Finance, Solar - August 19, 2020
Pennsylvania sees first use of C-PACE loan for renewable energy
The Capers Company announced Aug. 18 that they are borrowing $519,020 in Commercial Property-Assessed Clean Energy (C-PACE) financing to construct a 212 kW rooftop solar installation on a daycare building they own in Philadelphia, representing the first use of C-PACE financing for renewable energy in Pennsylvania.
The real estate management firm will be financing the project through Greenworks Lending and plans to develop the project in partnership with K.E.S. LLC. The solar array is expected to generate 266,673 kWh of electricity in its first year, which would cover 100% of the building’s needs and reduce the carbon footprint by 6,900 metric tons of CO2 over the life of the project.
“We feel it is most suitable and fitting that this project benefits a building that caters to the care of children, supporting them now and with the goal of leaving a better earth for them,” William Capers, Principal of the Capers Company, said in a statement. “I am happy to be a part of a project that will help decrease a necessary cost associated with operating a childcare center.”
Philadelphia’s C-PACE program was approved by City Council in June 2019 and since has been overseen by the Philadelphia Energy Authority.
“We saw C-PACE as a tool to open up new markets for clean energy investments in our City,” Councilmember Derek Green, a leader in the movement to get the program passed, added. “This solar project proves that C-PACE does just that.”