Lafayette, CO—Colorado C-PACE announced today that Shane Woolery, owner of Horizon Motorsports of Colorado, is using Colorado C-PACE financing to install a 25 kW roof-mounted solar PV array, perform envelope upgrades, and install LED lighting on his 13,872 sq. ft. building located at 419 North 3rd Street in Sterling. This is the first project in Logan County to use C-PACE financing.
Shane contracted Nebraska-based Panhandle Solar to install the equipment. Roger Bacon, the owner of Panhandle Solar, said that this project was their first to utilize C-PACE financing. “Over the past few years, we’ve heard a lot about C-PACE and really wanted to learn more. When Shane approached us and suggested using C-PACE to finance the project, we were all in.” He added, “We expected there to be something of a learning curve, but Colorado’s program is mature and well-run. As a result, it was smooth sailing all the way. When our customer is happy, we’re happy – and we are very pleased with the way this project turned out.”
Adams Bank & Trust provided the financing needed to install the improvements. This project was also the first time Adams Bank has provided financing for a C-PACE project. “We are excited to have our team experience the tremendous benefits of C-PACE financing first-hand,” said Drew Krab, President of Commercial Banking at Adams Bank & Trust. Tim Kraich, Senior VP of Adams Bank & Trust in Sterling, added, “Shane wanted to install a solar array, and with C-PACE’s long-term, low-interest rate financing, he was able to both achieve this goal and make other energy-efficient improvements in one fell swoop, with no out-of-pocket expense. Moreover, at Adams, we are already engaged in other potential C-PACE projects and are looking forward to working with the program for many years to help better serve our customers.”
About Colorado C-PACE
A program of the New Energy Improvement District (NEID), administered by Sustainable Real Estate Solutions, Colorado C-PACE facilitates financing for energy and water improvements in new and existing commercial buildings, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects. C-PACE offers long-term financing that covers 100 percent of the project cost and is repaid over a period of up to 25 years. The payments are structured as a regular line item on the property tax bill. When a property is sold, the C-PACE assessment can stay with the property and transfer to the new owner, who enjoys the ongoing utility cost savings associated with the project.
Sustainable Real Estate Solutions (SRS) partners with state and local governments to administer commercial property assessed clean energy (C-PACE) programs. Founded in 2010 by experienced commercial real estate and energy efficiency professionals, the company’s proprietary technology-enabled PACEworx™ Platform streamlines the management of the data-intensive C-PACE technical and financial underwriting process. SRS’s Investor Confidence Project-credentialed quality assurance methodology has facilitated more than $375 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.