Project is a first for the bank, county, solar installer
Lafayette, CO—A new renewable energy project has been funded through the Colorado C-PACE program, and it’s the first for Montrose County. Swiss-O-Matic, a manufacturer of complex precision components, will use C-PACE financing to install a solar photovoltaic system on the roof of its 15,504-square-foot facility at 10 West South 3rd Street in Montrose.
The project is projected to reduce the company’s energy use by 58.6 percent. It is also projected to increase the building’s value by more than $287,700.
Atlasta Solar Center will install the project for Swiss-O-Matic. It is the first C-PACE project for the nearly 40-year-old solar company.
Bank of Colorado funded the investment, which totaled $283,925. This is the first C-PACE project for the family-owned community bank.
“We wanted to do our part in preserving the air quality in Western Colorado,” said Claude Rocchia, the owner and founder of Swiss-O-Matic. “Atlasta introduced us to the C-PACE program, which was easy to work with and provided us with assistance throughout the project. Investing in solar will reduce our future electric costs, so we’re pleased with the outcome of this project on a number of levels.”
“As Western Colorado’s number one solar energy provider, Atlasta is a big proponent of renewable energy as a means to cleaner air, lower utility bills, and increased asset value,” said Teddy Aegerter, an owner and lead sales solar specialist at Atlasta Solar Center. “The Colorado C-PACE program is a great tool for Coloradoans who want to improve their building, since it covers 100 percent of the project’s cost, spreads the payments out over up to 20 years, and often results in a cash-flow-positive project.”
“We learned about the Colorado C-PACE program through Swiss-O-Matic and were pleased to be at the forefront of this resource in Montrose County,” said Kelsey McCarthy, Bank of Colorado’s president-Montrose, Olathe. “We funded the project to assist our long-time valuable client in achieving their vision of improved energy efficiency. As their community bank, we see Bank of Colorado’s role to help Swiss-O-Matic capitalize on growth opportunities from these property improvements.”
“The Colorado C-PACE program encourages building owners to undertake energy efficiency and renewable energy projects by facilitating long-term, attractive financing, said Sandy Head, executive director of the Montrose Economic Development Corporation. “This, in turn, helps the community by creating jobs, reducing greenhouse gas emissions, and improving our building stock, which helps the economy. We are grateful for the forwarding thinking of our county commissioners for opting in to the program. It is exciting to have our first C-PACE project under our belt and we look forward to many more.”
About Colorado C-PACE
A program of the New Energy Improvement District (NEID) administered by Sustainable Real Estate Solutions, 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 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.
Sustainable Real Estate Solutions (SRS) partners with state and local governments to administer commercial property assessed clean energy (C-PACE) programs. Founded in 2010 by experienced commercial real estate and energy efficiency professionals, the company’s proprietary technology-enabled PACEworx™ Platform streamlines the management of the data-intensive C-PACE technical and financial underwriting process. SRS’s Investor Confidence Project-credentialed quality assurance methodology has facilitated more than $130 million in C-PACE financing nationwide—a level unmatched in the industry. SRS empowers C-PACE public-private partnerships across the country, including programs in California, Colorado, Connecticut, Ohio, Oregon, Rhode Island, Utah, and Virginia. The company is based in Trumbull, Connecticut.