El Paso County Passes C-PACE Loan Resolution
COLORADO SPRINGS, Colo. (KRDO) – Builders and business owners in the Pikes Peak area have a valuable program ahead of them, all thanks to an existing state program that El Paso County is now enacting.
The Colorado C-PACE program, a clean energy commercial property appraisal program, aims to make it easier for borrowers to secure money for building upgrades that increase energy savings. This new program allows owners of commercial and industrial buildings in El Paso County to apply for low-interest loans to make these improvements.
Bobby Mikulas of Kinship Landing Boutique in Colorado Springs tells KRDO that securing funding for facility upgrades hasn’t always been easy, making it a challenge for new businesses or start-ups to keep their facilities up to date .
The new loan program — given the green light by El Paso County Commissioners this week — will now give building owners another tool to help their business thrive.
“This provides our thriving business community with an opportunity to invest in modernizing, keeping up with the times and complying with regulations, whether it’s Covid or energy standards coming from the state legislature,” said Cami Bremer, El Paso County Commissioner.
C-PACE is already available in many other countries. The program will be available as soon as the accounting systems are configured to manage the loans.
“Energy efficiency is also very important for cost reasons,” said Cecilia Harry, the city’s chief economic development officer. “The more efficient HVAC and lighting systems you have, the lower your bills will be, and that’s a real cost for businesses large and small.”
The Colorado Springs Chamber of Commerce & Economic Development Corporation led the push to implement the loans here in El Paso County.
According to Harry, the loans made through the program have attractive repayment terms of up to 20 years.
And they can fund 100 percent of the cost of renovating large buildings and projects that can cost anywhere from $200,000 to $1 million.