Philadelphia, PA - The Pennsylvania House of Representatives today passed Senate Bill 234 to enable a Commercial Property Assessed Clean Energy (C-PACE) program in Pennsylvania. Once signed by Governor Wolf, the legislation will give commercial and industrial property owners access to low-cost, long-term financing for energy efficiency, renewable energy and water conservation improvements at no cost to taxpayers.
The Clean Power PA Coalition has been a strong supporter of the clean energy financing program, which will reduce pollution, create healthier communities and boost jobs in the Commonwealth.
“Commercial PACE will modernize our commercial buildings, reduce electricity costs, and create jobs,” said Jacquelyn Bonomo, President and CEO of PennFuture. “We urge Governor Wolf’s swift action in signing SB 234 so that municipalities can begin implementing this program and commercial building owners can begin lowering their electricity costs.”
The passage of SB 234 puts Pennsylvania among an existing collective of 33 states and the District of Columbia, which have already enacted similar legislation to drive clean energy investment. C-PACE legislation enables local governments to create energy improvement districts in which private lenders loan money to commercial and industrial property owners for energy efficiency and clean energy projects. The program is completely voluntary for all parties involved, and the funding is paid back through local property assessments.