An act amending title 29 Virgin Islands Code by enacting the Commercial Property Assessed Clean Energy (C-PACE) Act
Sponsored By: Avery L. Lewis
Enacted
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 0 benefits, 0 costs, 3 mixed.
C-PACE financing caps, terms, fees
C-PACE financing can roll in many costs, including materials, labor, permits, engineering, lender fees, and interest reserves. Approved projects pay a servicing fee equal to 1% of the financed amount (capped at $50,000) and an application fee up to $500. Total secured debt, including C-PACE, cannot exceed 90% of the property’s value, except for properties with federal low‑income housing tax credits. A single C-PACE assessment cannot exceed 35% of the certified “as improved and stabilized” value. The repayment term cannot be longer than the project’s weighted average useful life.
C-PACE lien, consent, and collection rules
A signed C-PACE contract creates a special assessment lien that runs with the land and is junior only to property taxes. Future unpaid installments are not wiped out by foreclosure, and a mortgage cannot be accelerated just for entering C‑PACE when required consent exists; lenders may raise escrow to cover payments. On sale or refinance, the owner or successor may owe the remaining principal unless the buyer assumes it, and the owner must acknowledge this in writing. Each mortgage holder must give written consent before the contract. The Energy Office or lender records the contract and lien notice with required details, and the capital provider generally bills and collects the assessment.
C-PACE program opens in USVI
The Virgin Islands now runs a Commercial PACE program across St. Thomas, St. John, St. Croix, and Water Island. It finances permanent, fixed energy, water, resilience, and accessibility upgrades on eligible commercial and 5+ unit residential buildings. Applications must show public benefits with licensed energy or resilience studies; new buildings must beat code. Owners must have clear title, be current on mortgages and taxes, not be in bankruptcy, and verify completion. Owners may buy equipment directly or use leases or power purchase deals. Participation is voluntary; permits cannot require C-PACE, and the government does not fund or guarantee these private loans.
Sponsors & Cosponsors
Sponsor
Avery L. Lewis
legislature
Cosponsors
Clifford A. Joseph, Sr.
legislature
Hubert L. Frederick
legislature
Marise C. James
legislature
Novelle E. Francis, Jr.
legislature
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Enacted
6/9/2026legislatureTo Governor
6/3/2026legislatureFloor
5/28/2026legislatureRules
5/26/2026legislatureIntroduced
2/10/2026legislature
Bill Text
Enacted Act
6/9/2026
Bill Text
2/10/2026
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Bill No. 36-0192, An act amending title 34 Virgin Islands Code, chapter 15 to enact the Senior Financial Protection and Promissory Note Abuse Prevention Act of 2025
Bill No. 36-0290, An act granting a zoning use variance for Plot No. 104 Estate Concordia, Westend Quarter, St. Croix from the R-2 (Residential Low Density–One and Two Family)
Bill No. 36-0339, An act approving the lease agreement between the Government of the Virgin Islands, acting through the Commissioner of the Department of Property and Procurement,
Bill No. 36-0392, An act amending title 33 Virgin Islands Code, chapter 111 creating the Virgin Islands Contractor Bonds Cost Revolving Loan Fund