Denver Business Finances Energy Efficiency Projects in Adjacent Office Buildings through Colorado C-PACE

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FOR IMMEDIATE RELEASE
Sustainable Real Estate Solutions

Contact:
Amy Hourigan, SRS
(203) 901-0148
AHourigan@PACEworx.com

 

Denver Business Finances Energy Efficiency Projects in Adjacent Office Buildings through Colorado C-PACE

Business will save more than $42,000 in annual energy costs

Lafayette, CO, November 13, 2017—Brian McCarter, CEO of Sustainable Real Estate Solutions, today announced that two adjacent office buildings in Denver will use Colorado’s commercial property assessed clean energy (C-PACE) program to upgrade to LED lighting. The project will save the property owner more than 313,507 kWh in electricity each year, which amounts to $42,896 in annual energy cost savings. Colorado C-PACE is administered by Sustainable Real Estate Solutions on behalf of the New Energy Improvement District (NEID).

Littleton-based Next Step Energy Solutions developed the energy efficiency project, which includes lighting upgrades totaling $286,148 for the two buildings, located at 125 and 130 Rampart Way, respectively. Colorado LED Lighting, a private specialty capital provider, will provide 100 percent of the financing for the project through Colorado C-PACE, a public-private partnership designed to help building owners finance energy efficiency projects with affordable, long-term, non-recourse financing.

The project includes replacing the lighting in both buildings—each about 34,000 square feet—with LED lighting, which is cooler, more efficient, and more resistant to breakage than incandescent lighting. The buildings are part of Rampart Campus, a redeveloped Air Force base managed by Coughlin Property Management, which is home to some of Denver’s leading medical and dental practices as well as corporate entities.

“Our goal in transforming the Air Force Base into modern office buildings was to preserve and restore the outstanding architecture to its original luster, while replacing all of the building systems and services to provide state-of-the-art medical and office space,” said Dennis Coughlin, owner of Coughlin Property Management. “Upgrading to LED lighting, which will make our tenants more comfortable, reduce our utility bills, and reduce greenhouse gas emissions in our community, supports that goal. The C-PACE program, which is designed to make investing in this type of project attractive, made perfect sense. When the upgrade is complete, we’ll not only have more valuable, greener buildings, but we’ll also have a better net operating income.”

“Our company helps commercial building owners take advantage of the many benefits of LED lighting,” said Chad Lembeck, president of Next Step Energy Solutions. “From auditing existing lighting to selecting quality LED products to financing retrofit projects, we provide turnkey services and pride ourselves on complete customer satisfaction. Because the Colorado C-PACE program is so attractive, it’s a win for our company and for our clients, who can undertake energy efficiency projects and save money—a concept that understandably gets them excited.”

“More Colorado building owners are realizing how comprehensive the benefits of the C-PACE program are,” said Paul Scharfenberger, chairman of the NEID, which oversees Colorado C-PACE, and chief operating officer of the Colorado Energy Office. “Not only does Colorado C-PACE help building owners improve the performance of their properties and increase net operating income, but it also produces local economic development and environmental benefits.”

About Colorado C-PACE

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 20 years. The payments are structured as a regular line item on the property tax bill. When a property is sold, the C-PACE assessment stays with the property and transfers to the new owner, who enjoys the ongoing utility cost savings associated with the project. Visit copace.com for more information.