Property Upgrade Summary
Installation of closed loop geothermal system with two loops and water furnace.
Geothermal heat pumps are considered a form of high efficiency heat pump. These systems rely on heat transfers between the air and the ground to provide heating and cooling to homes and buildings
Green Bank Financing
Short-term loan to bridge tax credits and long-term loan for balance of project costs. Closed June / July 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.