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DENVER, CO – The House Energy and Environment Committee today passed legislation to help commercial property owners better finance water and energy efficiency improvements, and increase property resilience.
“We’re working to improve an already successful energy efficiency program so more commercial properties in Colorado can save money, on energy, and water,” said Rep. Jenny Willford, D-Northglenn. “Our bill expands the C-PACE program to help commercial properties cut down on their energy and water usage, and invest in resilient infrastructure in the face of more frequent and severe weather events caused by climate change. By expanding this favorable financing mechanism we empower building owners to modernize their infrastructure, increase renewable energy deployment and help create good paying jobs.”
“We’re committed to preserving and protecting Colorado’s environmental resources, especially water, and our bill makes improvements to the C-PACE program so commercial businesses can improve their resilience and water efficiency,” said Rep. Brianna Titone, D-Arvada. “We know many commercial properties want to make water and energy efficiency upgrades, and our bill makes the process easier so businesses can begin their energy efficiency improvements sooner.”
HB23-1005 passed committee by a vote of 8-3 and is part of the Colorado House Democrats' first five bills. HB23-1005 would protect Colorado's environment and preserve water resources by expanding project eligibility and streamlining the approval process so more commercial properties in Colorado can take advantage of Colorado Commercial Property Assessed Clean Energy (C-PACE’s) financing program for eco-friendly property upgrades and investments.
The C-PACE program allows certain commercial and industrial buildings to finance energy improvement projects through a voluntary property tax assessment that is repaid over a 25-year term. Since 2016, the program has helped finance 116 different projects across the state, totaling almost $250 million in investments.