Montgomery County has selected the Montgomery County Green Bank as the new administrator for the Montgomery County Commercial Property Assessed Clean Energy (C-PACE) financing program. C-PACE is an innovative financing tool used in more than 283,000 projects nationwide to implement energy efficiency and clean energy upgrades to commercial buildings and overcome conventional financing challenges.
In Montgomery County, $10 million in financing for 13 properties has been provided under C-PACE since 2017. The County authorized the C-PACE program in 2015 and officially launched the MC-PACE program in April 2016. Qualified properties can use C-PACE to receive lower-cost, long-term flexible financing for up to 100 percent of clean energy property improvements to be repaid as a surcharge on the property tax for up to 20 years.
By adding the C-PACE program to its offerings, the Green Bank can now fully support the clean energy financing programs for County commercial property owners. The C-PACE program also helps the Green Bank further its mission as a publicly chartered nonprofit to accelerate affordable energy efficiency and clean energy investment in the County.
“The Green Bank is a natural home for our successful C-PACE program and will enhance the Green Bank’s contributions to the County’s climate goals,” said Adriana Hochberg, an assistant chief administrative officer for Montgomery County. “The County’s draft Climate Action Plan outlines the actions needed to reach our goals of 80 percent reduction of greenhouse gas emissions by 2027 and elimination of greenhouse gas emissions by 2035. Innovative financing offered by the Green Bank is a key financial tool for our community partners to undertake climate-friendly projects that make our buildings more energy efficient and resilient to climate change.”
C-PACE joins Commercial Programs, such as the Commercial Loan for Energy Efficiency and Renewables and the Small Business Energy Savings Support programs, creating a suite of offerings for commercial property owners in the County. This includes commercial, industrial, multifamily, nonprofit and institutional properties. C-PACE also supports expansions in key energy savings areas of interest in the County, such as for new construction, renewable energy power purchase agreements, affordable housing and other emerging innovative uses.
“The Green Bank is expanding clean energy investing in the County as owners, contractors and developers have a single place to get support for their clean energy projects,” said Tom Deyo, CEO of the Montgomery County Green Bank. “C-PACE is a powerful financing tool that can provide energy benefits to a range of commercial properties, including those seeking to undertake necessary energy improvements.”
Capital providers and contractors interested in Montgomery County’s C-PACE program can reach the Green Bank at www.mcgreenbank.org. The Green Bank’s newsletter provides subscribers with the latest updates on C-PACE investment opportunities, contractor trainings and program developments.
More information on the Green Bank is available at www.mcgreenbank.org.