The Unitarian Universalist Church of Silver Spring, a faith community in Silver Spring, MD, is set to undergo energy efficiency upgrades through C-PACE financing. The energy efficiency upgrades include a 25kW roof top solar system, LED lighting, HVAC heat pumps, upgraded insulation and high efficiency windows. These upgrades result in annual savings of 51,523 kWh, comprised of 19,393 kWh from energy efficiency and 32,130 kWh from solar energy, and 4,689 natural gas unit savings. The upgrades will also save 65 MT of CO₂ in the first year after the improvements and 1,386 metric tons for the lifetime of the improvements. The building’s energy use intensity is expected to drop to 56.7 kBtu/SF/year.

Over the next 20 years, these conservation measures will save the community $409,040 in reduced energy bills for the church building. These upgrades will modernize the church building’s Community Hall, originally constructed in 1965 and last renovated in 1977, significantly improving its energy performance. The project also supports building decarbonization, fully electrifying the HVAC system, and is compliant with Montgomery County’s draft Building Energy Performance Standards (BEPS).

The Montgomery County Green Bank provided C-PACE financing for this project, stepping in after private lenders withdrew. The total project cost is $2,116,346 with the faith community contributing $1,151,346 in equity. $1,138,218 of the upgrades qualify as climate-related improvements, qualifying the project for CPACE financing. The Green Bank is partnering with the WPC Community Impact Fund (WPC CIF) to provide CPACE financing to enable the energy efficiency improvements. The Green Bank is deploying $965,000 in C-PACE financing and West Potomac Capital is providing $100,000 in C-PACE.

The Montgomery County Green Bank initially deployed a $500,000 bridge loan to help the faith community begin construction and manage cash flow during a capital campaign. Following this, the Bank provided the full $965,000 C-PACE loan, which includes retiring its own bridge loan. This is the first project financed under MCGB’s Small C-PACE product, launched to address gaps in small and nonprofit sector project financing. It is also the first to combine C-PACE with the “Building Decarbonization in a Box” (BDAB) model and is considered a pilot for future “lookback” eligibility use cases. This project is located within a designated Equity Emphasis Area (EEA) and supports a faith-based nonprofit community.

WPC Community Impact Fund stepped into the deal as a source of private capital for MCGB’s first C-PACE project. There is a significant gap in private funding for small C-PACE deals in Montgomery County. The collaboration between MCGB and WPC CIF provided access to permanent, patient capital for the faith community to get the project across the finish line. Saving 68.4% of their estimated energy use for the life of the improvements makes a significant impact on the well-being of a faith-community that serves an equity emphasis area. These significant community benefits along with the security of a C-PACE transaction makes this a strong example of high-impact community finance. This was WPC CIF’s first C-PACE deal in Montgomery County.