Virginia C-PACE program

The City of Richmond was the 9th local government in the State of Virginia to officially launch the Virginia C-PACE program, or Commercial Property Assessed Clean Energy program, which is now available to commercial and large multi-family property owners in Richmond.

Property owners who use C-PACE can finance energy efficiency, renewable energy, flood proofing, and other projects on their property are eligible for a fixed-rate loan that is placed as a lien on their property tax assessment. This means that projects like installing a new solar photovoltaic roof array or floodproofing a parking lot could be a reality for little or no upfront cost to owners. Among other advantages, C-PACE financing runs with the actual property and does not become due when sold, allowing for long-term financing at 100% fixed rates.

Many commercial property owners are already working on applying to the program which is administered by the Virginia PACE Authority with support from the City’s Office of Sustainability and others.

Who is Eligible? Office, retail, warehouse, data centers, private educational facilities, hotels and motels, multifamily residential (five or more units), and other property types of eligible to participate. In addition, facilities that can receive assessments on their properties such as non-profit, educational, and religious institutions are eligible.

What Kinds of Projects are Eligible?

ENERGY EFFICIENCY: Lighting upgrades, HVAC equipment, Building controls, Building envelope, Elevator/escalator upgrades, Hot water heaters, Energy recovery systems, Pool pumps

WATER CONSERVATION: Water conserving fixtures, Gray water systems, Cooling tower water recovery, Water meters, Process water use reduction, Irrigation control system, Rain harvesting system, Efficient hot water boilers

RENEWABLE ENERGY, Solar Thermal hot water system, Photovoltaic (PV) systems, Battery storage with PV, Biomass technologies, Cogeneration (CHP), Fuel Cells, Wind turbines, E.V. charging stations

How Do I Learn More and Apply? Visit the Virginia C-PACE Authority website to learn more about applying for the program and eligible projects or visit their Fact Sheet page.