Commercial, Distributed Energy Resources, Energy Efficiency, Industrial, Commercial, Distributed Generation, Finance, Solar - September 23, 2016
1st Colorado C-PACE project receives financing
Officials on Sept. 23 announced that financing has been obtained for Colorado's first Commercial Property Assessed Clean Energy, or C-PACE, project.
The Boulder County project is a 42,000 square-foot commercial and industrial facility owned by Urban Green Development. The facility will undergo energy improvement measures totaling approximately $320,000, with a loan from Citywide Banks, the state's energy office said in a news release.
"The availability of Colorado C-PACE financing was the catalyst that drove our decision to make these important building improvements," Urban Green Development CEO Scott Kiere said in a statement. "This investment will increase the asset value, lower energy costs and reduce greenhouse gas emissions."
The total projected savings of 188,082 kWh shakes out to a 15% reduction in annual building operating costs, according to the release. Energy upgrades will include a 100 kW rooftop solar photovoltaic array capable of producing 140,000 kWh each year. New interior and exterior LED lighting will save an additional 48,082 kWh per year.