Ceavco Audio Visual
Video, audio, and lighting company brightens energy outlook with C-PACE
Project will reduce office building’s energy use by 94 percent
The Challenge
CEAVCO Audio Visual supplies video, audio, and lighting services for events nationwide, and is used to making its customers look good. But when it came to its own office in Arvada, Colorado, the company knew it was time for a facelift. “There was a pretty simple reason I wanted to update my building,” said Matt Emerson, CEAVCO’s president. “The roof was leaking.”
As Emerson pointed out, though, these types of projects can be expensive. “For a 33,000-square-foot facility, a new roof isn’t cheap,” he said. Especially since he planned to install LED lighting and a new solar photovoltaic system as well. Why do so much? “We’re conscientious of the environment and our carbon footprint,” said Emerson. “Plus the solar PV system will pay for itself over time.”
“There was a pretty simple reason I updated my building: The roof was leaking. And roofs aren’t cheap. C-PACE appealed to me because I could pay for the project with no money down and transfer the obligation if we sell.”
—Matt Emerson, president of CEAVCO Audio Visual
The Solution
Emerson’s contractor explained that since a new roof was necessary to support the solar PV system, the project qualified for the Colorado C-PACE program. “C-PACE appealed to me because I could pay for the project with no money down,” Emerson said. “Plus the [repayment obligation] transfers with the building in the event that we were to sell it.”
The Impact
CEAVCO Audio Visual’s C-PACE project, which totaled $669,562, and which it financed over a 20-year term with no money down, is projected to reduce the building’s energy use by 94 percent—saving the company a bundle in energy costs. The project will also add $406,505 in value to the building.
Emerson said the only challenge he encountered with the project was gaining consent from his mortgage lender, which is a requirement of the program. “It just wasn’t a priority for them, but with doggedness and persistence we overcame the challenge,” he said, adding that the C-PACE program manager was a big help in explaining how the program worked.
“When people take the time to understand C-PACE, it makes sense for all parties,” said Emerson. “The payment is made through property taxes. It’s the last thing an owner will stop paying.” He advises other property owners contemplating a project to “take the time to understand the C-PACE program and let the experts do their work.”
About Colorado C-PACE
Colorado C-PACE provides financing for energy efficiency, renewable energy and water efficiency improvements, including new heating/cooling systems, lighting, water pumps, insulation, and renewable energy projects for commercial properties. C-PACE offers long-term financing that covers 100 percent of the project cost and is repaid over a period of up to 25 years as a line item on the existing property tax bill. Because the loan runs with the property, if the building is sold, the repayment obligation cantransfer to the new owner, who enjoys the ongoing utility cost savings associated with the project.
By the Numbers
Project Type:
RE / EE
Building Type:
Office
Building Size:
33,827 square feet
C-PACE Project Cost:
$669,562
Percent Financed:
100%
Asset Value Increase:
$406,505
Finance Term:
20 Years
Reduction in Energy Use: