Because of its financial and environmental benefits, solar energy’s popularity has been skyrocketing in Denver in recent years, and legislation has taken note. The Colorado government signed a program into law in 2010 that takes some of the hassle out of going solar for multi-tenant building owners in Denver by offering financial assistance for projects via property assessments. Called CPACE (Commercial Property Assessed Clean Energy), this allows Denver property owners to install solar panels on your property for no money down, as it is funded by the government and paid back flexibly, long-term, and through taxes.
CPACE funding is an attractive option for Denver property owners who want to pay for a solar system over time, as they generate money from their solar-generated power. The program allows you to install solar panels funded at up to 100% by investors in Denver who offer long-term financing with repayment terms of up to 20 years. Each solar energy project is overviewed by a CPACE employee for regulation compliance, and at Ecology Solar we work as the middleman between Denver property owners and CPACE program administrator to take the headache out of the paperwork and details. The CPACE administrator reviews all project plans, completes a property assessment to see how solar energy will affect property taxes, and sets you up with financers in Denver to work out a deal. Most projects take about 6-8 weeks to finance, and the lien is attached to the property, so payments transfer with it if you want to sell your Denver multi-tenant building.
Check out this short video that explains how the program works.
The idea is to get the solar energy system up and running so it can start paying for itself. When you have a CPACE-funded solar system installed on your Denver multi-tenant property, you pay back financing through low monthly payments. However, these extra costs are circumvented by the extra money in Denver owners’ pockets from their reduced energy bills. Switching to solar results in utility costs dropping anywhere from 20 to 100 percent of what they were previously, and those savings can be used to pay off the CPACE financing. We routinely see Denver customers with money left over because their utility costs are so low, and a good financing deal can give you up to 20 years to pay off your solar energy system.
You can go solar in Denver with no upfront costs with funding from the CPACE program. Call Ecology Solar today for more information on if your Denver property qualifies and what kind of financing is available.