(Washington, D.C.) – The DC PACE Program and United Bank are proud to announce the successful closing of $125,000 in financing to support clean energy and energy efficiency improvements for a commercial building in Ward 7. Administered through the DC PACE program, the financing will deliver green roofing upgrades and a 131-kW solar energy system, with upgrades already underway. This project will generate an annual energy savings of 47,611 kWH for the property, which is the equivalent of eliminating greenhouse gas emissions from 78 barrels of burned oil. Additionally, the solar roof is expected to deliver $131,137 in electricity bill savings over the lifetime of the upgrades.
"Financing this project is a testament to the PACE Program's readiness to meet the needs of projects of any size,” said Ronald Hobson, DC PACE Program Manager. “These energy efficiency improvements will create big benefits for a property that serves some of the District’s youngest residents. We want everyone to be able to see how clean energy and energy efficiency can positively impact every corner and industry of the city.”
The financed project is occupied by The Jewell Newell Center for Change, located at 4417-4419 Sheriff Road NE, which operates as a child daycare service. Upon completion of this project, the property will realize significant benefits from the clean energy and energy efficiency improvements, enhancing the sustainability and overall performance of the facility.
“The DC PACE Program is a key player in the District’s transition to clean energy and energy efficiency, and it was a pleasure to work with DC Green Bank to support this property on the pathway to sustainability,” said Joseph LeMense, Managing Director, Community Development & Nonprofit Banking, United Bank. “We are proud to have financed more than $8 million of DC PACE Program efforts since 2013, and this project showcases our continued commitment to promoting a greener future for the District and the positive impact we can achieve for our communities when we work together."
About DC PACE and DC Green Bank
DC Green Bank serves as the administrator of the DC PACE Program on behalf of the District of Columbia. The DC Property Assessed Clean Energy (PACE) Program is a special financing option for renewable energy projects such as solar, energy efficiency upgrades like new windows or HVAC units, conservation projects like green roofs, and water use systems. The DC PACE Program has facilitated loans totaling nearly $95 million since its first deal closing in 2013.
In addition to administering the DC PACE Program, DC Green Bank develops and facilitates innovative financial solutions to support District businesses, organizations, and residents on the path to a cleaner future for all by investing in solar energy systems, energy efficient buildings and retrofits, green stormwater infrastructure, and transportation electrification. To date, DC Green Bank has invested tens of millions of dollars in a cleaner, greener, and more equitable future. To learn more, please visit www.dcgreenbank.com and www.dcgreenbank.com/pace.
About United Bank
United Bank is a premier community bank headquartered in Greater Washington, D.C. A subsidiary of United Bankshares, Inc. (NASDAQ: UBSI), United has consolidated assets of approximately $29.5 billion with nearly 250 offices located throughout Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania and Georgia, as well as Washington, D.C., where it is the largest community bank headquartered in the D.C. Metropolitan region. The Bank is committed to growing the relationships it has built since 1839 and offering a competitive suite of banking and lending products, treasury management, wealth management, mortgage services, personal and business credit cards and more. United is also committed to providing excellence in service to the communities throughout its footprint, strategically aligning resources to move the needle on pressing challenges in vital impact areas including financial literacy, children and education, affordable housing, health and economic vitality. Learn more.