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Ways & Means reviews CPACE language in S327; advocates say program leverages private financing for clean-energy upgrades
Summary
Committee staff and outside witnesses explained commercial PACE language added to S327, saying CPACE would let municipalities authorize special assessments that enable private lenders to finance renewable-energy, efficiency and resilience projects; staff will clarify lien priority and education-tax questions before a vote.
The Ways & Means Committee on April 23 took up S327’s newly added CPACE provisions, hearing from Office of Legislative Council staff and private-sector witnesses who described CPACE as a tool that lets municipalities enable private financing for commercial clean-energy and resilience projects.
Ellen Titrosi of the Office of Legislative Council told the committee S327 adds commercial PACE (CPACE) as a new subchapter to 24 V.S.A. chapter 87 and would allow a municipality to vote to become a CPACE district. She said the statute would activate a special assessment mechanism so private lenders can offer loans secured by a lien on the property, and the loan obligation stays with the property after sale. "Commercial property assessed clean energy," Titrosi said, explaining the statute’s…
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