When debating how to tackle climate change and increasing sea levels, the emphasis is frequently placed on creating and implementing alternative clean energy sources. While limiting climate change is a good aim, many communities in Virginia are experiencing the effects of climate change. Periodic flooding has already affected vulnerable flood zones around the state. Commercial property owners can reduce flooding damage by constructing or altering existing facilities to manage stormwater and withstand flooding efficiently. However, building a structure for flood-resistant is too expensive for many commercial property owners to accomplish without any assistance.
In 2019, the state code of Virginia regulating Commercial Property Assessed Clean Energy (C-PACE) financing schemes was revised to allow resilience measures like flood mitigation and stormwater management to qualify for funding, providing a solution to this challenge. This blog includes a brief account of the establishment of the PACE loans in Virginia, as well as a survey of various resiliency measures that can be employed to prevent commercial property damage from flooding.
Understanding the working mechanism of C-PACE
C-PACE is a financing technique that enables commercial and multifamily building owners to upgrade their properties with environmentally resilient and energy-efficient improvements. C-PACE is unique in that contractors, property owners, and governments who implement and employ C-PACE financing reap a range of benefits with no risk. For instance, a C-PACE loan gives commercial building owners 100% of the upfront cost, which is funded at a low, long-term, fixed interest rate, allowing proprietors to overcome the most significant barrier to developing a more sustainable building. C-PACE financing, unlike bank loans, does not demand a down payment. This permits an energy improvement business project to be cash flow positive from the outset, with the proprietor benefiting immediately from the project's annual savings.
History of C-PACE in Virginia
In 2009, the General Assembly of Virginia passed C-PACE legislation. C-PACE loan was formerly exclusively eligible for clean energy projects; however, in 2019, the Assembly altered the legislation to include stormwater management projects and resilient property upgrades.
Virginia has begun to focus on PACE as a resiliency-building tool. The commercial projects include complete renovations such as energy efficiency measures and building envelope improvements, as well as distributed energy, storage, and non-energy measures aimed at flood mitigation and wind resistance.
What are the commercial flood resiliency measures funded by PACE financing?
In Virginia, PACE funding for commercial flood resilient measures includes the following:
Green Roof
A green roof, sometimes known as a living roof, is a typical roof covered with interlocking plant panels. Although installation costs vary based on the size and intricacy of the operation, a typical green roof ranges between $25 and $45 per square foot. However, a green roof offers several advantages to commercial building owners, including biodiversity habitats, decreased heating and cooling loads, improved aesthetics, urban heat island prevention, fire prevention, and plastic waste reduction due to the use of recycled plastic in roof construction.
Flood Wall
Another low-impact flood resiliency device that could be funded by C-PACE financing for commercial properties is a flood wall, which is a barrier that rises from the ground or can be quickly deployed during storms and is designed to retain and divert flood water away from buildings.
Green Infrastructure
The third low-impact flood resiliency solution that could be sponsored by C-PACE is the substitution of natural hydrology-friendly measures for concrete or hardscape structures and surfaces. Green infrastructure stores water on-site to mitigate flood risk. Green infrastructure measures include permeable pavements, rain gardens, and stormwater ponds.
Wrapping Up
Building or upgrading a business property with flood resiliency features may be much more expensive than traditional construction methods, but it can save costly damage. C-PACE financing, which covers the upfront construction or retrofit costs with low-interest financing, might incentivize building owners to utilize flood-resistant construction practices on their commercial buildings.
Are you looking for PACE loans in Virginia to support your flood resiliency construction of commercial projects? C-PACE.COM offers PACE loans for business projects so that you can build eco-friendly and flood-resilient buildings effectively without worrying about funding. Contact today!
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