First Solar Project to Use C-PACE in Pennsylvania Closes in Philadelphia

FOR IMMEDIATE RELEASE:
Tuesday, August 18, 2020

CONTACT:
Maryrose Myrtetus, Philadelphia Energy Authority 
215-431-5641 (cell)
mmyrtetus@philaenergy.org

Philadelphia, PA – 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 as part of a series of announcements being released during Philadelphia Solar Week. Capers Company LLC is borrowing $519,020 in C-PACE financing from Greenworks Lending to install a 212-kilowatt solar system on a building in the Germantown neighborhood of Philadelphia. K.E.S. LLC is the solar developer. The solar array is projected to generate 266,673 kWh in its first year of operation, meeting nearly 100% of the electricity needs of the building’s tenants. By using solar energy, the building will reduce its carbon footprint by 6,900 metric tons of CO2e emissions over the life of the project. 

Under the leadership of Councilmember Derek S. Green (At Large), Philadelphia City Council passed legislation enabling C-PACE financing 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 and fitting 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. I am happy to be a part of a project that will help decrease a necessary cost associated with operating a childcare center.”  

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. We are proud to expand our offering into Pennsylvania and provide financing for the first C-PACE-financed solar project in the Commonwealth.”   

“This is the second C-PACE financing to close in Philadelphia this summer, showing the breadth of projects that C-PACE enables,” noted Maryrose Myrtetus, the Philadelphia Energy Authority’s Program Manager overseeing the Philadelphia C-PACE program. “The first financing covered energy and water efficiency improvements in a new mixed-use gut-rehab project in Kensington. It is notable as well that this solar project pencils out without grants, simply utilizing the energy savings, C-PACE financing structure, tax benefits and anticipated Solar Renewable Energy Credits (SRECs) revenue.” 

The line-up of virtual events for Philadelphia’s second annual Solar Week includes a webinar on Thursday, August 20th titled Good for Business: Trailblazing Commercial Solar Projects, which will include information on C-PACE and another commercial solar project announcement. Find details about all Solar Week events at solarizephilly.org.  

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.  As Program Administrator, PEA reviews and approves applications, manages the billing and lien processes, engages in market education and supports the growth of the Philadelphia C-PACE program. 

About Philadelphia C-PACE 

Commercial Property-Assessed Clean Energy (C-PACE) financing allows commercial property owners to borrow money for energy efficiency, renewable energy, and water conservation projects. Repayments are made via a special assessment similar to a property tax assessment. Key features include: 100% of project costs can be financed; repayment terms are up to 30 years; the special assessment stays with the property in the event of a sale. 

For more information, visit www.philadelphiacpace.org

About Greenworks Lending 

Greenworks Lending is the largest provider of Commercial Property Assessed Clean Energy (C-PACE) financing in the country. Led by several of the industry’s founding policy developers and standard-setters, Greenworks Lending is a private capital provider uniquely dedicated to funding commercial real estate through C-PACE. Greenworks has provided financing to hundreds of commercial properties in more than a dozen states. Greenworks Lending’s C-PACE financing makes clean energy a smart financial decision for commercial property owners. 


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Philadelphia Opens Applications for New Solar Rebate to Encourage Property Owners to Install Solar

The City of Philadelphia’s Office of Sustainability and the Philadelphia Energy Authority have opened applications for the Philadelphia Solar Rebate, an incentive program to encourage property owners to install solar photovoltaic systems in Philadelphia by providing $0.10 per watt to commercial projects and $0.20 per watt to residential projects ($1,000 for an average row home installation). Visit https://www.phila.gov/solar-rebate to learn more and apply.

This one-time incentive payment will be issued by the City after the solar project has been installed and has received Permission to Operate from PECO. To be eligible to apply for the Solar Rebate, applicants must:

  • Have installed solar on their property located in the city of Philadelphia.
  • Have received Permission to Operate from PECO on or after July 1, 2019.
  • Be current with or in a payment agreement for all taxes and other indebtedness to the City.
  • Not have any unresolved building code or other property-related code violations.

Government or government-related projects will be subject to approval based solely on the discretion of the Sustainability Director.

Applications will be reviewed in the order in which they are received. Payments will be processed within 4–6 weeks, pending availability of funds. The Solar Rebate is not to exceed a total payment of $100,000 per project. If not enough funds are available in a given fiscal year, your application will be considered to have been filed on the first day of the next fiscal year.

The Solar Rebate is one of several measures supported by Mayor Kenney and passed by Philadelphia City Council in 2019 that support solar adoption. Other initiatives included a reduction in solar permit fees, a measure to enable solar canopies, and Commercial Property Assessed Clean Energy (C-PACE).

The Philadelphia Energy Authority (PEA) is administering the Solar Rebate on behalf of the Office of Sustainability. PEA runs other solar market development programs, including Solarize Philly, the nation’s largest group buying program to support rooftop solar, and Bright Solar Futures, a solar training program for Philadelphia’s young people.

Visit https://www.phila.gov/solar-rebate to learn more and apply. Contact us at SolarRebate@philaenergy.org with any questions.