City of Norfolk approves commercial clean energy loan program

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Photo Courtesy: City of Norfolk

NORFOLK, Va. (WAVY) – The City of Norfolk has approved C-PACE loans, offering a creative financing option for commercial property owners and new construction developers to obtain more energy-efficient projects.

The city said in a press release Friday, on May 26 City Council unanimously approved an ordinance that added a new chapter to City Code entitled “Commercial Property Assessed Clean Energy,” which will establish a financing program.

This makes Norfolk is the first city in the region to have a innovative financing option.

The city says, “Commercial Property Assessed Clean Energy or (C-PACE) is a creative financing option for existing commercial property owners and new construction developers to incentivize investment in energy efficiency, renewable energy, and water conservation projects for commercial and industrial properties.”

By implementing C-PACE, 100 percent financing will be allowed to those items via long loan terms.

The use of this program will help the City of Norfolk reach its ultimate Climate Action Plan goals.

For more information on C-PACE click here.

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