Lafayette, CO, April 7, 2021—Colorado C-PACE announced today that commercial property investment firm Noble Venture will leverage C-PACE financing to fund energy efficiency upgrades for their 64,280 sq. ft. warehouse / storage facility located at 170 SW 2nd Street in Loveland, CO. Comprehensive improvements to the 45-year-old building will include wall and ceiling insulation, a roof coating, transformer upgrades, and LED lighting. Luke McFetridge, principal at Noble Venture, said, “Nothing is more satisfying than renovating an outdated building with state-of-the-art equipment and technology that results in a visually pleasing, energy efficient structure that benefits not only the tenants but also the community at large. The C-PACE program is key to the success of Colorado’s goals for greenhouse gas emission reductions statewide.”
The engineering services needed to support this complete building overhaul were provided by Efficiency Project Professionals, a full-service energy services company that designs and implements energy efficiency, water conservation and renewable power solutions for commercial and institutional clients.
Jamie Lang, President of Efficiency Project Professionals, said, “Our design analysis shows that energy savings over the life of this project will cover more than 80% of the project’s cost and add 15 years of useful life to the building, a win for the owners, tenants and the environment.”
Alpine Bank, an employee-owned community bank, provided the financing for this project.
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 $410 million in C-PACE financing nationwide. SRS empowers C-PACE public-private partnerships across the country. The company is based in Trumbull, Connecticut.