1000 Omega is the largest C-PACE deal in Allegheny County and Western Pennsylvania.
The PACE Loan is for a 4.8 MW carport-mounted solar PV system that will be installed in the parking lot of the property to provide power to the building and sell excess power to the local grid.
PACE proceeds finance energy conservation and renewable energy measures, and this project is expected to save $378,407 annually.
"Sustainable Energy Fund is proud to offer our services as a third-party administrator to Allegheny County for their C-PACE program," said John Costlow, President of Sustainable Energy Fund, the organization administering several programs throughout the state, "SEF looks forward to seeing many more C-PACE projects in Allegheny County and throughout Pennsylvania."
PACE Loan Group financed the loan, which earned consent from a national life company. PLG CEO, Rafi Golberstein, stated, "We're proud to support the largest deal in Western PA thus far. It's yet another good example of how developers can use PACE to maximize efficiency under the new Inflation Reduction Act (IRA). PLG is increasingly seeing solar deals, like this one, come up due to the tax incentives offered by the IRA."
Commercial real estate developers can utilize C-PACE to obtain low-cost, long-term financing for sustainable building improvements, including solar panels.
C-PACE utilizes borrowed capital which is repaid over a twenty- to thirty-year period via tax assessments.
According to PACENation, upwards of 2,900 commercial real estate projects have been funded by over $4 Billion of C-PACE loans.
Visit DEP’s Commercial Property Assessed Clean Energy (C-PACE) webpage for more information on the clean energy funding program.
(Photo: Example of solar energy carport.)
[Posted: January 2, 2023] PA Environment Digest
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