U.S. DoE awards $500,000 to support commercial energy in Virginia
The grant, managed by the Virginia Department of Mines, Minerals and Energy (DMME), will advance low-cost financing for private sector clean energy investments. DMME will coordinate public and private stakeholders in Virginia, Washington, D.C. and Maryland to streamline and encourage growth of commercial PACE programs.
The grant funds will support the formation of the Mid-Atlantic PACE Alliance (MAPA) which will inform localities, lenders and borrowers about the financing advantages of PACE.
The alliance will work with interested localities to develop streamlined, consistent practices for cost effective program administration, financial underwriting guidelines, measurement and verification requirements and contractor training and support.
This coordinated, regional approach will build momentum for PACE adoption in more localities across the Commonwealth and support the growth of existing PACE programs in Washington, D.C. and Maryland.
PACE is a no-money-down financing tool currently used in 16 states and Washington, DC. PACE allows owners of commercial, industrial, multifamily and nonprofit properties to receive low-cost, long-term financing for energy efficiency, water conservation and renewable energy investments that enhance building performance and efficiencies.
PACE helps building owners finance the upfront costs for improvements by reducing recurring energy and water expenses.
Through the PACE program, cities, towns and counties work with private lenders who are repaid when localities collect PACE loan payments from borrowers in the form of special property assessments added to a borrower’s tax bill. ■