Multifamily Rental buildings implementing clean energy projects can provide broad benefits to their renters or tenant-owners. A more efficient energy system means benefits for the whole community and individuals within it. Montgomery County Green Bank wants to support your next clean energy project.
Where are you with your project?
You may find yourself somewhere on a spectrum of trying to figure out what to do to be ready to go. Take a look below for some insights for whatever stage you may be at.
If you have any questions, feel free to contact us.
There are several options available to support any financing needs you may have to support your energy efficiency and / or renewable energy project.
The Montgomery County Green Bank's Commercial Loan for Energy Efficiency and Renewables (CLEER) financing program can be used by for-profit and not-for-profit multifamily property rental owners as well as Common Ownership Communities (e.g. condo associations) to support energy savings improvements to their properties.
We recognize that multifamily and common ownership properties may have nuances to their structure and financing needs. Reach out anytime to discuss your project with us.
CLEER Financing is offered by Montgomery County Green Bank through Participating Lenders and available to participating contractors able to offer the product to their customers.
CLEER’s objective: A cash flow positive solution, where energy cost savings cover your loan payments. For example, if your new energy efficient improvements are expected to have a 10 year energy savings benefit, we try to spread out the payments using the energy savings over that or a shorter to payoff the loan so you have no out of pocket for the improvement and potentially access savings after the loans is paid off.
CLEER provides loans tailored for commercial/industrial property owners and businesses seeking to complete a clean energy or energy efficiency project.
Benefits of using CLEER Financing include:
- 100% financing for energy efficiency and/or solar PV projects
- Longer loan terms of up to 12 years (to make loan payments less than or equal to energy cost savings)
- Loan amounts from $10,000 to $250,000, 30% of which can go toward non-energy related project costs
- No lien on property (based on credit)
- Competitive interest rates
A few basic requirements:
- Properties must be in the Pepco service territory of Montgomery County, Maryland
- Project must include eligible measures
- Project must use a participating contractor
See the CLEER Brochure to learn more.
Montgomery County offers a Commercial PACE program which supports energy savings improvements on commercial, industrial, and multifamily properties and is paid through your property tax bill. You can find more about this financing at: http://mcmdpace.com/
This option is not available for Common Ownership Communities.
Small Business Energy Advance offered by Pepco and Baltimore Gas & Electric is a zero-interest loan for qualified small businesses installing certain energy efficiency measures. It covers the balance of the cost after the utility incentive.
Pepco and other utility companies may offer incentives or rebates to cover some of the costs of the energy savings improvements you may be considering. These incentives or rebates can help reduce the upfront costs and leave a smaller amount you would have to fund with cash or financing. Your energy performance contractor is always a great party to ask questions about such incentives or rebates and help guide you on what might be available and how to maximize your benefits. Pepco’s Energy Savings for Business (https://cienergyefficiency.pepco.com/Default.aspx) webpage provides information on incentives and rebates for different size businesses with commercial meters.
Energy efficiency is all about finding opportunities to reduce energy consumption by improving the integrity of the building envelope, the technology of the systems that control the various heating, cooling, and heating systems, and the energy consumption of the systems themselves.
An assessment is an important step to take. This will evaluate and benchmark the current situation for your property, determine what kind of improvements could be best undertaken to maximize your energy savings gains, establish what would be the costs for such improvements, and project what would be the energy savings (both in dollars and in greenhouse gas reductions) resulting from these improvements.
Energy performance contractors are skilled at undertaking these assessments. You can look at our Participating Contractors as a source for these energy performance contractors on our contractor page here:
(Pepco’s website also provides a list of additional contractors which offer such services.)
Solar photovoltaic (PV) arrays can provide a renewable energy source for your property. This energy can offset that energy you would need to draw from the electric grid and reduce your energy bill paid to the utility company.
Solar installers and energy performance contractors can help you assess the opportunity for solar PV on your property. The assessment will provide an estimate of the solar PV array which can fit on the property and the expected energy generation of the solar PV and will take into consider orientation of the property, shading, roof structure, and other factors.
You can look at our Participating Contractors as a source for these energy performance contractors. (The MDV SEIA also has a list of solar contractors in the region here: http://mdvseia.org/directory/#!directory/map)
Our Participating Contractors can be of help for your energy improvements needs. You can find a list of them and the services they offer here.
These contractors are on Pepco’s energy services contractor list and also are eligible for access to the financing provided by the Montgomery County Green Bank.
(Note: The Montgomery County Green Bank does not endorse or otherwise make any representation or warranty with respect to any contractor or the work, materials, or services provided by any contractor.)