Sustainable Communities

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  • Phone: 970-328-8766

    Sustainable Communities
    P.O. Box 850
    500 Broadway
    Eagle, Colorado 81631-0850 

    sustainable@eaglecounty.us


     

     


New financing tool available for commercial properties for efficiency, renewable energy projects

Contacts: Adam Palmer, Environmental Policy Planner, 970-328-8734, adam.palmer@eaglecounty.us

John-Ryan Lockman, Energy Programs Director, Walking Mountains Science Center, 970-827-9725 ext. 132, johnryan@walkingmountains.org 

Aug. 12, 2016 – Eagle County has opted in to the statewide Commercial Property Assessed Clean Energy (C-PACE) program, which offers commercial property owners in the county a unique mechanism to finance energy efficiency, renewable energy and water conservation improvements.

“Commercial buildings currently account for about 20 percent of Colorado’s energy use,” said Paul Scharfenberger, chairman of the New Energy Improvement District board, a statewide district that operates and facilitates the C-PACE program. “Colorado’s commercial PACE program offers a financial tool to help spur energy efficiency and renewable energy investments in our state’s building infrastructure, providing long-term utility savings, while stimulating the economy.”

The program provides financing for a variety of improvements, including new heating or cooling systems, lighting, water pumps, insulation, solar panels and other renewable energy projects. Typical long term C-PACE financing covers 100 percent of a project’s cost and is repaid, for up to 20 years, in annual payments that are structured as a regular line item on the property tax bill. When a property is sold, the C-PACE assessment stays with the property and transfers to the new owner who, in turn, enjoys the ongoing utility cost-savings associated with the project.

Sustainable Real Estate Solutions (SRS) was selected as the Colorado C-PACE administrator and will oversee an open, competitive lending model that makes it possible for a wide variety of capital providers to participate. All projects will be financed entirely with private funds, allowing local lenders, national banks and PACE capital providers the opportunity to finance projects.

“C-PACE provides commercial and industrial building owners with an attractive way to finance capital-intensive building modernization projects,” said Brian J. McCarter, CEO of SRS, administrator for the Colorado CO-PACE program. “The resulting energy savings typically outweigh the annual assessment payment thereby enabling cash flow positive projects.” 

Eligible properties include office buildings, hotels, retail, agricultural, non-profits, industrial buildings and multi-family properties with five or more units. Projects must be located in counties that have opted to participate in the program. 

For more information or to apply for financing, visit the Colorado C-PACE website at www.copace.com or contact Walking Mountains’ Energy Programs Director John-Ryan Lockman at 970-827-9725 ext. 132 or at johnryan@walkingmountains.org.