First Colorado C-PACE Project Receives Financing

The New Energy Improvement District (NEID) has announced financing for Colorado’s first commercial property assessed clean energy (C-PACE) project. NEID, with support from the Colorado Energy Office, oversees the development of Colorado C-PACE projects. The Boulder County project is a 42,000 square-foot 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. According to NEID, the total projected savings of 188,082 kWh represents a 15% reduction in annual building operating costs. Energy upgrades will include a 100 kW rooftop solar PV array capable of producing 14,000 kWh each year. New interior and exterior LED lighting will save an additional 48,082 kWh per year. “The availability of Colorado C-PACE financing was the catalyst that drove our decision to make these important building improvements,” explained Scott Kiere, CEO of Urban Green Development. “This investment will increase the asset value, lower energy costs and reduce greenhouse-gas emissions.” NEID says Boulder and Adams County were the first two counties to opt into the Colorado C-PACE program. Broomfield, Eagle, Jefferson and Arapahoe counties also have joined the program. Several additional counties are expected to become involved in Colorado C-PACE by the end of the year.