(Image courtesy of Prince George’s County)
(Prince George’s County, Maryland) – Southern Friendship Missionary Baptist Church, a 74-year-old church located in Temple Hills, MD, will be the very first property in Prince George’s County, MD to receive Property Assessed Clean Energy (C-PACE) financing for energy efficient upgrades. The $679,270 multi-measure energy efficiency project will be financed by Greenworks Lending through the state’s C-PACE program. The upgrades will include roofing repairs and insulation, HVAC unit replacement, and will also retroactively finance LED lighting for the property. The energy efficient improvements will save the property owner an estimated $56,000 in the first year after project completion, and an estimated $1,509,000 over the lifetime of the equipment.
The Commercial Property Assessed Clean Energy (C-PACE) Program was enabled in Maryland through the passage of Chapter 743, Laws of Maryland 2009, which authorized a county or municipality to enact an ordinance establishing a clean energy loan program to provide property owners with financing for energy efficiency projects. The Commercial Property Assessed Clean Energy Program was enacted by the County Council of Prince George’s County, Maryland through Bill No. CB-29-2018, on August 8th of 2018.
Commercial Property Assessed Clean Energy (C-PACE) makes it possible for commercial property owners to obtain low-cost, long-term financing for energy efficiency, water conservation and renewable energy projects. The program starts with a state-level government policy that classifies clean energy upgrades as a public benefit – like a new sewer, water line or road. These upgrades can be financed with no money down and then repaid as a benefit assessment on the property tax bill over a term that matches the useful life of improvements and/or new construction infrastructure (typically ~20-30 years). The assessment transfers on the sale of the property and can be passed through to tenants where appropriate.
“As the program administrator for the Prince George’s County Green Bank, FSC First is pleased to have worked with Greenworks Lending to provide financial assistance for the very first C-PACE project in Prince George’s County, MD,” said Shelly Gross-Wade, President & CEO or FSC First. “This partnership allowed for the funding of energy conservation and efficiency measures throughout the building that will save nearly 430,000 kWh annually. FSC First is looking forward to collaborating with Greenworks on many more successful C-PACE projects in Prince George’s County, MD.”
“We are proud to be a part of the first C-PACE project in Prince George’s County,” said Jessica Bailey, CEO and Co-Founder of Greenworks Lending. “Greenworks’ investment in Maryland has been an important part of our story and our hope is that this will pave the way for other commercial property owners in the county to take advantage of the C-PACE program. We’ve seen how this powerful finance tool can spark revitalization and economic development for local communities, as well as lower operating expenses and improve environmental impact.”
It is anticipated that the project will be completed by the end of November 2019. By dropping operating expenses and improving building equipment, it is expected that the building’s value will improve markedly. The project will also bring several new jobs to Prince George’s County and help to significantly reduce the church’s environmental impact.