Bill > S0256

This bill establishes the Commercial Property Assessed Capital Expenditure Improvement Act (C-PACE) in South Carolina, creating a voluntary program that allows local governments to help commercial property owners finance energy-efficient, renewable, and resilience-related improvements. The program enables property owners to obtain low-cost, long-term financing for qualifying improvements, such as energy-efficient systems, alternative energy installations, electric vehicle charging infrastructure, and disaster resilience upgrades. Property owners can access financing through capital providers and repay the investment through a special assessment on their property that runs with the property over time. Qualifying properties include commercial, industrial, agricultural, and multifamily properties with five or more units. The bill establishes detailed requirements for program administration, including application processes, financing agreements, assessment procedures, and lien mechanisms. Importantly, the program does not use public funds, does not pledge local government credit, and requires consent from mortgage holders. The bill aims to promote economic development, job creation, energy efficiency, and property resilience without imposing costs on local governments.

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https://www.scstatehouse.gov/billsearch.php?billnumbers=0256&session=126&summary=B