on Sept. 25, and Abby Johnson of the Virginia PACE Authority outlined how the statewide administrator would run the program.
Johnson described Virginia PACE Authority as a nonprofit administrator chosen by Virginia Energy to run the statewide program and said the authority “takes the burden of this program off of the local governments.” She said the program provides private, property-secured financing—commonly structured as a special assessment lien—for energy-efficiency, renewable energy, resiliency and environmental remediation projects on commercial buildings. The financing can cover up to 100…
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