The Joint Judiciary Committee and Joint Economic Development met this morning to hear a presentation on Commercial Property Assessed Capital Expenditures (CPACE) legislation. CPACE is a financing mechanism for energy efficiency-related upgrades to properties. The loan is repaid through property tax collection over 10 to 20 years. The loan obligation is a debt of the property, not the owner. The legislation for CPACE is proposed for commercial property or multifamily units. The improvements funded through assessment cannot be removed until its repaid. Eligible improvements include water efficiency, renewable energy, stormwater management, and environmental remediation. CPACE is gaining popularity as a low-cost, long-term financing for improvements that lower energy expenses. To establish CPACE, legislation would need to be passed to allow for these loans. Then, local governments would have to pass an ordinance for the programs. Then, property owners would apply to participate. Currently, all states around West Virginia use CPACE.
The committee also heard a presentation from the New River Gorge Regional Development Authority (NRGRDA) and its economic development initiatives. The mission for NRGRDA is to build a resilient regional economy that supports both large-scale investment and entrepreneurial growth. The authority covers Fayette, Nicholas, Raleigh, and Summers Counties. The authority is focused on site and infrastructure readiness, small business growth, industry attraction, and community redevelopment.
Readiness matters because modern industry needs reliable energy capacity, flat accessible land, high-speed connectivity, ample water resources, and predictable permitting. WV is in a position for readiness due to its abundant energy, strategic location, and strong regional EDAs. However, there are gaps in communication and coordination. Developers need utility clarity, utility providers need regulatory certainty, locals need incentive flexibility, and the state needs measurable impact.
