The "South Carolina Commercial Property Assessed Clean Energy and Resilience Act" establishes a framework for Commercial Property Assessed Clean Energy (C-PACE) programs that local governments can voluntarily implement. This legislation enables owners of agricultural, commercial, industrial, and multifamily residential properties to secure low-cost, long-term financing for qualifying improvements by agreeing to have an assessment levied on their properties. The bill aims to enhance economic development, job creation, sustainability, and building safety, while also improving disaster response and reducing energy and water costs. Local governments are required to adopt an ordinance to establish a C-PACE program, which must include various statements and agreements related to financing and administration.

The bill outlines the procedures for property owners to apply for financing for qualified improvements, with a minimum financing amount of $100,000. It mandates that local governments enter into assessment agreements with property owners and verify that properties are free of delinquent taxes and liens. The legislation details the documentation required for financing approval, including the necessity for licensed contractors and consent from mortgage holders. It also specifies billing and collection procedures for assessments, which can be included in property tax bills, and establishes that assessments create a lien against the property. Importantly, the bill clarifies that public funds will not be used for financing, nor will the state or local governments be liable for assessments, and it prohibits the use of PACE financing for certain projects involving natural gas appliances. The act will take effect upon the Governor's approval.