The Hampton Roads Chamber of Commerce strongly supported the passage of the PACE – Property Assessed Clean Energy Legislation in the 2015 General Assembly Session in order to give commercial property owners another option to finance energy efficiency and renewable energy improvements for existing buildings. The Chamber supports lowering the operational costs (heating and cooling costs) for businesses and property owners thru the use of private capital that is ultimately repaid via a special tax assessment on the respective property.
Every property owner is constantly looking to reduce their respective heating/cooling costs in order to improve their bottom line and become more energy efficient. This innovative energy efficiency financing tool will permit owners to reduce energy costs and ultimately an improved cost of doing business in the region and the Commonwealth. This is vital in today's world where our businesses are competing on the local, state, national, and international levels.
"PACE financing allows building owners to finance capital improvements that are energy efficient with no upfront capital at reasonable rates and long repayment periods. PACE also provides building owners with improvements that save more money than they cost over the life of the loan. In addition, by increasing construction activity, the building trades are positively impacted, as are the cities and counties where the businesses reside. This has shown to be hugely successful in other states and we wanted to bring this to Virginia. Given the complex political climate, it was imperative that we garnered the support of the business community to demonstrate that PACE is primarily a private market initiative. The support of the Chamber -including in person visits to legislators and to the General Assembly - was immensely helpful to our efforts. We are grateful for the Chamber's support and look forward to working with them as partners as we begin local implementation of PACE in 2015"
Abigail Johnson, LEED AP O&M
Principal and Founder
Abacus Property Solutions, LLC
“PACE, Property Accessed Clean Energy, is a simple and effective way to finance energy efficiency, renewable energy, and water conservation upgrades to buildings.
Property owners across the U.S. are using PACE because it saves them money and makes their buildings more valuable. PACE pays for 100% of a project’s costs and is repaid for up to 20 years with an assessment added to the property’s tax bill. PACE financing stays with the building upon sale and is easy to share with tenants. State and local governments sponsor PACE financing to create jobs, promote economic development, and protect the environment.
During the 2015 General Assembly session, I was part of a team promoting the PACE legislation. I reached out to the Hampton Roads Chamber of Commerce for support and Ira Agricola was quick to see this bill was pro-business and personally met me at the General Assembly building to help promote it. Our membership and relationship with the Hampton Roads Chamber was critical in getting this legislation passed. Now that the bill has passed, the Chamber is preparing to ensure that local cities and building owners take advantage of this unique financing program.”
Vice President of Client & Community Relations
The Hampton Roads Chamber will continue to be engaged in public policy and state legislative issues in the months ahead as all 140 members of the Virginia General Assembly are facing election in November. Your “Voice of Business” in Hampton Roads will represent your interests in Richmond each and every day.
Please click here to review the 2015 General Assembly Accomplishments.