This week, the U.S. Department of Energy (DOE) recognized Greenworks Lending as a financial ally goal achiever in the Better Buildings Challenge. The Better Buildings Challenge is a DOE program that works with market leaders to drive the acceleration of cost-effective strategies to improve the energy efficiency of the nation’s buildings, plants, and homes.
Greenworks Lending has surpassed its goal of $50 million in funds extended for energy efficiency and renewable energy projects since 2017 by funding over $90 million. Since the Better Buildings Challenge launched in 2011, partners have saved $3.8 billion dollars and 470 trillion BTUs of energy, while total funding extended surpasses $19 billion.
Greenworks Lending is a leading provider of Commercial Property assessed Clean Energy (C-PACE), which 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. While facilitating sustainability efforts, the program also saves property owners money by ensuring that the combination of energy savings and incentives is generally greater than the cost of repayment.
“We started Greenworks Lending in 2015 with the goal of bringing C-PACE financing to building owners across the country in an effort to scale clean energy and sustainability,” said Jessica Bailey, CEO of Greenworks Lending. “To receive this recognition from the U.S. Department of Energy and to have exceeded our goal so significantly shows that our mission is being realized. I am incredibly proud of our team and honored by this recognition.”