NORFOLK, Va. - Norfolk City Council approved an ordinance that provides financing options for new and existing commercial property owners.
The new financing option, Commercial Property Assessed Clean Energy (C-PACE) that establishes a C-PACE Financing Program, is the first in the Hampton Roads.
C-PACE is a financing option for existing commercial property owners and new construction developers for investment in energy efficiency, renewable energy, and water conservation projects for commercial and industrial properties.
C-PACE allows up to 100% financing. C-PACE loans for eligible improvements are paid through special assessments on the property.
C-PACE will allow building owners to modernize their properties with projects such as installing renewable energy, reducing carbon footprint, lowering energy and water bills.
Counties of Arlington, Loudoun and Fairfax and the City of Fredericksburg already have C-PACE programs.
The Norfolk Economic Development Department is working on C-PACE program guidelines for the program's launch in the coming months.