Upgrades will improve the building’s energy efficiency by 46 percent.
Lafayette, CO—Colorado C-PACE today announced that a new energy-efficiency project has been financed through the program. Ogilvie Properties, a Denver-based commercial real estate investment company, will use C-PACE financing to upgrade its investment property at 1090 West Hampden Avenue, Englewood, CO, with equipment that is projected to cut the commercial building’s energy use by 46 percent.
Denver-based Integro originated the project and will manage the C-PACE process for Ogilvie Properties. The project was developed by Integro and Group14 Engineering, and calls for the installation of interior and exterior LED lighting and lighting controls at the 118,787-square-foot self-storage building, along with a new insulated roof, a 189 kW roof-mounted solar photovoltaic system, and upgrades to the control system for the HVAC equipment.
FirstBank, a regional bank with locations in Colorado, Arizona, and California, funded the investment, which totaled $1,175,189.
“1090 West Hampden was the first C-PACE project to mix solar and energy efficiency projects together,” said Keirstin Beck, a principal with Integro. “We have successfully leveraged energy efficiency with solar to maximize the economic benefit to commercial property owners. It’s the fourth C-PACE transaction for Ogilvie, which has saved millions of dollars by tapping into the Colorado C-PACE program.”
“Efficient buildings go a long way toward boosting net operating income for the building owner,” said Celeste Cizik, Existing Building Team Leader with Group14 Engineering. “We were pleased to partner with Integro to help Ogilvie Properties qualify for C-PACE financing and achieve its energy goals for this building.”
“Prior to working with Integro we didn’t truly understand the economic benefit of energy efficiencies and solar” said Stuart Ogilvie, the founder of Ogilvie Properties. “If you would have told me a year ago that I was going to put solar on one of my properties I would have thought you were crazy, but through Integro’s guidance I now understand the true economic benefit to me and my partners, and the property is more sustainable, more competitive—and less costly to run.”
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.