PHILADELPHIA, Aug. 18, 2020 /PRNewswire/ -- As part of a series of announcements during Philadelphia Solar Week, the Philadelphia Energy Authority, Greenworks Lending, and the Capers Company LLC announced today the financial close of the first project in Pennsylvania to use Commercial Property-Assessed Clean Energy (C-PACE) financing for a renewable energy project.
The Capers Company is borrowing $519,020 in C-PACE financing from Greenworks Lending to install a 212-kilowatt solar system. The project will generate 266,673 kWh in its first year, meeting nearly 100% of the building's electricity needs. By using solar energy, the building will reduce its carbon footprint by 6,900 metric tons of CO2e emissions.
Under the leadership of Councilmember Derek S. Green (At Large), Philadelphia City Council passed legislation enabling C-PACE in Philadelphia in June 2019. "We saw C-PACE as a tool to open up new markets for clean energy investments in our City," said Green. "This solar project proves that C-PACE does just that."
William Capers, Principal of the Capers Company, says, "We feel it is most suitable that this project benefits a building that caters to the care of children, supporting them now and with the goal of leaving a better earth for them."
Jessica Bailey, Greenworks CEO and Co-Founder, stated that "Solar can immediately help decrease a building's operating expenses while lowering its carbon footprint and has been a key piece of the Greenworks story since we started. C-PACE finance offers a powerful solution to build these projects where they might not otherwise have made fiscal sense."
"This is the second C-PACE financing to close in Philadelphia this summer, showing the breadth of projects that C-PACE enables. The first covered energy and water efficiency improvements in a new mixed-use gut rehab building," noted Maryrose Myrtetus, the Philadelphia Energy Authority's Program Manager overseeing the Philadelphia C-PACE program.
About the Philadelphia Energy Authority
The Philadelphia Energy Authority (PEA) is an independent municipal authority created in 2010 to advance energy affordability and sustainability for the City. PEA has facilitated over $136 million in clean energy projects in Philadelphia since launching the Philadelphia Energy Campaign in 2016, creating more than 1,300 jobs. PEA administers the Philadelphia C-PACE program, which allows commercial property owners to borrow money for energy efficiency, renewable energy, and water conservation projects. Learn more: PhiladelphiaCPACE.org.
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SOURCE Philadelphia Energy Authority