Project provides case study on the challenges small businesses are facing to cost-effectively implement critical building energy efficiency upgrades and how C-PACE is an attractive solution.
Lafayette, CO, October 5, 2023— Since 1959, Handicaps, Inc., an Englewood, CO-based family owned and operated manufacturer of mobility driving equipment has been making automobiles and vans more accessible for people with disabilities through its Supergrade Hand Controls and Superarm Lift Systems.
“Our business provides a vital mobility solution to people with physical disabilities, and this roof replacement project was critical to our ability to continue manufacturing this innovative equipment,” said Geraldine O’Dell, Owner of Handicaps Inc.
Handicaps initially engaged the Colorado C-PACE program in December 2019 to discuss whether their 17,000 sq. ft. building’s roof replacement project would qualify for 100%, 25-year C-PACE financing. The roof was in disrepair and would soon need total replacement. Unfortunately, the COVID-19 pandemic breakout in early 2020 put the project on hold. Handicaps, having survived the pandemic’s persistent economic challenges, refocused on their much-needed roof replacement.
Handicaps worked with Valor Roof and Solar to develop the roof replacement scope of work. Cheryl Cordova, Commercial Sales & Project Manager at Valor Roof and Solar, said, “We worked closely with the team at Handicaps to develop a scope of work that would improve the building’s roof system and work for them financially. C-PACE financing made it affordable. We are thrilled to see this project finally come together!”
Handicaps selected Imperial Ridge Real Estate Capital, a national lender of C-PACE capital based out of Boulder, CO, to finance their $450,000 project. Joel Poppert, Partner at Imperial Ridge said, “Handicaps is a terrific small business, and we were proud to have been able to help them finance their C-PACE project. Although our average C-PACE deal is typically well into the millions, we take great pride in being able to execute on smaller deals in an effort to give our local communities and small businesses an opportunity to take advantage of C-PACE financing.”
The 17,000 sq. ft. Handicaps building represents a class of small and medium-sized buildings (SMB) that are historically underserved. Michael Turner, Chair of the New Energy Improvement District and Director of Strategic Initiatives & Finance at the Colorado Energy Office, said, “Colorado C-PACE is committed to helping SMB owners improve the energy efficiency of their buildings while reducing their utility and operating costs. This project provides an excellent case study of how CO C-PACE is supporting SMB owners across the state.”
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 efficiency 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 Energy Performance Improvement Calculator (EPIC™) tool 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 over $650 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Monroe, Connecticut.