Lafayette, CO—The 34-year-old, 13,000-square-foot medical office building in Littleton will soon undergo a major infrastructure upgrade that includes new HVAC equipment, LED lighting, insulation and a 60 kW roof-mounted solar PV system through the Colorado C-PACE program.
This $346,000 project is the first C-PACE project financed by Waypoint Bank of Fort Collins. David Besch, Northern Colorado Branch President of Waypoint Bank said “We were pleased to fund this important building renovation project that will result in significant energy efficiency improvements. We see this as a smart move by the owner, since high-performing buildings are less costly to run and more valuable than their inefficient peers. For the bank, it makes a significant improvement in the building’s underlying collateral value making this project a win for everyone involved.” He added, “while this is our first C-PACE financing opportunity, it will not be the last as we see this as an important new tool that we can bring to other customers considering building infrastructure upgrades.”
Mark Cohen, owner of the building, said “we needed these upgrades to bring the building up to date. C-PACE financing made it possible for us to expand the scope of work and literally transform the building’s infrastructure.”
“Every step of the way,” Cohen added, “the state’s staff, program administrator, Waypoint Bank and our contractor did a great job helping us navigate the end-to-end process which gave us great confidence that the projected energy savings will materialize over the coming months and years.”
Evident Solar, LLC of Fort Collins, collaborated with Mark’s HVAC and lighting contractors to develop the project which is forecast to generate $760,000 in energy savings over the 20-year life of the new equipment. Environmental benefits include first year CO2 emission reductions of 215 tons and 3,596 tons over the 20-year life of the equipment. Robert Brooks, managing partner of Evident Solar, said “this was a great project because the owner mixed solar and energy efficiency improvements to maximize the economic benefit to the building owner.”
Brooks added, “about a quarter of the solar energy comes in the form of solar awnings utilizing bifacial panels. In addition, this is a south-facing array which offers energy savings and the benefit of shading the windows from unwanted summer heat. As a further enhancement, we were also able to obtain a credit from the Xcel Solar Rewards and lighting rebate program, and this was all supported by a smooth permitting and inspection process by Jeffco.”
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 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.