Loan Program Reduces Energy Consumption and Greenhouse Gas Emissions in the County
September 29, 2020
For Immediate Release
ROCKVILLE – The Montgomery County Green Bank (“Green Bank”) and Sandy Spring Bank today announced they have partnered to help another commercial property in the County implement energy-saving measures that will improve operating costs and reduce greenhouse gas emissions in the County. The Glen Manor Condominiums in Silver Spring, Md. used the Green Bank’s Commercial Loan For Energy Efficiency and Renewables (CLEER) program to finance $512,000 in operational and energy efficiencies. This will reduce the property’s energy consumption equivalent to 280 tons of carbon dioxide annually over the next 10 years.
Glen Manor is a 32-unit affordable condominium in a prime location with diverse residents consisting of families, couples and single individuals of all ages. Aging mechanical systems needed repair and the community explored options for over two years, including selling the property. The community’s love of the property created a different solution. The partnership between Green Bank and Sandy Spring Bank helped Glen Manor obtain the necessary financing early in the process so the project could proceed quickly.
“The road to getting to this point took intention and dedication on the part of our community to achieve important energy efficiency and operational efficiencies. These improvements will help us be a sustainable community for the long haul,” said Brian Haaser of Glen Manor Condominiums. “The support of the Montgomery County Green Bank and Sandy Spring Bank was key to getting to the finish line and implementing our vision. They worked collaboratively as a team to provide the critical financing we needed.”
“The financing of the Glen Manor Condominiums to undertake critical energy efficiency improvements demonstrates the Montgomery County Green Bank’s mission to partner with private capital to accelerate investment in clean energy,” said Tom Deyo, CEO of the Montgomery County Green Bank. “Our continuing work with Sandy Spring Bank under the CLEER program is bringing much needed capital for energy efficiency projects in support of the County’s significant environmental goals and critical housing in the County.” This is the third loan to be closed under the CLEER program with Sandy Spring Bank.
To date, $2 million in commercial and affordable housing projects have been financed by Sandy Spring Bank through the CLEER program to help properties reduce their environmental footprint, gain operating cost benefits, create comfort and value for their residents, and help the County toward its goals of reducing greenhouse gas emissions. Collective energy savings for these properties is nearly $80,000 annually and the reduction of 560 tons of greenhouse gas emissions each year, equivalent to saving all of the electricity used by 95 homes in the County each year.
“Energy efficiency and renewable energy improvements are fundamental for improving the environment in the County and the nation,” said Ken Cook, Executive Vice President of Commercial Banking at Sandy Spring Bank. “Sandy Spring Bank is proud to partner with the Montgomery County Green Bank to provide the critical funds needed to make Montgomery County homes and businesses more environmentally and economically sustainable. The Glen Manor Condominiums is yet another example of how this partnership is producing results and benefits.”
About Montgomery County Green Bank
The Montgomery County Green Bank is a publicly-chartered nonprofit dedicated to accelerating affordable energy efficiency and clean energy investment in Montgomery County, MD. We partner with the private sector to build a more diverse, equitable, and inclusively prosperous, resilient, sustainable, and healthy community. Our work supports Montgomery County’s goal to reduce its greenhouse gas emissions. For more information, visit www.mcgreenbank.org.
About Sandy Spring Bancorp, Inc.
Sandy Spring Bancorp, Inc., headquartered in Olney, Maryland, is the holding company for Sandy Spring Bank, a premier community bank in the Greater Washington, D.C. region. With over 65 locations, the bank offers a broad range of commercial and retail banking, mortgage, private banking, and trust services throughout Maryland, Northern Virginia, and Washington, D.C. Through its subsidiaries, Rembert Pendleton Jackson, Sandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services. For more information, www.sandyspringbank.com.