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Senate committee reviews S.138 to authorize commercial PACE financing in Vermont
Summary
Witnesses told the Senate committee S.138 would create a voluntary commercial PACE program that leverages private capital for energy and resilience upgrades; lenders urged a lender‑consent mechanism and clarity on valuation and administering agencies.
Testimony at the Senate Finance committee hearing outlined the proposal in S.138 to authorize commercial property assessed clean energy (CPACE) financing and the tradeoffs lawmakers must resolve as they tailor the program to Vermont.
Aaron Farris, deputy commissioner for banking at the Department of Financial Regulation, told the committee the department had raised earlier drafting concerns that have since been addressed. "In Vermont, generally, consumer financing, there is no prepayment penalty allowed," he said, noting that commercial financing is treated differently and that the bill as rewritten now complies with state law.
Business and finance groups spoke in support while also urging protective safeguards. Megan Sullivan, vice president for government affairs at the Vermont Chamber of Commerce, described CPACE as a voluntary, market-driven…
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