Resulting utility bill savings will outweigh the project’s cost
Lafayette, CO—Unique Woodworking, a Denver-based provider of architectural millwork, cabinetry, and other custom woodwork, is investing in energy efficiency upgrades at its new manufacturing facility through the Colorado C-PACE program. The upgrades are projected to save the company more than $550,000 in energy costs over the ten-year finance term; the amount outweighs the project’s cost by more than $250,000.
The project at the 75,608-square-foot facility, located at 4101 E. 48th Avenue, calls for the installation of energy efficient LED lighting, insulated garage doors, and an upgraded electrical system. The improvements are projected to increase the value of the building by $367,399.
Greenworks Lending, a national provider of commercial PACE financing, funded the investment, which totaled $225,114.
“We invest a great deal in our people and tools, employing the finest craftsmen and using state-of-the-art machinery and software, so investing in our facility made sense,” said Bret Kaup, owner of Unique Woodworking. “With this project, not only are we keeping up our high standards, but we’re also lowering greenhouse gas emissions in the community, and enjoying positive cash flows to our business through the resulting energy savings. I encourage all building owners to look into the C-PACE program.”
“The LED lighting featured in this project is a core improvement featured in many C-PACE projects,” said Genevieve Sherman, head of New Markets & Partnerships of Greenworks Lending. “The program allows for many different types of energy saving measures to work alone or to be combined, which helps drive the interest we are seeing in the Colorado C-PACE program from the owners of various building types as well as stages of development—new or retrofit.”
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 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 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.