RICHMOND – Governor McAuliffe today announced that the U.S. Department of Energy selected Virginia as the recipient of a $500,000 grant to support commercial Property Assessed Clean Energy (PACE) programs in communities across the state.
The grant, managed by the Virginia Department of Mines, Minerals and Energy (DMME), will advance low-cost financing for private sector clean energy investments. DMME will coordinate public and private stakeholders in Virginia, Washington, D.C. and Maryland to streamline and encourage growth of commercial PACE programs.
The grant funds will support the formation of the Mid-Atlantic PACE Alliance (MAPA) which will inform localities, lenders and borrowers about the financing advantages of PACE.
The alliance will work with interested localities to develop streamlined, consistent practices for cost effective program administration, financial underwriting guidelines, measurement and verification requirements and contractor training and support.
This coordinated, regional approach will build momentum for PACE adoption in more localities across the Commonwealth and support the growth of existing PACE programs in Washington, D.C. and Maryland.