City of Alexandria Launches Commercial Property Assessed Clean Energy Program
For Immediate Release: September 30, 2021
The City of Alexandria has launched a new Commercial Property Assessed Clean Energy (C-PACE) program that will enable owners of commercial and industrial properties to obtain low-cost, long-term financing for energy efficiency, renewable energy and water efficiency improvements. Owners may also use the funds to invest in resiliency, electric vehicle charging infrastructure and stormwater management projects. The C-PACE financing program is an action item identified in Alexandria’s Environmental Action Plan 2040 to support and achieve the City’s greenhouse gas emission reduction and climate resiliency targets and goals.
Building improvements financed using C-PACE can be completed with minimal up-front, out-of-pocket costs to property owners and can generate positive cash flow upon completion. The results may include reduced energy or other operating costs, improved business profitability, increased property value, improved sustainability and resiliency of the real estate, and reduced greenhouse gas emissions.
The City of Alexandria is not involved in the lending, guaranteeing or collecting of any C-PACE loan funds. However, the City of Alexandria does facilitate the levy of a lien on participating properties. The program is subject to the City of Alexandria Municipal Code (§7-7-1) and is administered by the non-profit Virginia PACE Authority (VPA) on behalf of the City of Alexandria.
The City and VPA will be conducting informational sessions for interested property owners and contractors later in the fall and winter 2021–2022.
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This news release is available at alexandriava.gov/124413