RICHMOND, Va. (CBS19 NEWS) -- A program that aims to help grow energy efficiency, renewable energy and resiliency improvements in commercial properties across Virginia is now open.

The new program, called Commercial Property Assessed Clean Energy or C-PACE, is now open to localities that want to participate.

According to a release, the Virginia PACE Authority is administering the program for the Virginia Department of Energy.

“With C-PACE, property owners can finance up to 100 percent of clean energy projects with fixed rate terms of up to 30+ years. The new statewide program was announced last year and after feedback, the new documentation will create a standardized program across the Commonwealth for jurisdictions to participate,“ said VPA President Abby Johnson. “We are excited to bring this program across Virginia, especially with a new focus that allows for financing of resiliency, stormwater and electric vehicle infrastructure.”

Under this new program, localities do not have to create their own C-PACE program, because they have the option to join the statewide, standardized one.

Jurisdictions already using PACE only need to upgrade their existing documentation.

The release describes C-PACE as an economic development tool for local governments as it helps to promote growth and brings in tax revenue.

It also helps businesses that was to expand or begin new construction to put in energy efficiency measures with up-front financing.

Properties that may be eligible for financing include office, retail, industrial and others.

Additionally, C-PACE can be added to project financing if owners are considering energy efficiency measures, such as solar installations, HVAC, wind power, or electric vehicle charging stations.

For more information, click here.