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House Energy committee hears experts on S.138 to modernize commercial CPACE financing
Summary
Witnesses told the House Energy and Digital Infrastructure Committee that S.138 would modernize Vermonts commercial CPACE program, recommending an amendment to change references from assessed to appraised value, stressing lender consent, municipal implementation mechanics, and potential to lower borrowing costs for energy and resiliency projects.
The House Energy and Digital Infrastructure Committee heard testimony on S.138, a bill that would modernize Vermonts commercial Property Assessed Clean Energy (CPACE) program, during a multi-witness session. Representative Kathleen James presided and said the committee had reviewed statutory language and wanted expert perspective on how commercial CPACE programs operate and what benefits they can deliver.
Amanda Semai, managing director of PACE programs at Castle Green Finance, told the committee that the bill, as amended, would update Vermonts statute to match other states that have adopted commercial CPACE. "The updating of the Vermont statute would bring it in line with the 38 other states that have passed commercial PACE statutes and modernize it," Semai said, and she urged one specific change: replacing a reference to 90% of assessed value with 90% of an appraised value "as complete and stabilized" so that new construction is not unduly constrained.
Semai and other witnesses described how…
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