On April 13th, Green Building United hosted C-PACE Update: Case studies from our region.
Commercial Property Assessed Clean Energy (C-PACE) provides financing for energy efficiency, renewable energy, and water conservation in new construction, gut rehab, and renovation projects.
This new-to-Pennsylvania and -Delaware financing mechanism benefits projects by overcoming several common barriers to reducing the carbon footprint of buildings: 100 percent upfront financing, up to 30-year terms, and the special assessment stays with the property if a sale occurs.
Representatives from Delaware C-PACE, Pennsylvania C-PACE, and Philadelphia C-PACE discussed how the program work and reviewed early success stories of how C-PACE can be used to help push projects over the finish line or invest more deeply in energy and water efficiency.
Below are links to the administrator of each program and case study summaries from each program that demonstrate how C-PACE is being deployed throughout our region.
Philadelphia Case Study Summary:
J-centrel
Property Type: Mixed-Use
Financing Amount: $1,500,000
Building Measures: LED lighting, insulation, window replacements, energy recovery units, low-flow plumbing, and more
Environmental Impact: Reduction of the building’s total carbon footprint by 2,700 metric tons of CO2 equivalent
Property Owner: SHIFT Capital
Capital Provider: Twain Financial Partners
If you’re working on a project in Philadelphia…
Your C-PACE administrator is the Philadelphia Energy Authority.
Pennsylvania Case Study Summary:
Sora West
Property Type: New Construction / Rehabilitation
Financing Amount: $9,999,740
Building Measures: Upgrades to the building envelope, new HVAC system, LED lighting, new hot water heaters
Annual Savings: Will save 349,644 kWh in electricity and 4,914 therms of natural gas
Property Owner: Concord Keystone Sora West, LLC Capital
Capital Provider: Greenworks Lending
If you’re working on a project elsewhere in Pennsylvania…
Your C-PACE administrator is the Sustainable Energy Fund.
Delaware Case Study Summary:
Dupont Building
Property Type: Mixed-Use
Financing Amount: $3,900,000
Building Measures: Chiller plant replacement, boiler replacement, and cooling tower refurbishment
Annual Savings: Will save $14,217,721 over the lifespan of the equipment.
Property Owner: The Buccini/Pollin Group
Capital Provider: Greenworks Lending
If you’re working on a project in Delaware…
Your C-PACE administrator is the Sustainable Energy Utility.
Expanding C-PACE in our region
Sen. Yudichak recently circulated a co-sponsor memo in the Pennsylvania Senate that would expand C-PACE eligibility to multifamily buildings and to projects that improve resilience and indoor air quality.
Green Building United is working with the Keystone Energy Efficiency Alliance (KEEA) to elevate our members’ voice in support of this expansion with examples of the types of projects that could benefit from this type of financing.
Please contact Katie Bartolotta at kbartolotta@greenbuildingunited.org if you are interested in supporting this effort.