JUNEAU – The Senate has passed, and the House concurred on Rep. Calvin Schrage’s legislation that aims to help businesses finance commercial property energy efficiency improvements.
House Bill 227 builds off 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. It expands 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.
“C-PACE will help our small businesses make smart investments in our state to improve the energy efficiency and climate resiliency of their properties. Now is the time for us to encourage new investments in Alaska and HB 227 does exactly that,” said Representative Calvin Schrage (I-Anchorage). “I am proud of the work done on this bill by both the House and Senate, this bill is a great example of the legislature working together to make our state even better,”
“With the high energy costs and destructive windstorms we have seen in the last year, there is no doubt that opening the door to innovative, cost-saving building improvements is the right call. Furthermore, through this innovative financing mechanism, commercial property developers can comfortably choose more efficient and resilient designs for new buildings without the traditional economic burden,” said Senator Shelley Hughes (R-Palmer). “It was an honor to work on HB 227 with Representative Schrage, particularly as my region is interested in launching a C-PACE program.”
HB 227 now heads to the Governor’s desk for signature.