NEW HANOVER COUNTY — A local senator received an award for his role creating a state financing program to promote energy and resiliency improvements for commercial properties. Several local governments have recently expressed interest in participating in the initiative.
Gov. Roy Cooper signed the Commercial Property Assessed Clean Energy Program (C-PACE) into law in July. It allows local governments to voluntarily participate in a program that provides local commercial property owners long-term financing for energy efficiency and resiliency upgrades.
Sen. Michael Lee (R-New Hanover) was the lead sponsor of Senate Bill 802 to create North Carolina’s C-PACE program. Last month, Lee received a 2024 North Carolina Clean Energy Champion Award in the 10th annual ceremony presented by Conservatives for Clean Energy and Chambers for Innovation and Clean Energy.
“Sen. Lee’s forward-thinking, common sense approach to energy shows how North Carolina can advance clean power while helping businesses and households alike,” CCENC president Carson Butts said in a November press release. “We need more innovation and diverse energy sources to keep moving North Carolina’s economy ahead as we grow.”
C-PACE enables property owners to pay back private lenders over an extended period through property taxes. Local governments must pass a resolution to authorize use of the financing tool in their jurisdiction and are charged with carrying out voluntary property tax assessments to determine payment.
“Buildings will be better prepared to withstand damaging weather because of this bill, and they’ll have lower operating costs,” North Carolina Sustainable Energy Association director of data and research Daniel Pate said in a statement to Port City Daily. “We’re thankful for Sen. Michael Lee’s leadership in shepherding this common-sense measure, and to other bill supporters for getting this legislation over the finish line.”
New Hanover County spokesperson Alex Riley told Port City Daily the county would be able to share information about its participation in the C-PACE program in coming months; City of Wilmington Deputy manager Thom Moton reached out to the county in October to ask if it was interested in the initiative.
“Mayor Saffo received a request from the development community for the city to join the newly adopted NC C-PACE program,” Moton wrote in an October email. “Senate Bill 802 was signed by the governor this summer and creates a new opportunity for developers to access needed capital to incorporate renewable/clean energy, resiliency, and greenhouse gas reductions into their projects.”
C-PACE financing will come entirely from approved private lenders and be overseen by the Department of Commerce. The Economic Development Partnership will administer low-interest loans to property owners.
NCSEA anticipates C-PACE to benefit local economies and help property owners reduce energy expenses by installing renewable energy resources. Investment research firm Sanford Bernstein & Co. found rooftop solar lowers market prices for electricity ratepayers by reducing peak demand.
Robert Parker, chief operating officer of Wilmington-based Cape Fear Solar, similarly told Port City Daily the program would increase clean energy accessibility.
Tips or comments? Email journalist Peter Castagno at peter@localdailymedia.com.
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