About the Project:
The Board and residents of Takoma Overlook spent a couple years exploring the options to conduct needed energy efficiency improvements to their property. In 2019, the association pursued a comprehensive set of improvements to reduce operating costs associated with the aging systems and also find savings in the reduced energy consumption. With all replacements undertaken, the property’s average annual energy consumption savings is projected at almost $75,000 per year and reduction in greenhouse gas emissions of 500 metric tons annually.
Montgomery County Green Bank’s Role
The CLEER Program of the Montgomery County Green Bank brought the partner and the needed loan capital from Sandy Spring Bank. The Green Bank also worked with City First Enterprises, a local community development financial institution, to provide a short-term facility for the Association to meet its capital requirements for the loan.
Project Snapshot
Building Type:
212-unit affordable residential condominium in a high-rise in Takoma Park, Maryland
Property Upgrade Summary:
Energy Efficiency upgrades support reduction in energy consumption by 20% through new boilers, domestic water heaters, a new cogeneration system, switchgear, occupancy‐sensing thermostats, an EV Charger and more.
Loan Amount:
$837,000 Commercial Loan for Energy Efficiency and Renewables (“CLEER”) by Sandy Spring Bank and backed by Montgomery County Green Bank .
Residential condominiums periodically need updating to reduce operating costs associated with the aging systems and find savings in the reduced energy consumption.
For those who can benefit from decreasing operating expenses because of energy efficient equipment, infrastructure, and their physical space, the CLEER program is a way to make those investments in a way that generates net positive cash flow.
