Germantown Daycare First Solar Project Financed By Philadelphia C-PACE
On August 18, the Philadelphia Energy Authority, Greenworks Lending and the Capers Company LLC announced the financial close of the first project in Pennsylvania to use Commercial Property-Assessed Clean Energy (C-PACE) financing for a renewable energy project as part of a series of announcements being released during Philadelphia Solar Week.
Capers Company LLC is borrowing $519,000 in C-PACE financing from Greenworks Lending to install a 212-kilowatt solar system on a building in the Germantown neighborhood of Philadelphia. K.E.S. LLC is the solar developer.
The solar array is projected to generate 266,673 kWh in its first year of operation, meeting nearly 100 percent of the electricity needs of the building’s tenants. By using solar energy, the building will reduce its carbon footprint by 6,900 metric tons of CO2e emissions over the life of the project.
Under the leadership of Councilmember Derek S. Green (At Large), Philadelphia City Council passed legislation enabling C-PACE financing in Philadelphia in June 2019.
“We saw C-PACE as a tool to open up new markets for clean energy investments in our City,” said Green. “This solar project proves that C-PACE does just that.”
“We feel it is most suitable and fitting that this project benefits a building that caters to the care of children, supporting them now and with the goal of leaving a better earth for them,” said William Capers, Principal of the Capers Company. I am happy to be a part of a project that will help decrease a necessary cost associated with operating a childcare center."
“Solar can immediately help decrease a building’s operating expenses while lowering its carbon footprint and has been a key piece of the Greenworks story since we started,” said Jessica Bailey, Greenworks CEO and Co-Founder. “C-PACE finance offers a powerful solution to build these projects where they might not otherwise have made fiscal sense. We are proud to expand our offering into Pennsylvania and provide financing for the first C-PACE-financed solar project in the Commonwealth.”
“This is the second C-PACE financing to close in Philadelphia this summer, showing the breadth of projects that C-PACE enables,” noted Maryrose Myrtetus, the Philadelphia Energy Authority’s Program Manager overseeing the Philadelphia C-PACE program. “The first financing covered energy and water efficiency improvements in a new mixed-use gut-rehab project in Kensington. It is notable as well that this solar project pencils out without grants, simply utilizing the energy savings, C-PACE financing structure, tax benefits and anticipated Solar Renewable Energy Credits (SRECs) revenue.”
The line-up of virtual events for Philadelphia’s second annual Solar Week includes a webinar on August 20th titled Good for Business: Trailblazing Commercial Solar Projects, which will include information on C-PACE and another commercial solar project announcement.
The Philadelphia Energy Authority is an independent municipal authority created in 2010 to advance energy affordability and sustainability.
PEA has facilitated over $136 million in clean energy projects in Philadelphia since launching the Philadelphia Energy Campaign in 2016, creating over 1,300 jobs.
PEA administers the Philadelphia C-PACE program, which allows commercial property owners to borrow money for energy efficiency, renewable energy, and water conservation projects.
Visit the Authority’s C-PACE Program webpage to learn more about this program.
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[Posted: August 18, 2020]
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