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 properties. The bill amends existing law by allowing municipalities to incur debt or finance renewable energy projects for owners of commercial or industrial buildings, as well as residential dwellings, upon receiving majority approval from voters. Specifically, the language of the bill inserts definitions and provisions that clarify the inclusion of commercial and industrial buildings in the PACE program, thereby broadening the scope of the initiative to promote energy efficiency and renewable energy projects.

Additionally, the bill establishes that owners of commercial or industrial buildings can enter into written agreements with municipalities to consent to special assessments for these projects, following an energy savings analysis. The act is set to take effect on July 1, 2025, providing municipalities with the framework to implement these changes and support energy efficiency initiatives within their jurisdictions.

Statutes affected:
As Introduced: 24-87