VIRGINIA BEACH, Va. — The City announced Tuesday that they've joined the statewide Commercial Property Assessed Clean Energy (C-PACE) program, administered by the Virginia PACE Authority with support from Virginia Energy.
The program will allow for energy efficiency improvements to be made to commercial and industrial properties by having access to low-cost, long-term financing, according to the City.
Property owners may invest in energy efficiency, renewable energy and water efficiency improvements.
Virginia Beach says the revised PACE legislation passed in 2022 includes financing grid resiliency projects, electric vehicle charging stations, storm water management, environmental remediation, indoor air quality and refinancing of prior projects.
"We are pleased that Virginia Beach has opted to utilize this economic development tool to attract both new construction projects and also allow for improvements to existing buildings," said Abby Johnson, executive director of Virginia PACE Authority. "Benefits of enabling PACE allows for property owners to incur savings for both types of projects due to energy efficiency upgrades and resiliency measures. This results in direct benefits for local communities and residents."
By passing ordinances for C-PACE, counties can use the program as an economic development tool for new construction as well, according to the City.
