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Summit County encourages commercial property owners and contractors to learn about this opportunity to finance energy-saving building improvements and renewable energy installations
Contact: Kate Berg, Senior Planner, 970-668-4204
SUMMIT COUNTY – Summit County is hosting a workshop for contractors and commercial property owners to learn about a program to finance energy efficiency and renewable energy projects. The workshop will take place from 12:45-4 p.m., Thursday, Nov. 7, at the Summit County Community and Senior Center, 83 Nancy's Pl., Frisco.
In August 2019, the Summit County Board of Commissioners opted into the Colorado Commercial Property Assessed Clean Energy (C-PACE) Program, making this financing program available to all commercial, industrial, agricultural and multifamily properties (with 5 units or more) in Summit County.
C-PACE financing allows property owners to finance up to 100 percent of the cost of energy efficiency and water-conserving building improvements and renewable energy installations. Financing is provided by private capital providers at competitive rates, and the financing repayment is facilitated through the Summit County property tax assessment process.
A voluntary assessment is placed on the building owner’s property tax bill. The assessment is repaid over a financing term of up to 25 years. In many cases, the property owner’s annual energy cost savings will exceed the annual assessment payment, allowing building owners to invest in capital intensive upgrades for $0 down, while the business remains cash-flow positive. The C-PACE assessment runs with the property, so it transfers to the next owner when the property is sold.
The Nov. 7 workshop is a three-hour deep dive into C-PACE, educating participants on the details of the program, how the process and financing work, the roles of various stakeholders involved in developing a project and the resources available to help property owners get projects developed and successfully completed.
The Summit County Treasurer’s Office administers the program, which is run by C-PACE in partnership with the Colorado Energy Office.
“Summit County is working to provide education, outreach and training to the community about this new financing opportunity and how to utilize it,” Scholl said. "C-PACE is really a financial and environmental win for local commercial property owners. And it's an important strategy in our community's overall efforts to reduce greenhouse gas emissions.”
Increasing access to capital for energy efficiency improvements and renewable energy installations in existing buildings is a key strategy in the Summit County Community Climate Action Plan. The plan sets overall goals to reduce greenhouse gas emissions 50 percent by 2030 and 80 percent by 2050, relative to a 2005 baseline.
Any project that reduces a building’s utility bill is eligible for financing through C-PACE for up to 100 percent of the project cost. Some examples of eligible improvements include automated building controls, high-efficiency lighting, insulation, window replacements, HVAC system upgrades and solar PV installations.
For more information about C-PACE, or to register for the Nov. 7 workshop, visit www.copace.com/events.