Renewable energy system projected to improve building’s energy efficiency by 60 percent
Lafayette, CO—The owners of a mixed-use property in Denver are tapping into the state’s new C-PACE program to finance the installation of a renewable energy system that is projected to improve the building’s energy efficiency by 60 percent.
Denver-based Urban Green Development, which creates, designs, and develops environmentally responsible real estate projects, originated the project and will install the roof-mounted solar PV array at the 43,789-square-foot property, which it owns. When complete, the C-PACE project is projected to boost the value of the property, which is located at 3198 Blake Street, by $435,897. It is the second C-PACE project for the company.
Lever Energy Capital, a provider of C-PACE project financing nationwide, funded the investment, which totaled $500,000.
“Our goal is to make a long-term difference in the community, the environment, and the lives of the people we work with,” said Nathan Sandberg, a project developer with Urban Green Development. “The C-PACE program helps us do just that by offering low-cost, non-recourse, long-term financing for energy efficiency and renewable energy projects. Over time, we’ll save close to a million dollars in energy costs as a result of this project—all while reducing our carbon footprint.”
“Whether it be pressure from the market or social mandates of investor equity, the future of commercial real estate is moving toward sustainability,” said Joel Poppert, senior vice president of Denver-based Lever Energy Capital. “We are leveraging our capital to find accretive ways to bridge the gap between sustainability and return on investment for our real estate clients, and were excited to do just that for yet another client, right here in our backyard.”
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.