News Archive

June 23, 2015

Boulder County the first in state to officially adopt CoPACE

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boco

June 23, 2015

Media Contact: Susie Strife, Sustainability Coordinator, 303-441-4565

Boulder County, Colo. -- Today,
Boulder County became the first county in the state of Colorado to adopt the
Commercial Property Assessed Clean Energy (CoPACE) program, an innovative way to
give commercial and multifamily property owners the ability to finance
qualifying energy and water improvements on existing and new construction
properties.

"This statewide clean energy program empowers small
businesses to retrofit their buildings to save money, clean our air and create
local jobs. I knew Boulder County would step up and continue their clean energy
leadership," said State Senator Matt Jones (D-Boulder).

Commercial
property owners repay the financing for up to 20 years through a voluntary
special assessment on their property tax. If the property is sold, the
repayment obligation transfers to the new owner, along with the benefits of the
financed improvements.

“By
providing low-cost, long-term financing, CoPACE will enable commercial property
owners in Colorado to improve the energy and water performance of their
properties, reduce their utility and other operating costs, and improve their
bottom line,” explained Paul Scharfenberger, Chairman of Board of the Colorado
New Energy Improvement District.

The
Colorado Legislature passed the CoPACE Statute to create the Colorado New
Energy Improvement District and establish the CoPACE statewide financing
program. Each county can adopt the program with a Board of County Commissioners’
resolution that allows county property owners with existing property retrofits
or some new construction to use the CoPACE program.

The
CoPACE program will officially launch statewide in late summer. With Boulder
County opting in now, it will be ready for business immediately after the
launch.

Boulder County is a forerunner in clean energy finance. In 2010, Boulder
identified 29 properties for a bond-backed pilot run of commercial
property-assessed clean energy financing called the ClimateSmart Loan Program.

For
information about CoPACE in Boulder County, contact Susie Strife at
303-441-4565 or
sstrife@bouldercounty.org.

For
information about CoPACE interest in other counties, call Paul Scharfenberger
at 303-866-2432.

-BoulderCountySustainability.org-