The bill S.138, introduced by Senator Chittenden, aims to expand the eligibility for property-assessed clean energy (PACE) projects to include commercial and industrial buildings, in addition to residential dwellings. The proposed amendments to 24 V.S.A. chapter 87, subchapter 2, specifically allow municipalities to incur debt or finance renewable energy projects and energy efficiency improvements for owners of commercial or industrial buildings, as well as residential properties. This change is intended to promote energy efficiency and renewable energy initiatives within local communities.

Key insertions in the bill include the definitions of "commercial or industrial building" and the inclusion of these building types in the special assessment process for PACE projects. The bill also establishes that the act will take effect on July 1, 2025. Overall, the legislation seeks to enhance the scope of PACE financing, thereby encouraging broader participation in energy-saving projects across various property types.

Statutes affected:
As Introduced: 24-87