December 28th, 2020
Conshohocken, PA., January 06, 2021 – On December 23, 2020, a new construction/rehabilitation project for Concord Keystone Sora West, LLC, became the first project approved for Commercial Property Assessed Clean Energy (C-PACE) financing in Montgomery County. Sora West, LLC, is borrowing $9,999,740 from Greenworks Lending, LLC, to fund energy improvements for the construction of a 127-room mixed-use hotel and rehabilitation of a historic fire station. This is the largest project funded so far through the Pennsylvania C-PACE program as well as the first project funded outside Philadelphia County.
Eligible energy improvements funded through C-PACE for this new construction project include high efficiency lighting, HVAC system, high efficiency elevators, and wall, roof, and attic insulation. Annually, these measures will save an estimated 350,000 kWh of electrical energy, 74.2 kW of electrical demand, and 4,900 therms of natural gas, resulting in an annual estimated energy cost savings of nearly $27,000. Energy savings for each improvement range from 7% to 61% better than current building code. Construction for this project is expected to be completed in 2022.
“It is truly exciting to see the first sustainable energy project of this scale underway in Montgomery County,” said Dr. Valerie A. Arkoosh, Chair of the Montgomery County Board of Commissioners. “When we passed the C-PACE resolution last year, our goal was to help local commercial property owners obtain low-cost, long-term financing for energy efficiency, renewable energy, and water conservation projects. We look forward to seeing future projects utilize C-PACE funding to further their sustainability efforts.”
“This is a great project as it utilizes energy-efficient construction for both a new facility and the rehabilitation of a historic building,” said John Costlow, President of Sustainable Energy Fund, the organization administering Montgomery County’s C-PACE program as well as several other programs throughout the state. “SEF looks forward to seeing many more C-PACE projects in Montgomery County and throughout Pennsylvania.” For information on Pennsylvania C-PACE, visit https://www.pennsylvaniacpace.org. To learn more about Montgomery County C-PACE, visit https://www.montgomerycpace.org.
About Sustainable Energy Fund
Sustainable Energy Fund (SEF), a nonprofit organization, assists energy users in overcoming financial, educational and regulatory barriers to a sustainable energy future. SEF provides a variety of services including financing energy conservation, energy efficiency and renewable energy projects; educating the leaders of today and tomorrow to create a passion for sustainable energy; and representing the interests of energy conservation, energy efficiency and renewable energy in proceedings before the Pennsylvania Public Utility Commission. Visit www.thesef.org.