First Rooftop Solar Project Financed Through C-PACE Now Installed
The first solar energy system on a commercial property rooftop financed by Montgomery County’s Commercial Property Assessed Clean Energy (C-PACE) financing program has been installed on a seven-story building in Rockville. The innovative financing tool enabled the owners of the building at 451 Hungerford Drive to construct a 75-kilowatt solar energy system, along with other energy efficiency improvements. The C-PACE program is a public-private partnership whereby private lenders provide financing for energy efficiency projects in commercial properties. The local government collects loan repayment as a surcharge on the property tax bill. Montgomery was the first county in Maryland to enact a C-PACE ordinance.
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