First nonprofit to use the program projected to recoup more than three times its initial investment
Lafayette, CO—Brian McCarter, chief executive officer of Sustainable Real Estate Solutions, which administers the Colorado commercial property assessed clean energy (C-PACE) program on behalf of the Colorado New Energy Improvement District (NEID), today announced that the first project for a nonprofit organization has been funded through the program. The Forney Museum of Transportation will use C-PACE financing to install energy efficient lighting at its 146,000-square-foot facility at 4303 Brighton Boulevard in Denver.
The project is projected to save the nonprofit, which is home to more than 600 one-of-a-kind artifacts including a Forney locomotive and Amelia Earhart’s 1923 Kissel Gold Bug, more than $229,000 in energy costs. It is also projected to increase the building’s value by more than $176,000.
Mac Electric and Lighting will install the project for the nonprofit. It is the first C-PACE project for the Loveland-based lighting contractor.
Alpine Bank funded the investment, which totaled $63,073. This is the first C-PACE project for the employee-owned community bank.
“This LED lighting retrofit will allow our small nonprofit cultural institution to save greatly on energy costs, freeing up funds for other worthwhile projects such as artifact preservation, educational programming, and volunteer opportunities,” said Christof Kheim, director of The Forney Museum. “C-PACE makes it possible to be a good environmental steward, even if you’re a nonprofit with limited resources.”
“The plethora of eligible improvements the Colorado C-PACE program allows supports massive energy reduction and gives our customers the ability to make efficiency and sustainability improvements with no cash out of pocket,” said Paula Megenhardt, lighting sales manager for
Mac Electric and Lighting. “As a result of this project, the museum will reduce its energy bill by at least 32 percent. Mac looks forward to future projects with C-PACE.”
“The C-PACE program provides a much-needed tool for property owners to make buildings more efficient and environmentally friendly,” said Tyler Lyons, a vice president with Alpine Bank. “The biggest benefit with this project is that it will help the Forney Museum continue to provide educational services to the Denver community for years to come.”
About Colorado C-PACE
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.
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.