Eye on Loudoun: PACE Program in Loudoun
Another victory was recently scored in Loudoun County – the Loudoun Board of Supervisors (BOS) passed a motion to begin developing a Property Assessed Clean Energy (PACE) program. The Loudoun Chamber has communicated with the BOS on this subject during the last year or so, and Chair Phyllis Randall cited the Chamber’s support of the program as being important to the final passage of the proposal.
In 2015, Delegate Danny Marshall of Danville, along with former Delegates Randy Minchew and David Ramadan of Loudoun County, introduced HB1446 to bring the PACE program to Virginia. With much support from the Loudoun Chamber, Governor Terry McAuliffe signed the bill into law.
What is PACE, you ask? PACE is a loan program for property owners to finance energy efficiency and renewable energy measures for their properties. This can include solar panels, better lighting, energy efficient windows, and more. The PACE program must be approved by the County because the loan is secured by a priority lien and the loan is repaid as a special assessment just like a tax assessment. Private capital is provided to fund the program. Because of the unique nature of the program, financing for clean energy improvements can be made available more quickly and with lower risk. This encourages businesses and building owners to put in improvements which will help lower their energy costs while protecting the environment. PACE is a national initiative in more than 30 states and the District of Columbia.
The Loudoun Chamber has long championed sound policies that encourage businesses to improve their energy efficiency and reduce their environmental impact. One of the Chamber’s most important strategic objectives is building a strong Loudoun County community. By unleashing the power of the private sector marketplace through the PACE program, we are helping to create a stronger, cleaner, and more economically vibrant community here in Loudoun and throughout the Commonwealth.
Interested in knowing more about the Loudoun Chamber’s Policy Positions? Click here