State officials say a special type of loan for clean energy development that launched in December is poised for growth across the state this year.
Paul Scharfenberger, director of finance and operations at Colorado Energy Office, says the Property Assessed Clean Energy program connects companies seeking to add solar panels or energy efficiency in buildings with financing.
“A lot of folks will ask, why not just get a commercial loan? And it’s for good reason,” he said. “A commercial loan typically wouldn’t exceed seven years. With PACE, we’re up to 20 year financing. That’s far more commensurate with the payback of some of these projects.”
If the owner sells the property, the PACE project and loan will transfer to the new owner.
Boulder County currently offers the program, but the state energy office expects more counties to offer it.