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tweetLafayette, CO—Colorado C-PACE today announced that a new energy-efficiency project has been financed through the program. Sidford Capital, which owns Havana Square Shopping Center, will use C-PACE financing to install an insulated roof at its 106,116-square-foot facility, which is located at 1907-1999 South Havana Street in Aurora, Colorado.
Weathersure Systems, a Denver-based commercial roofing and waterproofing contractor, will install the project. The new roof is projected to save the building owners more than $63,000 in energy costs over its lifetime and add $37,428 in value to the building.
Greenworks Lending, a national provider of commercial PACE financing, funded the investment, which totaled $495,973.
“When it became apparent that we needed a new roof, financing the investment through the Colorado C-PACE program was an easy decision,” said Andy Wolf, a partner at Sidford Capital. “We were able to install a new roof with no money down and spread the payments over 25 years, which made the project affordable. Plus we can transfer the repayment obligation if we sell. The program was definitely created with building owners in mind.”
“A poorly insulated roof really drags down energy efficiency,” said Phil Owens, president of Weathersure Systems. “This new insulated roof will help the building owners shave money off their utility bills, and since it was financed through the C-PACE program, they’ll have no upfront, out-of-pocket costs.”
“The Havana Shopping center is a good example of how C-PACE helps property owners spread out the high capital cost of replacing older roofs with more efficient ones. As existing properties across Denver approach the end of life for their roofs, Greenworks Lending believes C-PACE will be a critical part of helping them move to a cool roof, green roof, solar roof, or other options now available under the city’s cool roof ordinance.”
About Colorado C-PACE
Colorado C-PACE facilitates 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.