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tweetC-PACE project will slash investment property’s energy costs by 30 percent
Lafayette, CO—Westbrook Development Partners, a commercial real estate 
development company, is investing in renewable energy and energy efficiency upgrades at one of its investment properties with help from the Colorado C-PACE program. The Denver-based company will use C-PACE financing to install a solar photovoltaic system, an insulated roof, and high-efficiency LED lighting at its property at 999 Vallejo Street in Denver.
Namasté Solar, an employee-owned solar PV contractor with offices in Boulder and Denver, originated the project, which is projected to reduce the 38,108-square-foot building’s energy use by 23 percent and its energy costs by 30 percent, saving the building owner approximately $430,164 in energy costs over the 20-year loan term. The project will also increase the value of the property by $358,569.
ANB Bank funded the investment, which totaled $376,555. It is the fifth C-PACE project funded by the regional bank, which has locations in Colorado, Wyoming, and the Kansas City metro area.
“We specialize in commercial, mixed-use, adaptive reuse, and creative space projects in Denver,” said Dan Strammiello, president of Westbrook Development Partners. “Part of our goal is to create enduring environments for people based on the demands of their lifestyles, and comfort plays a big role. Our C-PACE project will go a long way toward improving the well-being of the people who work at our property.”
“Developing a clean solar energy solution with Westbrook Development Partners benefits their bottom-line and the environment,” said Rachel Mountain, a commercial solar sales associate with Namasté Solar. “From a business perspective producing renewable energy on site reduces operating expenses while locking in fixed utility rates. And, it cuts greenhouse gas emissions, which benefits everyone in our community.”
“As a community bank, we have the privilege of seeing the projects we fund come to life,” said Sean Ribble, a vice president with ANB Bank. “We hope to fund many more Colorado C-PACE projects, which help our customers preserve their capital, improve their asset, and create local jobs.”
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.