On March 19th, the Fairfax County Board of Supervisors approved a Commercial Property Assessed Clean Energy (C-PACE) program that will make it easier for local businesses to reduce the energy consumption of their buildings. C-PACE allows commercial building owners to borrow money for energy efficiency and renewable energy projects and repay the loan via an assessment on their property tax bills. The loan remains with the property even if it is sold, facilitating long-term investments in building performance.
C-PACE loans are more attractive than traditional bank loans because no down payment is required. C-PACE loans are also typically repaid over a longer time period, which results in lower monthly payments. Lastly, the loans are secured with a lien on the property, not the business.
The goal of C-PACE is to spur investment in energy efficiency and renewable energy projects, thereby helping businesses reduce their monthly utility bills and greenhouse gas emissions. Fairfax County’s C-PACE program will be the first in the state to make stormwater and climate change resiliency projects eligible for loans as well.
The program will be administered by a private company selected through a competitive bid. The county will neither loan the money nor guarantee the loans, and it will bear no costs for the program.
The Board officially approved the program at its March 19th Board Meeting. More information can be found in this Fairfax County NewsCenter article. After the county selects a program administrator, detailed information about eligible properties and projects will be available.