The North Carolina General Assembly recently passed an exciting new program that will make it easier and more affordable than ever for businesses to invest in clean energy upgrades.
Senate Bill 802 authorizes the launch of Commercial Property Assessed Clean Energy (CPACE) financing in the state, according to WRAL News. Through CPACE, companies can borrow money to install things like rooftop solar panels, energy-efficient HVAC systems, and LED lighting — then pay back the loan over time via a small bump in their property taxes.
So, what does this mean for you?
For starters, it's a huge win for small business owners looking to save some green while going green. Energy efficiency upgrades can translate to major savings on monthly utility bills. But they also tend to require sizable upfront investments that can be hard to swing.
CPACE aims to change that, making it possible for more companies to afford the tech that will shrink both their carbon footprint and their overhead costs. The result: a cleaner environment and more cash to invest back into the business and support employees.
What's more, these upgrades can help make local businesses more resilient in the face of our changing climate and increasingly severe weather events. By producing some of their own power and maximizing efficiency, companies will, on the whole, be better equipped to keep the lights on and the doors open.
The move puts North Carolina in good company, joining the ranks of the 38 other states that have already passed CPACE legislation nationwide, according to WRAL News. To date, CPACE programs have financed over $2 billion in clean energy projects across the country, according to Department of Energy data cited by WRAL News.
"It's a monumental step in clean energy here in North Carolina," said Matt Abele of the North Carolina Clean Energy Association, per the outlet.
"This is going to help those businesses put more money back into their pocket, be able to pay their employees more money and continue to reinvest in the communities that they are already invested in."
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