The Washington County Board of County Commissioners unanimously approved the Commercial Property Assessed Clean Energy (C-PACE) ordinance to join the statewide C-PACE program — making the County eligible to participate in the Maryland Commercial PACE (MDPACE) program, administered by the Maryland Clean Energy Center (MCEC).
The PACE program allows access to low-cost, long-term financing for energy efficiency improvements to commercial and industrial properties.
“With the passage of C-PACE, Washington County hopes to use this economic development tool to attract new construction projects to the area and upgrade improvements to existing buildings,” said John F. Barr, President of the Washington County Board of County Commissioners. “Benefits of this tool can extend beyond savings for the initial projects, to cost savings for operations and improved building health and comfort for occupants, resulting in direct benefits for our local communities and residents.”
Building improvements financed using C-PACE can be completed with minimal up-front, out-of-pocket costs to property owners and can generate positive cash flow upon completion. The results may include reduced energy or other operating costs, improved business profitability, increased property value, and improved resiliency to the real estate.
According to Washington County:
“Over $97M in C-PACE financing has been issued across the state, with $16M through the MDPACE program in 2022, alone,” said Katherine Magruder, Executive Director of the Maryland Clean Energy Center. “We applaud Washington County’s adoption of C-PACE, so their local commercial and industrial property owners have access to this low-cost, long-term financing option.”
Washington County will facilitate the levy of a lien on participating properties and the PACE loan is repaid through the property taxes. The Washington County Board of County Commissioners and the Washington County Department of Business Development are pleased to fully support programs such as PACE for Commercial and Industrial Properties that encourage energy efficiency.
MCEC is a corporate instrumentality of the state, created by the Maryland General Assembly in 2008, with a statute-directed mission to advance clean energy and energy efficiency products, services, and technologies as part of a specific economic development strategy, which includes oversight of the MDPACE Program, administered by Abacus Property Solutions. For more information about MDPACE, including the program guidance, forms, and the application process details, please visit md-pace.com.
For additional information, please get in touch with Washington County’s Business Development Department at 240-313-2280 or firstname.lastname@example.org.