Lafayette, CO—Colorado C-PACE today announced that Southeast Colorado Enterprise Development, Inc. (SECED) will use $117,600 to help finance numerous energy saving and renewable energy upgrades at their 5,528 SF office building in Lamar, Colorado. This marks the second C-PACE project financed in rural Prowers County.
SECED provides incentives and support services to businesses in Southeast Colorado and has been a long-standing supporter of C-PACE financing as an important resource for businesses and building owners in the region. Stephanie Gonzales, Executive Director of SECED, said, “The building has been in disrepair for many years; the financing provided through C-PACE helped enable us to address many long-standing needs and reach into our bucket list to include improvements we have always wanted to do. We hope that this project will help serve as a case study for other building owners and businesses to follow throughout Southeast Colorado.”
The project, developed by ATS Rocky Mountain, will include a new roof, high efficiency heating and cooling equipment, electrical upgrades, commissioning of the new systems, and a 9.24 kW roof-mounted solar PV system. Under the new Inflation Reduction Act, the non-profit can take advantage of the Investment Tax Credit associated with the solar PV system via the new “Direct Pay” option. The improvements are estimated to reduce their utility bills by approximately 27% annually.
Matt Kwiatkowski, Energy Account Development at ATS Rocky Mountain, said, “Serving small buildings and rural parts of Colorado has always been a focus of ATS. Working with Stephanie and the SECED staff to evaluate their needs and work with them to develop a package of improvements that worked best for them was fulfilling and a great example of what can be achieved through hard work and C-PACE financing.”
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 efficiency improvements in new and existing commercial buildings, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects. 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.
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 Energy Performance Improvement Calculator (EPIC™) tool 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 over $600 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Newtown, Connecticut.