Virginia's C-PACE Program Fuels Green Real Estate Development

Got story updates? Submit your updates here. ›

Virginia's C-PACE program is empowering property owners and developers to access long-term, fixed-rate capital for sustainable building improvements. Established in 2015, the program has expanded to over 20 localities, helping commercial and multifamily projects leverage C-PACE loans to upgrade buildings, reduce energy costs, and enhance property value across the state.

Why it matters

C-PACE financing is unlocking new possibilities for 'green' real estate development in Virginia by providing an innovative financing tool to fund energy-efficient upgrades. As more localities adopt the program, it is helping drive the transition to sustainable buildings and supporting the Commonwealth's broader climate and clean energy goals.

The details

The Virginia C-PACE Act allows localities to establish their own C-PACE programs, which enable property owners to access private financing for a range of eligible improvements like high-efficiency windows, water conservation measures, LED lighting, and HVAC upgrades. C-PACE loans are repaid through a special property tax assessment, providing long-term, fixed-rate capital with little or no upfront equity required. Recent C-PACE financings in Prince William County, the City of Richmond, and Rockingham County demonstrate the program's growing impact across the state.

• The Virginia C-PACE Act was established in 2015, enabling localities to implement their own programs.
• Over 20 Virginia localities have adopted C-PACE programs in the past seven years.

What they’re saying

What’s next

As more Virginia localities adopt C-PACE programs, the availability and utilization of this financing tool is expected to continue growing, further supporting the state's transition to sustainable buildings and clean energy.