The Western Riverside Council of Governments (WRCOG) has launched the nation’s largest program to finance energy and water conservation improvements.
Structured Finance, founded in 2009 to provide clean energy funding to industry, has been selected to provide commercial PACE loans through the WRCOG program for properties that required 125 kW of solar and/or at least 50,000 square feet in size.
Jean Dunn, managing direct for Structured Finance, explained the energy cost reduction benefits of the program at a recent event sponsored by HelioPower and his firm in Murrieta. Here are excerpts from his comments:
“…one of the largest components of any commercial property owner’s budget or expense budget is energy. In the typical office building, that’s thirty percent. If you’re an owner/user it can be ten to twenty percent depending on what facility and what kind of business you are running. So in order to protect ourselves, we need to figure ways to, number one, minimize those expenses and number two, lock in our cost of energy for the foreseeable future so that we can operate our businesses in a profitable manner.
One of the ways to lock in (low) energy cost is by using solar energy, which really applies, very well, to properties here in Riverside County. And one of the myths about solar energy is that it is expensive. What’s been happening in the last few years is the cost of solar has dropped precipitously. So you’ve had a precipitous drop in the cost of solar energy. In addition, if you combine that with the rapid rise of energy costs for commercial properties in Riverside County, you have a situation where now solar more than pays for itself. It allows companies to lock in their rate and fix their rate for a twenty year period.
How do you pay for it? Because, unfortunately, we’re in a world where most businesses and most property owners are cash constrained. And one way that we think is a terrific way to pay for it is PACE. PACE stands for Property Assessed Clean Energy. We provide up to 100% financing for energy improvements and for solar. That allows you to reduce your cost of energy and lock in those rates.“
For more information about the PACE solar financing program, visit www.wrcogpace.com. Visit Structured Finance atwww.strucfinance.com. To learn more about the products and services available through HelioPower, visit www.HelioPower.com.
Disclaimer: The information contained herein is accurate to the best of our knowledge and we make no representation as to its accuracy or completeness.