The City of Norfolk C-PACE Program is an innovative C-PACE Financing program that offers an open-market solution for building owners and developers, and promotes clean energy and economic development in Norfolk, Virginia. The Program enables owners of multifamily, commercial, and industrial properties to obtain low-cost, long-term financing for energy efficiency, renewable energy, water efficiency improvements, resiliency, and stormwater management projects.
C-PACE Financing helps property owners overcome financial barriers that discourage investment in energy and water conservation projects to new and existing buildings. Building improvements financed using C-PACE can be completed with no up-front, out-of-pocket cost to property owners and can generate positive cash flow upon completion.
C-PACE loans are based on the weighted average of the improvements or 30 years whichever is less. This long repayment period results in cost savings that typically exceed the total cost of the C-PACE loan. The results may include improved business profitability, an increase in the property value and improved sustainability of the real estate asset.
The program is subject to the City of Norfolk Municipal Code (§45.8) and is administered by the non-profit Virginia PACE Authority (VPA) on behalf of the City of Norfolk. Interested in submitting an application for PACE financing? Click here.