A Washington, D.C. green energy program has completed its first financing of an energy-efficient property in the district, the District Department of the Environment announced.
The DC Property Assessed Clean Energy, or PACE, program provides loans repaid by special taxes on the property.
The PACE financing went toward an affordable multifamily building that is part of the Capper Carrollsburgh Hope VI redevelopment and the total amount of the project is $340,000.
Improvements made to the property include lighting, more efficient water fixtures, and a rooftop solar array. This project is expected to provide over $40,000 in annual savings from avoided costs and tax credits, the environment department announced. Purchased energy will be reduced by approximately 15% percent.
PACE financing is repaid over a period of up to 20 years. The program, enacted as part of the Energy Efficiency Financing Act of 2010, was officially launched in April of 2012.
“Through the Sustainable DC Initiative, we have set aggressive goals to reduce energy use and greenhouse gas emissions in the district,” said mayor Vincent Gray. “The engagement of private building owners is critical if we hope to achieve these goals. The DC PACE program provides an important source of financing to help property owners improve their energy and environmental performance, and save money.”
District of Columbia Housing Authority executive director Adrianne Todman said the project could be very significant.
“We hope this integration of affordable housing and PACE financing is one that can become the new standard for redevelopment that is both cost effective and energy efficient,” she said.