JUNEAU – Rep. Calvin Schrage’s legislation that aims to help businesses finance commercial property energy efficiency improvements passed the House floor today on a vote of 31-4. HB 227 expands the Commercial Property Assessed Clean Energy (C-PACE) program, which enables commercial property owners to obtain fixed-rate, long-term financing for energy efficiency and renewable energy projects.
“I’m proud of the broad, bipartisan work and support that went into this bill, from the committee process to the floor,” said Rep. Calvin Schrage (I-Anchorage). “This work will go a long way toward supporting Alaska’s businesses develop their assets so they can increase energy efficiency and savings.”
HB 227 aims to build off the C-PACE program by allowing for new construction financing, incorporating resiliency projects into the program, offering opportunities for investment refinancing, considering market values rather than assessed values, and eliminating the Savings-to-Investment ratio