OLYMPIA – Gov. Jay Inslee today signed legislation into law that will clarify implementation of a bill passed in 2020 that enabled the creation of a Commercial Property Assessed Clean Energy and Resiliency (C-PACER) program.
C-PACER provides local governments and building owners a private-sector financing tool for important projects such as energy efficiency improvements and seismic upgrades. Since the passage of House Bill 2405 in 2020, five counties in Washington have approved ordinances to adopt the innovative public-private partnership. However, ambiguity in the law has stalled investments.
Senate Bill 5862 was sponsored by Sen. Liz Lovelett (D-Anacortes) to resolve that ambiguity.
“C-PACER is a crucial mechanism to effectively move our state towards reducing the carbon intensity of our built environment in the face of the ongoing climate crisis,” said Lovelett. “By making it easier for local jurisdictions to utilize and for our private financial partners to participate, we can attract deep investments in communities across Washington.”
SB 5862 clarifies the role of both lenders and county officials and will unlock the potential to fund millions of dollars of projects and help businesses comply with 2019 Clean Building Standards.
The bill takes effect immediately.
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