Delaware Governor John Carney signed Senate Bill 113 into law on Wednesday, enabling Commercial Property Assessed Clean Energy (C-PACE) financing in Delaware. Once implemented, PACE will offer a new method for financing commercial energy efficiency and renewable energy projects.
Governor Carney praised the bill’s potential impact on Delaware, “By offering another method of financing for energy efficiency projects, PACE will help Delaware further our goals to improve economic development, lower energy costs and reduce greenhouse emissions.”
The Governor was joined by Senator Harris McDowell, Representative Trey Paradee, Representative Debra Heffernan, New Castle County Executive Matthew Meyer, and Public Advocate Andrew Slater, as well as supporters of sustainability and clean energy in Delaware.
Commercial Property Assessed Clean Energy (C-PACE) is a voluntary and innovative way to finance energy efficiency and renewable energy projects on commercial properties. PACE loans are funded by private lenders and are paid back through a voluntary assessment on the property’s county tax bill.
PACE has proven successful nationally in promoting the growth of energy efficiency and renewable energy projects. Delaware’s PACE legislation was crafted with input from various stakeholders, including national experts, and has received broad support from the business community. With the signing of SB113, Delaware joins the ranks of the 34 other states that have signed PACE enabling legislation. The Delaware Sustainable Energy Utility (DESEU) will serve as the administrator of the PACE program.
The PACE program will be up and running in the first quarter of 2019.
— Solar Builder magazine