Benefits to localities
Enacting a PACE program enables constituent building owners to finally upgrade their buildings, creating a sustainable and economically viable community. Cities and counties of all sizes will find that there is a pent up demand from building owners who were previously unable to finance their energy/water efficiency and renewable energy projects. By creating new investment opportunities, PACE will stimulate employment growth and economic development in local governments throughout Virginia. Improvements financed through PACE will reduce energy and water consumption, thereby helping local communities achieve critical energy and water conservation goals and improve the quality of the community’s commercial building stock. The benefits of PACE for municipalities and counties are magnified by the fact that PACE programs can be established with minimal financial and administrative assistance from local governments, and once that once established they are designed to be self-sustaining.