VIRGINIA BEACH, Va. (WAVY) – Virginia Beach announced Monday that they have joins the statewide Commercial Property Assessed Clean Energy (C-PACE) program.

The program will give the city access to low-cost and long-term financing that will go towards energy efficiency improvement in commercial and industrial properties.

“We are pleased that Virginia Beach has opted to utilize this economic development tool to attract both new construction projects and also allow for improvements to existing buildings,” said Abby Johnson, executive director of Virginia PACE Authority. “Benefits of enabling PACE allows for property owners to incur savings for both types of projects due to energy efficiency upgrades and resiliency measures. This results in direct benefits for local communities and residents.”

The revised PACE legislation that was passed in 2022 also gives Virginia Beach to option to finance grid resiliency projects, electric charging infrastructure, stormwater management, and more.

To learn more a bout the Virginia beach C-PACE Program, click here.