Commercial Property Assessed Clean Energy Programs (C-PACE)
If enacted, S0256 will facilitate the implementation of financing options for property improvements that enhance energy efficiency and resilience against disasters. Notably, it stipulates that local governments can voluntarily adopt C-PACE programs, ensuring that implementation is initiated at the local level. The legislation emphasizes the importance of maintaining specific safety and performance standards for improvements financed through these programs, fostering an environment where sustainability is prioritized in commercial and industrial sectors.
S0256, known as the South Carolina Commercial Property Assessed Clean Energy and Resilience Act, proposes the establishment of Commercial Property Assessed Clean Energy (C-PACE) programs within local government jurisdictions. The bill aims to provide low-cost, long-term financing for property owners to make qualifying improvements to their agricultural, commercial, industrial, and multifamily residential properties. By allowing property owners to finance improvements through special assessments levied on their properties, the bill seeks to advance economic development, sustainability, and energy efficiency without imposing costs on local governments.
Debate surrounding S0256 may focus on the extent to which local governments can participate in these financing arrangements, particularly concerning the limitations on using public funds. Critics may express concerns over potential liability issues associated with the special assessments, as well as the long-term implications for property owners who may struggle to manage the lien associated with their property taxes. Supporters may argue that the bill promotes much-needed investments in infrastructure that reduce energy costs and help combat climate change.