Montgomery County Celebrates First Commercial PACE Financing Project with Green Ribbon-Cutting
For Immediate Release: Thursday, April 20, 2017
Montgomery County Executive Ike Leggett and Montgomery County Council President Roger Berliner celebrated the completion of the first Commercial Property Assessed Clean Energy (C-PACE) financing project in Maryland with a “green” ribbon-cutting ceremony.
In March 2015, Montgomery County established the C-PACE program to provide innovative financing to qualified commercial property owners interested in achieving energy savings. This inaugural C-PACE project at the Shady Grove Professional Building and the adjacent Comfort Inn Shady Grove in Gaithersburg was completed in early March 2017. The project was first announced in October 2016. The project includes energy-efficient HVAC upgrades, boiler replacements, LED light installations and building envelope improvements that are expected to save more than 1,600 million Btu of energy annually—enough energy to power 35 homes for a year.
“It has been a priority of my administration to maintain a competitive, resilient and sustainable economy,” said County Executive Ike Leggett. “The C-PACE Program makes sustainability more attainable and affordable.”
Other participants include Lisa Feldt, director of the County’s Department of Environmental Protection (DEP), Rob Eisinger, principal and managing member, ProMark Real Estate LLC, the building owner and Keith Derrington, chief operating officer, Recurrent, LLC, the energy contractor on the project.
“Projects like these serve as a public benefit for both the building owner and the residents of Montgomery County,” said DEP Director Lisa Feldt. “Not only can building owners improve performance and reduce operating costs for their buildings, but C-PACE helps the County meet its ambitious goal of reducing greenhouse gas emissions 80 percent by 2050.”
C-PACE financing can cover up to 100 percent of project costs and is repaid as a long-term surcharge on the property tax bill. This type of financing allows Montgomery County building owners to make clean energy upgrades and improve property value without upfront capital costs.
“The County is proud to offer a fiscally responsible C-PACE program that assists building owners with an innovative financing option and upgrades our commercial building stock,” said Alex Espinosa, director of the County’s Department of Finance. “With programs like C-PACE, Montgomery County continues to be a business-friendly leader in the Maryland."
This ribbon-cutting ceremony is part of the countywide celebration of Earth Month. For more information on Earth Month, go to mygreenmontgomery.org/earth-month. The County’s C-PACE program is jointly managed by the Departments of Finance and Environmental Protection. To learn more about the County’s C-PACE program, visit www.MC-PACE.com.
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Media Contact: Lindsay Shaw 240-447-2917