oday, the District Department of the Environment (DDOE) announced that that the DC Property Assessed Clean Energy (PACE) Program has completed its first financing of an energy efficiency project in the District. The property, an affordable multifamily building at 400 M St in southeast DC, is part of the Capper Carrollsburgh Hope VI redevelopment. The total amount of the project is $340,000.
Improvements to the property included lighting, low flow water fixtures, and a 37-kilowatt rooftop solar array. This project is expected to provide over $40,000 in annual benefits from avoided costs and tax credits. Purchased energy will be reduced by approximately 15% percent.
“Through the Sustainable DC Initiative, we have set aggressive goals to reduce energy use and greenhouse gas emissions in the District,” says Mayor Vincent C. Gray. “The engagement of private building owners is critical if we hope to achieve these goals. The DC PACE program provides an important source of financing to help property owners improve their energy and environmental performance, and save money.”
The PACE loan is repaid through a special tax assessment which allows property owners to avoid incurring additional debt to pay for the improvements. Read more.