Arlington, VA – The Arlington Commercial Property Assessed Clean Energy (C-PACE) program announced today that Rocklands Barbeque and Grilling Company will leverage C-PACE financing to pay for roof upgrades and install two solar PV systems totaling 44kW on two adjacent properties located at 3461 and 3471 Washington Boulevard in Arlington. These are the first two C-PACE projects in the Commonwealth of Virginia.
John Snedden, the restaurant’s owner, said, “The solar PV systems will lower our utility bills and reduce greenhouse gas emissions, which is aligned with our overall sustainability goals of reducing our carbon footprint on the environment. Plus, 100% financing from Arlington C-PACE helped us avoid using operating funds.” He added, “That’s the right thing for our business, customers and community – a win-win-win.”
IPSUN Solar, based in Fairfax, VA, was retained by Rocklands Barbeque to install the roof-mounted solar arrays. Joe Marhamati, VP, said, “Our analysis showed the combination of energy cost savings over the life of the solar equipment and the tax benefit would exceed $280,000, which far exceeds the costs of the system, and the solar array will pay for itself in short order.” He added, “This is our first project to use C-PACE financing and we are very impressed with both the benefits and the ease of use. We will definitely promote C-PACE to future customers.”
Jim Wilmot, VP Lending at Arlington Community Federal Credit Union, which provided $125,000 in C-PACE financing, said “As a local full-service credit union, it’s our mission to invest in local business and grow the communities we serve.” He added, “This was an exciting opportunity to help Rocklands Barbeque lower both operating costs and the building’s carbon footprint. C-PACE financing was key to the success of this project, and we look forward to helping many more small business customers take advantage of C-PACE Financing.”
About Arlington C-PACE
Arlington C-PACE is a county-sponsored program that enables owners of commercial and industrial buildings to use private sector money to finance energy efficiency, renewable energy, and water efficiency improvements to their property. The program can be used to finance both existing building retrofits and new construction projects. Spearheaded by the Arlington Initiative to Rethink Energy (AIRE), Arlington C-PACE will advance several public policy goals as described in Arlington’s award-winning Community Energy Plan. Those goals include reducing energy costs, increasing renewable energy deployment, lowering greenhouse gas emissions, and creating local jobs. Sustainable Real Estate Solutions (SRS) administers the Arlington C-PACE program.
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 EPIC™ 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 $475 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.