Norfolk Approves Commercial Property Assessed Clean Energy (C-PACE) Financing Program

The City of Norfolk announces that is has approved a Commercial Property Assessed Clean Energy (C-PACE) Financing Program. C-PACE loans will offer creative financing option for commercial property owners and new construction developers to spur more energy efficient development projects.

On May 26, 2020, the Norfolk City Council unanimously approved an ordinance that added a new chapter to City Code entitled Commercial Property Assessed Clean Energy (C-PACE) that establishes a C-PACE Financing Program. Norfolk is the first locality in the region to pursue this new innovative financing option.

Commercial Property Assessed Clean Energy (C-PACE) is a creative financing option for existing commercial property owners and new construction developers to incentivize investment in energy efficiency, renewable energy, and water conservation projects for commercial and industrial properties. C-PACE allows up to 100% financing of those items via long loan terms. C-PACE loans for eligible improvements are paid through special assessments on the property.

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