The top photo is the property before work started; the bottom photo shows the envelope improvements that Suntrail Energy made to the roof to improve efficiency and facilitate installation of a solar array, coming later this month. Both stages of the project were financed with C-PACE.
FOR IMMEDIATE RELEASE
June 17th, 2020
MD-PACE Facilitates Solar Financing for Baltimore City Property
The installation of a solar generation system on the roof of 1010 N Chester Street adds to a growing portfolio of buildings that is distinguishing Baltimore as a Mid-Atlantic hub of environmentally friendly development. The project was financed by Greenworks Lending and construction undertaken by Suntrail Energy.
BALTIMORE, MD. – In May, the MD-PACE program facilitated the closing of a new C-PACE financed solar project in Baltimore City located at 1010 N Chester Street. The system is a 56.3 kW module with 194 total PVC frames that will produce 76.44 mWh annually, saving over $9,000 in the first year and $260,000 over the life of the system. Greenworks Lending, a specialized C-PACE lender based in Darien, CT and with a local office in Bethesda, MD, originated the transaction.
“Greenworks Lending is thrilled to provide financing to this property owner who is pursuing an impactful solar project in Baltimore, MD. Through partnerships with contractors like Suntrail Energy, Greenworks looks forward to funding many more solar installations throughout the state of Maryland.” – Michael Billingsley, Director of Business Development, Mid-Atlantic
The solar system was installed by Suntrail Energy, a Maryland-based solar company with large projects all over the state. Suntrail Energy is based in the Washington-Baltimore metropolitan area, and describes itself as a “true turnkey concept-to-completion service that delivers predictable, long-term benefits.” This project adds to an impressive portfolio of commercial and industrial solar installations across the state, many of which significantly or entirely offset energy needs for the businesses they cater to. Beyond planning, Suntrail Energy additionally provides M&O services, commercial roofing upgrades, exterior and commercial lighting, and backup generators for interested buyers.
The role of C-PACE was two-fold in this project: first, to finance the cost of purchasing and installing a photovoltaic cell (PVC) or solar array on the property, and second to finance the retrofitting of the building envelope. The property owner accessed over $260,000 to finance the project. The associated envelope improvements to the structure increased energy savings further and takes full advantage of unused roof space. The array was split into two segments to further optimize both the efficiency of the system and the available rooftop real estate.
The installation of a roof-mount solar system at 1010 N Chester Street adds to a growing portfolio of buildings that is distinguishing Baltimore as a Mid-Atlantic hub of environmentally friendly development. Commercial Property Assessed Clean Energy (C-PACE) financing is available to commercial property owners to invest in in their properties through the purchase and installation of energy-efficiency improvements and renewable energy generation.
Despite an uncertain economic situation, main street business, developers, and commercial and industrial properties see the benefits of no-money down energy improvements to increase liquidity and defer the costs of property-enhancing investments. The MD-PACE program encourages all commercial property owners with interest in saving money through C-PACE or investing in high-efficiency improvements to contact email@example.com.
About the MD-PACE Program
The MD-PACE program is sponsored by the Maryland Clean Energy Center (MCEC), a corporate instrumentality of the state of Maryland which advances the adoption of clean energy, energy efficiency products, services and technologies. MCEC leverages private capital to help homeowners, businesses, and government entities reduce energy costs. The MD-PACE program offers C-PACE financing to commercial property owners statewide.