The bill amends existing state laws to provide a comprehensive framework for financing and project qualifications that local governments can adopt. By doing so, it aims to stimulate economic growth by enhancing job creation within the resilience and clean energy sectors. Through the C-PACE Program, local governments can offer a new funding mechanism that incurs minimal upfront costs for property owners and promotes increased property values through valuable improvements, which is expected to benefit local economies significantly.
Senate Bill 802, known as the Commercial Property Assessed Capital Expenditure (C-PACE) Act, seeks to promote economic development in North Carolina through a statewide program that enables low-cost financing for commercial property improvements. The bill authorizes local governments to participate voluntarily in the C-PACE Program, which allows property owners to finance energy efficiency, water conservation, renewable energy, and resilience projects. This financing would be secured through an assessment that remains with the property, facilitating improvements that can lead to lower utility bills and enhanced building resilience against natural disasters.
The sentiment around SB 802 appears largely positive, particularly among supporters who view the C-PACE Program as a vital tool for promoting clean energy and utility efficiency within the state. Proponents argue that it not only assists property owners in upgrading their buildings but also serves broader community interests by emphasizing public health and disaster preparedness. However, some concerns may arise regarding the oversight and management of the program, especially in ensuring that funds are effectively utilized without straining local government resources.
As with many legislative initiatives, there may be points of contention related to the implementation and regulation of the C-PACE Program. Critics may question the efficacy and accountability of financing arrangements that do not utilize public funds, and the potential risks associated with the C-PACE assessments being prioritized over other liens. Ensuring that the program meets environmental standards and doesn't lead to unintended consequences locally remains a significant aspect that will necessitate careful oversight and public input.