Virginia was selected to receive a $500,000 grant through the U.S. Department of Energy which will support clean energy programs across the Commonwealth and could help create over 700 jobs. The Virginia Department of Mines, Minerals and Energy will manage the grant which will provide low-cost financing for private sector clean energy investments through Property Assessed Clean Energy (“PACE”) programs. PACE programs, which are currently used in 16 states and Washington, D.C., serve as a mechanism for financing energy efficiency and renewable energy improvements on private property. The programs allow local and state governments to fund the up-front cost of energy improvements on commercial and residential properties, which are paid back over time by the property owners. Localities coordinate with private lenders who are repaid when the localities collect PACE loan payments from the property owners in the form of special property assessments added to the property owner’s tax bill. For more information on PACE programs or other solar project financing and development matters, please contact Eric Hurlocker or Blair Powell at GreeneHurlocker.