Blog Published: October 2018
Commercial solar offers significant benefits for property owners, but the need for capital investment can limit who has access to these benefits. Enter the Colorado Commercial Property Assessed Clean Energy (C-PACE) Program. C-PACE is a game changer for many building owners who otherwise couldn’t afford to invest in solar. Not only does this program offer financing for up to 100% of the project, but the benefits of utility savings and incentive income will often exceed annual C-PACE payments, making the project cash flow neutral or positive every year – starting at day one.
The Colorado C-PACE Program is a financing program that empowers commercial and industrial building owners to complete energy efficiency, renewable energy, and water conservation improvements. There is no upfront cost, and financing is provided at fixed interest rates with repayment terms up to 25 years. This private form of non-recourse financing is tied to the property via a special tax assessment facilitated by the county tax assessor, meaning the C-PACE financing can transfer to the next owner if the property is sold.
This program helps make onsite commercial solar a compelling, low-risk option to capture an attractive ROI and increase property value for commercial property owners. With Colorado C-PACE financed solar, owners can lock in energy costs, reduce operating expenses, and differentiate their properties without having to pay anything out of pocket. Even companies that have the capital to invest in solar can benefit from using lower cost C-PACE financing to go solar, saving their precious operating capital for other investments.
The new Denver Green Roof Initiative will require many buildings to include solar or green roofs on new roofs or re-roofing projects. C-PACE financing can help make these upgrades affordable, allowing the property owner to meet the requirements while also potentially earning an attractive return on their investment.
Audio Visual Business Goes Solar
CEAVCO Audio Visual, a video, audio, and lighting company based in Arvada, CO, used the Colorado C-PACE energy program to invest in a solar system and energy efficiency improvements. They expect to see a 94 percent reduction in energy usage for the 33,827 square-foot facility, and they are also projecting an increase of $406,505 in the building’s value. Read more about CEAVCO’s experience utilizing C-PACE to install their commercial solar PV system.
We’ll Help You Navigate C-PACE
Namaste Solar has experience developing and installing Colorado C-PACE financed commercial solar projects, so we can help you navigate the requirements of the program. We’ve been through the process, we’ve worked with the program administrator and C-PACE financing providers, and we can introduce other leading energy efficiency contractor partners to the project to create an easy, turnkey energy package. (These contractor partners might include energy efficiency companies, HVAC contractors, or quality lighting contractors depending on your needs and goals.) Namaste Solar also has project development partners that can be the single point person for the project. This simplifies your C-PACE experience, so you don’t have to deal with a multitude of proposals, entities, and contracts.
Want to learn more about solar for commercial properties? View our guide to commercial solar, and learn about why solar is a smart investment, why now is the best time to consider solar, and top things to consider when looking into solar for your commercial property.