C-PACE Program Picks Up Steam in Colorado

 

To date, 13 projects in Colorado valued at approximately $15 million have been financed through the state’s C-PACE program. Most of those projects were for office properties.

According to crej.com, the projects consist of:

  • The Denver offices of W.E. O’Neil used C-PACE to upgrade the building’s lighting, plumbing and electrical systems; install a new heating and cooling system; add a roof-mounted solar photovoltaic system; and a new roof with enhanced insulation. The $519,936 project is expected to reduce the building’s energy use by about 24%.
  • Room 214, a digital marketing agency with offices in Boulder, used C-PACE financing totaling $296,000 to install energy-efficient lighting, a new heating and cooling system, a solar PV system, a new roof to support the system and electrical vehicle charging stations. The improvements boosted the building’s value by an estimated $165,333 and will reduce its greenhouse gas emissions by 1,869 tons.
  • Coughlin Property Management is using $286,148 in C-PACE financing to install energy-efficient lighting in two adjacent office buildings in Denver. The project will save the property owner more than 313,507 kilowatt hours in electricity each year, which amounts to $42,896 in annual energy cost savings.
  • John Madden Co. will overhaul two of its office properties in Greenwood Village. The comprehensive retrofit will include replacing rooftop units, upgrading controls, revamping lighting, updating water fixtures, installing next-generation metering of tenant spaces, pursing LEED Existing Building certification, and kicking off a three-year Active Energy Management Program. The $7.1 million project is the largest to date for the Colorado C-PACE program. The building owner is projected to save $385,000 in annual energy and maintenance costs – a 30% savings.
  • Ogilvie Properties, a commercial real estate investment company, used $2.3 million in C-PACE financing to install energy-efficient equipment at two of its investment properties in Denver. Company president Stu Ogilvie said that C-PACE enabled his team to expand the scope of its retrofit project. “The financing stays with the property, so it increases our ability to make our buildings better,” he said.
  • An 80,000-square-foot Class A office building in Denver received $1.1 million in C-PACE financing to install energy-efficient lighting, window tinting, heating and cooling units, and building controls. The project is projected to improve the building’s energy efficiency by 38%.

With another 71 projects valued at more than $80 million in active development with Colorado C-PACE, the program is gaining momentum.

Colorado C-PACE provides financing for energy and water improvements, including new heating/cooling systems, lighting, water pumps, insulation and renewable energy projects. 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 stays with the property and transfers to the new owner who, in turn, enjoys the ongoing utility cost savings associated with the project.

Connecticut is another state that embraced the C-PACE program. In 2016, state officials announced Curtis Packaging, a company that provides luxury packaging, has almost finished a $2.5 million project to improve energy efficiency and increase use of renewables at its Sandy Hook, CT, headquarters.

Financing for the project is from the Connecticut Green Bank, according to Westfair Communications. The vehicle is a Commercial Property Assessed Clean Energy (C-PACE) financing. Curtis, the story says, used the financing to convert to natural gas, install efficient HVAC and lighting systems and deploy a solar array capable of generating 950,000 kWh of electricity annually. The story says that the expected cost savings of the project will be $4.5 million over the 16 years of financing.

 

 

 

The 3rd Annual Environmental Leader & Energy Manager Conference takes place May 15 – 17, 2018 in Denver. Learn more here.

 

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