Building  Owners  and  Managers  Association  International

Building Owners and Managers Association International

PACE Legislation Signed into Law in Virginia (5/7/2015)

On April 22, Virginia Governor Terry McAuliffe signed into law several pieces of clean energy legislation, including an expansion of the Property Assessed Clean Energy (PACE) program. The PACE program was designed to create loan programs for cities and towns to finance energy efficiency projects on commercial buildings using private capital. In turn, commercial property owners can repay the loans as special assessments. This recent expansion includes modifications designed to make PACE a more attractive form of financing, including provisions supporting commercial PACE projects that allow for the imposition of a voluntary special assessment lien.

Similar programs have been growing in popularity around the country.