First Colorado Commercial Property Assessed Clean Energy (C-PACE) Project Receives Financing

The New Energy Improvement District (NEID) recently announced financing for Colorado's first Commercial Property Assessed Clean Energy (C-PACE) project. NEID, with the Colorado Energy Office (CEO) support, oversees the development of Colorado C-PACE projects.  The Boulder County project is a 42,000 sq. ft. commercial and industrial facility owned by Urban Green Development. The facility will undergo energy improvement measures totaling approximately $320,000, with a loan from Citywide Banks.

"The availability of Colorado C-PACE financing was the catalyst that drove our decision to make these important building improvements," said Scott Kiere, Chief Executive Officer of Urban Green Development. "This investment will increase the asset value, lower energy costs and reduce greenhouse gas emissions."

The total projected savings of 188,082 kWh represents a 15-percent reduction in annual building operating costs. Energy upgrades will include a 100kW rooftop solar photovoltaic array capable of producing 140,000 kWh each year. New interior and exterior LED lighting will save an additional 48,082 kWh per year.

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