The motion prevailed.
Senator McDonald Rivet’s statement is as follows:
I rise to ask for your support for Senate Bill No. 303. This is legislation to expand the current scope of eligible projects and property under the commercial property assessment clean energy program—or C‑PACE. C-PACE is a commonsense approach to climate change which authorizes counties and cities to establish voluntary districts to promote energy efficiency. The C-PACE program has been successfully operating in Michigan for over a decade to help businesses make valuable energy savings investments. It is a pro-business economic development tool that uses 100 percent private capital and creates no liability for the state or local government.
Today it has enabled 67 projects across the state and resulted in over $332 million in energy savings. Borrowers—Senate Bill No. 303 will expand Michigan’s C-PACE market and increase the scope of projects that can access this important source of funding. Commercial property owners will be able to better leverage commercial PACE financing for investments that improve efficiency and lower their carbon footprint. Borrowers renovating existing buildings will be able to waive the current energy savings guarantee requirement and enable funding for projects that are beneficial and cost-effective over the long term, ensuring that new projects are energy efficient by requiring them to exceed the current energy code.
C-PACE is an optional tool for local municipalities to offer their commercial property owners. It has measures to ensure transparency and consumer protections, which include an independent baseline energy audit or modeling, a guarantee of investment-to-savings ratio, and a requirement for a public hearing and approval on projects.
As our state continues to work to mitigate the effects of PFAS, lead, heavy metal, floods, and severe weather, this legislation provides a tool for property owners to secure their businesses in an economical way that achieves savings. I ask for your support on this bill.
The President pro tempore, Senator Moss, resumed the Chair.
The following bill was read a third time:
Senate Bill No. 288, entitled
A bill to amend 2012 PA 615, entitled “Michigan energy assistance act,” by repealing section 6 (MCL 400.1236), as amended by 2019 PA 87.
The question being on the passage of the bill,
The bill was passed, a majority of the members serving voting therefor, as follows: