ROCKVILLE, Md., March 14, 2018 /PRNewswire/ -- Today, Montgomery County Green Bank is announcing the Commercial Loan for Energy Efficiency and Renewables (CLEER), a new lending program with partners Revere Bank and Ascentium Capital LLC. The program is aimed at supporting commercial and industrial businesses that are planning to make clean energy or energy efficiency upgrades to their properties in Montgomery County, Maryland. Through the CLEER program, these lenders, commercial contractors, and Montgomery County Green Bank will work together to bridge the financing gap for energy efficiency, solar PV, and energy storage projects in office, retail, light industrial and multifamily rental properties that are not currently covered by existing programs.
"CLEER is the result of partnering with lenders and contractors to offer financing that can accelerate clean energy market growth in Montgomery County," said Montgomery County Green Bank CEO Tom Deyo. "This loan product exemplifies the green bank approach of working with the private sector market to increase the scale of lending for clean energy and energy efficiency projects."
The structure of the CLEER program is simple: Montgomery County Green Bank lists eligible contractors, businesses use these contractors to define energy savings scopes of work (including energy efficiency improvements, solar PV, and energy storage), and Revere Bank and Ascentium Capital provide loans to businesses to finance the eligible scopes of work. The borrowing businesses are considered approved based on credit with loan terms set to match the expected energy savings. Montgomery County Green Bank also provides overall program oversight to ensure the success of the program and track progress towards greenhouse gas reduction goals.
"We are excited to see our vision for the Montgomery County Green Bank come to fruition with the launch of its first program," commented Montgomery County Executive Ike Leggett. "Revere Bank's and Ascentium Capital's participation means the start of more accessible financing to support the energy savings improvements of County businesses – a key component of the Green Bank's strategy. The investments of these lenders also support jobs in our community."
"Montgomery County has made reducing greenhouse gas emissions one of our highest priorities, and the Montgomery County Green Bank is a key part of our strategy to achieve that goal," said Montgomery County Council President Hans Riemer. "This new program is a concrete step toward making commercial buildings in the County healthier for our planet and for the employees who work in them."
Lending partners Ascentium Capital and Revere Bank offer the financing for the CLEER program. They have joined the program to help local businesses and commercial property owners complete energy savings projects that might otherwise not be able to move forward because of a lack of available financing.
"We are proud to participate in the CLEER program and tailor financing programs that support business investment in energy efficiency projects. This represents a substantial opportunity to generate a positive cash flow for businesses. Convenient financing combined with energy saving solutions can drive a substantial return on investment. We look forward to serving the clients in Montgomery County," said Josh Patton, Vice President of Sales at Ascentium Capital.
"Revere Bank is honored to be involved in this lending program and help both the local business community and building owners," said Ken Cook, Co-President and CEO, Revere Bank. "Our participation in CLEER demonstrates our commitment to being environmentally responsible, minimizing our carbon footprint, creating jobs, and supporting our local economy."
Energy efficiency and clean energy upgrades are well-known approaches for reducing energy use in commercial buildings, thereby building stronger, more resilient businesses. Commercial contractors have long worked with the Pepco energy savings program to accomplish these goals.
The CLEER program works in a complementary manner with the Pepco program and builds on its offerings. The CLEER program is primarily funded by proceeds from the merger of Exelon Corporation and Pepco Holdings Inc. Montgomery County's support for the merger has resulted in over $41 million to the County to create programs benefiting Pepco customers.
"This financing product developed by Montgomery County Green Bank with Ascentium Capital and Revere Bank will be an enormous help to the contractors working in energy efficiency in the commercial and industrial sector," said Keith Derrington of Recurrent. "Our customers will benefit from the availability of this financing and will help fill the funding gaps our customers tend to face as they decide on moving ahead with projects. We look forward to working with Ascentium Capital and Revere Bank on this financing program."
CLEER is the first program to be unveiled by Montgomery County Green Bank as part of the organization's overall mission to increase energy efficiency and renewable energy generation in Montgomery County.
About Montgomery County Green Bank
Montgomery County Green Bank is a publicly-chartered nonprofit organization dedicated to accelerating affordable clean energy and energy efficiency investment in Montgomery County, MD. It is also the nation's first county-level green bank. In support of the County's goal to reduce its greenhouse gas emissions, Montgomery County Green Bank partners with the private sector to build a more inclusively prosperous, resilient, sustainable, and healthy community by providing affordable financing options for projects that private investors may not currently be able or willing to finance alone.
For more information, visit https://mcgreenbank.org.
SOURCE Montgomery County Green Bank