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tweetLafayette, CO—The Colorado C-PACE program announced today that it has extended its financing term limit to 25 years, up from 20 years.
“The program increased the term limit to provide additional flexibility for energy efficiency and renewable energy projects, and particularly for new construction projects,” said Tracy Phillips, director of the Colorado C-PACE program.
“The finance terms are still limited by the average weighted effective useful life (EUL) of the improvements under consideration, though projects that only incorporate improvements with a 25-year EUL, such as roof replacements, elevator modernization, and solar PV, can take advantage of the full 25-year term limit,” Phillips said.
Long-term financing is one of the key benefits of C-PACE financing, which aims to make energy efficiency and renewable energy projects economically attractive for commercial property owners and developers. Longer terms spread the repayments over an extended time frame, freeing up the investor’s capital and minimizing the impact on operational cash flow.
About Colorado C-PACE
A program of the Colorado New Energy Improvement District (NEID) administered by Sustainable Real Estate Solutions, Colorado C-PACE provides financing for energy and water improvements, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects for commercial properties. C-PACE offers long-term financing that covers 100 percent of the project cost and is repaid over a period of up to 25 years. The payments are structured as a regular line item on the property tax bill. When a property is sold, the C-PACE assessment can stay with the property and transfer to the new owner, who enjoys the ongoing utility cost savings associated with the project. Visit copace.com for more information.
About SRS
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 PACEworx™ 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 $140 million in C-PACE financing nationwide—a level unmatched in the industry. SRS empowers C-PACE public-private partnerships across the country, including programs in California, Colorado, Connecticut, Ohio, Oregon, Rhode Island, Utah, and Virginia. The company is based in Trumbull, Connecticut.