Commercial Property Assessed Clean Energy (C-PACE) Program
C-PACE is a financing tool that enables commercial and industrial property owners to obtain low-cost, long-term financing for energy-efficiency, renewable energy, and water efficiency improvement projects in new and existing buildings and real property.
The program in Loudoun County was recently adopted under Chapter 825 of the Codified Ordinances and is administered by Virginia PACE Authority. The Loudoun County C-PACE program is available to commercial borrowers throughout Loudoun County, including those businesses located within Leesburg and other Loudoun towns, as long as the borrower, the property, and the improvements all qualify for the program.
Through the C-PACE program, property owners receive 100% fixed rate financing of hard and soft costs for qualified projects from private capital providers for terms of up to 30 years. C-PACE loans are secured by a special assessment on the real estate, which automatically transfers upon sale or foreclosure of the property. Property owners pay back the C-PACE loans directly to the capital providers or to the County through their property tax bill with assistance from the Virginia PACE Authority.
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