Act No. 9102 — An act amending title 29 Virgin Islands Code by enacting the Commercial Property Assessed Clean Energy (C-PACE) Act
ACTNO.9 102 BILL NO. 36-0248 THIRTY-SIXTH LEGISLATURE OF THE VIRGIN ISLANDS Regular Session 2026 An act amending title 29 Virgin Islands Code by enacting the Commercial Property Assessed Clean Energy (C-PACE) Act WHEREAS, Commercial Property Assessed Clean Energy (C-PACE) is a financing mechanism that enables low-cost, long-term funding for energy efficiency, renewable energy and hurricane protection improvements to private commercial property; WHEREAS, C-PACE is a national initiative, but programs are established locally and tailored to meet regional market needs; WHEREAS, the C-PACE financing terms are based on the useful life of the improvement which can be more than 25 years; WHEREAS, the C-PACE non-credit based financing can cover 100 percent of a project’s costs for property owners; WHEREAS, C-PACE financing is secured through a voluntary assessment on the property, and has the same priority as other local public benefit assessments; WHEREAS, the C-PACE program aims to decrease energy and water costs and encourage energy and water sustainability; WHEREAS, the C-PACE payments ru …
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