Dec 3, 2017 - PACE (Property Assessed Clean Energy) in metro D.C. area:
Conceptually, a PACE program provides property owners a financing method to add energy saving and water conservation improvements to a property. The upfront money needed is loaned by a lender, and then that loan is paid back by sending the payments to the local government as a tax assessment. In turn the local government sends that payment to the original lender. If the property is sold, the payment continues to be made to the local government by the next owner. The hard part is getting a local government to buy into the idea of setting up a tax district, in order to enable a PACE program.
Currently in Virginia, state law allows for only commercial properties to use a PACE program which is referred to as C-PACE. Now it's up to Virginia counties, cities and towns to implement a tax district to allow for a PACE program. A C-PACE program will start in Arlington this year and is currently available in Washington, D.C.
Loudoun Pace founder Gerry Gurgick continues to work in Loudoun County, where most recently the Washington Airport Task Force gave an endorsement of a C-PACE program to the Loudoun County Board of Supervisors. MAPA (Mid Atlantic PACE Alliance) is developing model ordinances for the state of Virginia, where the purpose is to attract PACE investors. Gerry is now working with the Town of Herndon and stakeholders in City of Alexandria, and the Sierra Club is moving PACE in Fairfax County.
Please write to your Virginia local city or county council representative supporting a PACE program.
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