New Clean Energy Program Helps Companies Make Energy-Saving Upgrades
ATLANTA – Invest Atlanta is pleased to announce the first two local commercial property owners to successfully utilize the agency’s Commercial Property Assessed Clean Energy (C-PACE) financing program under its new open-market structure. The companies, ALI at Lakewood and Darlington Medical Center, used the financing to incorporate energy efficiency and water conservation measures into their properties.
The relaunched Atlanta C-PACE program offers open-market financing to provide flexibility to commercial property owners seeking financial support for clean energy improvements. The new program allows property owners to use their own private financing sources as opposed to the exclusive financing program offered previously, providing companies with a streamlined process for financing approvals. ALI at Lakewood received $1.2 million in financing through Allectrify with Amalgamated Bank as the capital provider. Darlington Medical Center received $5 million in financing through Peachtree Group.
Atlanta’s C-PACE program was a policy recommendation in Clean Energy Atlanta, the city council adopted plan to achieve 100 percent clean energy for 100 percent of the city by 2035. The program serves as a critical tool to address emissions from the buildings sector, the city’s largest source of emissions, and drive investment in Atlanta’s clean energy economy.
“C-PACE is another way we are fostering equitable economic development by helping property owners build long-term wealth through green upgrades that can reduce costs and increase property values,” said Dr. Eloisa Klementich, president and CEO, Invest Atlanta. “By harnessing renewable energy sources, property owners are improving the performance of commercial buildings throughout the city and contributing to a more sustainable future that benefits all.”
Through C-PACE, businesses can finance a wide range of energy-saving upgrades, such as windows, roofs, solar panels, and HVAC systems. The improvements ALI at Lakewood made allow them to save over $11,000 annually on energy/water costs and eliminate over 128,000 pounds of CO₂ emissions annually. Darlington Medical Center is saving almost $69,000 annually on energy/water costs and eliminating over 388,000 pounds of CO₂ emissions annually.
“The funds from the C-PACE program provided us with the additional cash flow we needed without tying up other assets,” said Omar Ali, owner of ALI at Lakewood. “We’ve been able to grow our businesses and position ourselves for a $20-$30 million expansion. We’re expecting this next phase to bring more than 130 jobs and at least 14 businesses to Lakewood Atlanta.”
C-PACE is available to all commercial properties within the corporate municipal limits of the city of Atlanta to property owners who meet and complete the certain requirements. To read the full story click here.
