Lafayette, CO—Shalom Park, a senior care facility in Aurora, Colorado, is investing in comprehensive facility upgrades through the Colorado C-PACE program. The project, developed by Haynes Mechanical and Abel Clean Energy Advisors, will improve the nonprofit’s energy efficiency by 34 percent. Because the utility bill savings will outweigh the C-PACE repayments, the project will result in positive cash flow for the company.
Haynes Mechanical will install the project—the second C-PACE project in Colorado for a nonprofit—at the 120,378-square-foot facility, which is located at 14800 East Belleview Drive. The project calls for the installation of new LED lighting, premium-efficiency chiller pumps equipped with variable frequency drives, and new building controls, as well as a new centrifugal chiller, an air handling unit, an exhaust fan, a rooftop unit, and a make-up air unit.
Greenworks Lending, a national provider of commercial PACE financing, funded the investment, which totaled $1,924,121.
“We provide skilled care to the residents of our nursing home, as well as to folks who come here for rehab at our state-of-the-art wellness center, said Marc Penner, president and CEO of Shalom Park. “C-PACE made it possible for us to upgrade our facility affordably, which will improve the comfort of our residents, reduce our carbon footprint, and—important for a nonprofit—save us money, which we can invest in programs for our residents.”
“Our goal is to make it easy for commercial property owners to implement energy-efficient improvements that increase their building’s value, reduce operating costs, and enhance sustainability,” said Eliot Abel, the founder of Abel Clean Energy Advisors. “By helping Shalom Park secure innovative C-PACE financing, we not only enabled the nonprofit to make upgrades with no money down, but we also provided them with an energy-saving project that delivers positive cash flow from day one.”
“Focusing on building asset value and streamlining operational costs are key for how we approach investments with our clients,” said Danny Sprague, a project sales engineer with Haynes Mechanical. “However, it’s also about helping them identify and mitigate risks to their businesses. We work with every client to identify potential barriers to their success and jointly create balanced economic solutions that allow them to thrive. This C-PACE project is a win for everyone involved.”
“The Shalom Park project is significant to the marketplace because it demonstrates the C-PACE program’s ability to support a multi-measure retrofit and be applied by yet another business type—senior care,” said Genevieve Sherman, head of New Markets and Partnerships at Greenworks Lending. “Shalom Park is our eighth C-PACE-financed project in the state. We’ve already supported both efficiency and solar projects while covering a range of property types including offices, industrial, warehouses and mixed-use properties.”
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 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.