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Committee reviews plan to expand PACE financing to commercial properties
Summary
On Jan. 15 the committee considered S.138, a draft to extend property‑assessed clean energy financing (CPACE/PACE) to commercial and industrial properties; proponents highlighted voluntary lender consent, underwriting, lien and repayment rules and urged statutory modernization, while senators sought protections for small municipalities and clarity on municipal liability.
The Natural Resources & Energy committee turned on Jan. 15 to S.138, a bill to expand Vermont’s existing residential property‑assessed clean energy (PACE) program to commercial and industrial properties. Legislative counsel, financing practitioners and business groups described the draft’s mechanics and urged guardrails to attract private capital while protecting municipalities.
Legislative counsel walked members through the draft, which adds a commercial subchapter to the existing PACE statute. Key features include a municipal vote to designate a PACE district, written agreements between property owners and participating municipalities, and underwriting criteria to be established by the Department of Financial Regulation. The draft requires pre‑project analyses: energy and feasibility studies, cash‑flow and carbon‑impact estimates, and, for resilience improvements, certification by a licensed…
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