Residential Solar PV
Property Upgrade Summary
The solar PV system installed by Solar Energy World consists of a 13.47kW solar system with 49 Hanwha 320 Solar Panels, Enphase microinverters and the state-of-the-art Enphase monitoring platform. This will enjoy up to 14,000 kilowatt hours per year of clean, renewable energy for their home.
Green Bank Financing
Long-term loan for balance of project costs. Closed October 2020.
About the Project
Stockbridge at Tanglewood Condominiums became the first local commercial entity to use a loan under the Small Business Energy Savings Support product to improve its operating budget and gain savings. The Association worked closely with the Montgomery County Green Bank and City First Enterprises to secure a $44,000 loan. New LED fixtures on the property are reducing energy consumption by 100,000 kWh per year and saving over $14,000 annually. The contractor worked closely with Pepco to secure substantial incentives that help offset the costs of this project.
The Green Bank with City First Enterprises provided the capital necessary for the energy efficiency measures.
|Total Cost for Energy Efficiency Measures||$44,000|
|Small Business Energy Savings Support Loan||$44,000|
|Utility Incentives (Rebates)||$10,000|
Montgomery County Green Bank’s Role
The Montgomery County Green Bank’s small business program brought partner and the needed capital to support the Stockbridge project. The Green Bank works closely with the Montgomery County Commission on Common Ownership Communities to help association boards execute on long term energy plans and financing strategies to be able to implement projects.
The Montgomery County Green Bank is presently hiring a Business Operations Manager. The position description can be found here.
The position is open through August 7, 2020, or until filled.
Please submit resumes and cover letters for the position to HR@mcgreenbank.org.
We mourn the unjustified loss of the lives of George Floyd, Ahmaud Arbery, and Breonna Taylor and the many others before them whose deaths are a result of long-standing, systemic racism and injustice in this country. We are moved by and support the outpouring of so many voices in Montgomery County, across our nation and around the world demanding change. Change is long overdue; this systemic racism and injustice must end.
On behalf of the Montgomery County Green Bank (Green Bank), we are committed to listen better and to do our part to make such change happen. The Green Bank’s mission is to equitably and inclusively accelerate clean energy investment in Montgomery County. Our work is dedicated to addressing both the causes and the increasing effects of climate change and the related detrimental health, economic, and safety impacts, especially on Black, Hispanic, and other underserved communities which for far too long have suffered from environmental inequities and injustice.
Through the resources and tools of the Green Bank, we are determined to act with intention to assure racial diversity and equality in our programs. We undertake this as we simultaneously work in partnership with Montgomery County to address climate threats and the injustice of their impact on underserved communities. We will conduct our efforts to improve the health and well-being of residents and employees while creating jobs and opportunity — with inclusion, not discrimination — for County residents and enterprises.
We encourage your input and support on innovative ways for the Black, Hispanic, and other underserved communities to access and use the resources we provide to address the causes and effects of climate change to achieve healthy, resilient homes and businesses and better lives. We will work with Montgomery County officials, diverse stakeholders, businesses, and homeowners to assure our work is responsive, inclusive, equitable, and has measurable impact.
Bert Hunter, Chair, Board of Directors
Tom Deyo, Chief Executive Officer
Date: Wednesday, May 6, 2020, 1:30 p.m. to 4:30 p.m.
Meeting will be via teleconference.
Montgomery County Green Bank will be holding a Board Meeting on Wednesday, May 6, 2020 from 1:30 p.m. to 4:30 p.m. The public is permitted to attend this meeting. If you would like to join, please RSVP in advance to email@example.com and you will be provided information on how to join the meeting.
The meeting agenda can be found here.
Date: Monday December 23, 2019, 2:00 p.m.
Location: 155 Gibbs Street, 4th Floor Conference Room A
The Montgomery County Green Bank will be holding a Special Board Meeting on Monday December 23, 2019 at 2 pm. The public is permitted to attend this meeting. Please note that much of this meeting is a closed meeting. If you would like to be there, please RSVP in advance to firstname.lastname@example.org. The meeting agenda can be found here.
(Please note that this meeting time may change and, if so, then the new time will be posted on the website.)
Plase read about our accomplishments in 2019 in our annual report found here.
Use CLEER as a Marketing Tool to Increase Project Scopes for 2020 Projects
MCGB has been hearing from contractors that this upcoming budget season may be different. Cash may be less available for projects and that means financing may be a useful tool to get property owners to commit to their energy saving’s projects in 2020.
The Commercial Loan for Energy Efficiency and Renewables (CLEER) can be a helpful tool to get your clients to achieve economies of scale now and get to that energy saving sooner – rather than waiting yet another year!
Hold the Date! October 23 Energy Savings Workshop for Benchmark Property Owners
The Montgomery County Green Bank and the Montgomery County Department of Environmental Protection (DEP) have scheduled a workshop at the Silver Spring Civic Center on October 23 from 8 AM to 12 PM to provide insight to property owners / managers of benchmarked properties on how to assess and identify energy savings measures, where to find utility incentives, and what financing may be available to help. This workshop will bring property owners / managers, contractors, utility representatives and lenders together to meet, inform, and explore options on how to make energy savings improvements to commercial properties.
The Green Bank’s CLEER loan was recently used to finance a major energy efficiency improvement.
Recurrent Innovative Solutions, LLC and Revere Bank recently used the Montgomery County Green Bank’s Commercial Loan for Energy Efficiency and Renewable (CLEER) program to fund an energy efficiency project in Bethesda.
The $200,000 CLEER loan closed in June 2019 and supports an office property in Bethesda. The loan will pay for installation of a rooftop HVAC system and controls, which is the final effort on a series of energy efficiency renovations that Recurrent has done to this property. The loan from Revere Bank will be a 12-year loan at 6.125% and secured by a UCC on the asset; there is no lien on the property. The project will result in about 17% of energy savings for the property and was able to secure $12,000 in incentives from Pepco. Revere Bank processed the approval of this loan within 2 weeks of documents being submitted.
“The CLEER process was straight-forward and moved efficiently. The property owners were pleased with the bank’s proposal. The loan allowed the owner to take care of this important piece of deferred maintenance, drive down energy costs and improve comfort for the building occupants.” Keith Derrington, Chief Operating Officer – Recurrent Innovative Solutions, LLC.
“CLEER allowed us to provide flexibility for this owner to meet its needs. The interactions with the Green Bank and Recurrent were simple and quick. This helped us to efficiently underwrite and approve this loan and be responsive to the owner’s timetable.” Horacio Chacon – Revere Bank
The Latino Economic Development Center (LEDC), a local small business lender, is a new CLEER lender!
LEDC has offices in Wheaton and has served the Montgomery County market for over eight years. During this time, LEDC has provided over 300 loans to small businesses in Montgomery County. LEDC is a certified Community Development Financial Institution and Small Business Administration Community Advantage and Micro-Loan Intermediary lender.
LEDC joined onto CLEER to help promote energy savings to its small business customers and to offer another lending option for CLEER throughout the county. LEDC will focus predominately on loans under $75,000. Rates for LEDC start at 6.5% and LEDC will go out to 10 years depending on the useful life of the energy savings measure. The contact information for LEDC is:
Susana Gomez Portugal
“The Latino Economic Development Corporation is excited about supporting property and business owners in Montgomery County to undertake energy performance improvements and to gain the operating and environmental benefits that come with these improvements. Through our extensive work with small businesses, we know that finding operating expense savings are key to long-term business success.” Rodrigo Cordon – Latino Economic Development Corporation