Arlington County is the first jurisdiction in Virginia to offer an innovative financing agreement to help businesses become more sustainable.
The Arlington Commercial Property Assessed Clean Energy, or C-PACE, program is helping Rocklands Barbeque and Grilling Company pay for roof upgrades and solar panel systems totaling 44 kilowatts at two properties along Washington Boulevard.
Through this program, the county brings together building owners seeking sustainability with private equity providers so that owners of existing buildings can obtain financing of up to 100% of the cost of energy efficiency, renewable energy projects. and water conservation for up to 25 years.
Arlington Community Federal Credit Union funded the Rocklands loan. Arlington was the first county in Virginia to pass a C-PACE ordinance, launching the program in 2018 as part of the Arlington Initiative to Rethink Energy, known as AIRE.
Commercial real estate developers can also access C-PACE financing up to 20% of the total eligible construction cost of a new building if the building is designed to exceed current energy code performance by 5% or more, or exceed the performance of the old energy code by 15%. or more.
Unlike other forms of project funding, the C-PACE program can cover all material and incidental costs of a project.
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