Sen. John Blake, D-22, Archbald, said the bill gathering bipartisan support would provide low-cost financing to meet pent-up demand to modernize commercial properties by installing solar panels, LED lights and new heating and cooling systems. . .
An authority would sell bonds or revenue notes to investors to generate the lending capital to help a developer or business undertake a project. The authority first would do an analysis to determine if a project would bring any savings. The prospect of lower utility bills would make participation appealing to a business, said supporters.
The developer or business would repay the long-term loan with a higher property tax assessment set by the authority for a specific improved building.