The Philadelphia Energy Authority, Greenworks Lending, and the Capers Company LLC have announced the financial close of the first project in Pennsylvania to use Commercial Property-Assessed Clean Energy (C-PACE) financing for a renewable energy project as part of a series of announcements being released during Philadelphia Solar Week. Capers Company LLC is borrowing US$519 020 in C-PACE financing from Greenworks Lending to install a 212 kW solar system on a building in the Germantown neighbourhood of Philadelphia. K.E.S. LLC is the solar developer. The solar array is projected to generate 266 673 kWh in its first year of operation, meeting nearly 100% of the electricity needs of the building’s tenants. By using solar energy, the building will reduce its carbon footprint by 6900 t of CO2e emissions over the life of the project.
Under the leadership of Councilmember Derek S. Green, Philadelphia City Council passed legislation enabling C-PACE financing in Philadelphia in June 2019. “We saw C-PACE as a tool to open up new markets for clean energy investments in our City,” said Green. “This solar project proves that C-PACE does just that.”
