State program relies on private capital, not taxpayer funds, to finance energy efficiency projects
Lafayette, CO, February 12, 2018—An 80,000-square-foot office building in Denver will receive a major energy makeover thanks in part to the state’s commercial property assessed clean energy (C-PACE) program. The program, a public-private partnership, relies on private capital, and not taxpayer funds, to help commercial property owners finance energy efficiency projects with affordable, long-term, non-recourse financing.
Denver-based Lever Energy Finance developed the project for the Class A office building, located at 4880 Havana Street. The building will receive new energy-efficient lighting, window tinting, heating and cooling units, and building controls. The project, which is expected to be completed in May, is projected to improve the building’s energy efficiency by 38 percent.
Greenworks Lending, a specialty finance company, funded the investment, which totaled $1,100,000.
“Through Colorado C-PACE, our client was able to finance upcoming capital expenditures and energy-efficiency solutions,” said Joel Poppert, a senior vice president with Lever Energy Finance. “With no upfront costs, the building owner will improve his asset and significantly reduce operating expenses.”
About Colorado C-PACE
A program of the New Energy Improvement District (NEID) administered by Sustainable Real Estate Solutions, Colorado C-PACE facilitates financing for energy and water improvements, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects for commercial properties. C-PACE offers long-term financing that covers 100 percent of the project cost and is repaid over a period of up to 20 years. The payments are structured as a regular line item on the property tax bill. When a property is sold, the C-PACE assessment can stay with the property and transfer to the new owner, who enjoys the ongoing utility cost savings associated with the project. Visit copace.com for more information.
Sustainable Real Estate Solutions (SRS) partners with state and local governments to administer commercial property assessed clean energy (C-PACE) programs. Founded in 2010 by experienced commercial real estate and energy efficiency professionals, the company’s proprietary technology-enabled PACEworx™ Platform streamlines the management of the data-intensive C-PACE technical and financial underwriting process. SRS’s Investor Confidence Project-credentialed quality assurance methodology has facilitated more than $130 million in C-PACE financing nationwide—a level unmatched in the industry. SRS empowers C-PACE public-private partnerships across the country, including programs in California, Colorado, Connecticut, Ohio, Oregon, Rhode Island, Utah, and Virginia. The company is based in Trumbull, Connecticut.