How to retrofit office buildings with efficiency upgrades without breaking the bank
Hot summer days and cold winters can be expensive for office building owners. According to the EPA, heating and cooling is one of the top uses for water consumption in office buildings. Energy represents nearly 20% of operational costs with more than 50% of energy use in the average office building coming from lighting, heating, and cooling alone. Water consumption is also not trivial, and goes up with extreme temperatures.
Every office building owner wants to find savings whenever possible. But how do owners upgrade inefficient energy and water equipment without spending a small fortune?
To afford much-needed energy and water improvements, office building owners can take advantage of the Commercial Property Assessed Clean Energy (C-PACE) program. Through the C-PACE program, office property owners can obtain longer financing terms and typically pay no costs upfront, helping them realize monthly savings early on. Even better, C_PACE financing is non-recourse and attaches to the office property via an assessment on the property with the same status as a tax assessment which does not accelerate upon sale of the property making it transferable to future property owners.
What types of improvements qualify under C-PACE?
Typical improvements include HVAC systems, lighting, insulation, and water conservation elements. The program is flexible, allowing office property owners to select the lenders and contractors of their choice. Lone Star PACE can help you understand what qualifies and help you get started.
Calling all contractors and commercial property developers! You’ll want to read on for more details on how C-PACE can help your business.
Contractors: Are you working on office building properties or looking to acquire more commercial opportunities? Leverage the C-PACE program with prospective clients to win more business. C-PACE can also be combined with tax incentives and utility rebates for even more savings. Clients get affordable financing and you get to increase the scope of the job, while producing a cleaner, more modern office building.
Commercial property developers: Is financing upgrades in office buildings cost-prohibitive? C-PACE financing presents an opportunity to add more affordable capital while reducing risk to your firm. C-PACE attaches to the office property through a voluntary annual tax assessment and transfers to a new owner when sold. Develop competitive office properties with the latest energy and water conservation equipment
Sources: https://www.epa.gov/watersense/types-facilities#Office%20Buildings, https://esource.bizenergyadvisor.com/article/small-and-midsize-offices