All systems are “go” for Arlington’s new “C-PACE” program, a first-in-Virginia public-private partnership to provide affordable, long-term financing to improve energy or water efficiency of commercial buildings.
The just-launched Commercial Property Assessed Clean Energy initiative website – https://arlington-pace.us/ – acts as the focal point for project financing requests. It also provides an array of resources, including proposal tools and community workshop listings for potential participants, who range from contractors and building owners to mortgage holders and providers of capital.
The County Board approved the C-PACE launch last November with the goal of improving both existing commercial buildings and new construction, reinforcing the County’s award-winning Community Energy Plan and approach to sustainability.
More than 30 states and the District of Columbia have approved C-PACE financing.
To facilitate statewide C-PACE adoption and furthering the goals of the Commonwealth, Arlington’s program has been designed as a template so other Virginia jurisdictions can launch their own customized effort in a relatively short time frame.
Sustainable Real Estate Solutions, which supports C-PACE programs nationwide, is the independent program administrator for Arlington.
C-PACE is an attractive option for building owners seeking to upgrade their buildings with new, energy-efficient equipment. For developers planning new buildings, C-PACE provides a major financial incentive to design buildings “above code,” which leads to significant cost savings and reductions in greenhouse gas emissions.
Because the financing is tied to the property, the owner is not required to sign a personal guarantee. If the property is sold, the C-PACE assessment can transfer to the new owner.