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tweetLafayette, CO—Colorado C-PACE announced today that Paradigm Capital Ventures will use C-PACE financing to install multiple energy-efficiency improvements at their property on 5200 DTC Parkway in Greenwood Village, CO. Upgrades to the 52,938 sq. ft., five-story office building include a new HVAC rooftop unit, interior LED lighting and the installation of a new building automation system.
These investments are projected to save more than $450,000 over the useful life of the equipment and increase the value of the building by more than $280,000.
Paradigm Capital Ventures engaged Efficiency Project Professionals (formerly Energesco) to develop the 100-percent financed energy-efficiency project.
Efficiency Project Professionals, a leading provider of energy efficiency and water conservation measures to the commercial and multifamily real estate industries, realized the power of C-PACE financing early on, having completed one of the first Colorado C-PACE projects. “Convincing owners to install energy-efficient upgrades was an uphill battle before C-PACE financing,” said Jamie Lang, President of Efficiency Project Professionals. Lang added, “Owner’s typically prefer not to have to tie up capital for an improvement that shows little return on investment. By using the CO C-PACE program the team at Paradigm helped reduce that concern around installing energy-saving improvements.”
Financing for the project was provided by FirstBank, a privately held institution based in Colorado. Jon Wilms of FirstBank said, “FirstBank has financed many C-PACE projects and we continue to be impressed with the everybody-wins structure of these loans. Owners win by increasing their building’s asset value while reducing their utility costs and capital outlay. The community wins by reducing its carbon footprint. And we win by offering our customers low-risk financing and supporting FirstBank’s commitment to our home state’s growth.”
About Colorado C-PACE
A program of the New Energy Improvement District (NEID) administered by Sustainable Real Estate Solutions, Colorado C-PACE facilitates financing for energy and water improvements in new and existing commercial buildings, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects. 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.
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 $175 million in C-PACE financing nationwide—a level unmatched in the industry. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.