COLORADO SPRINGS, Colo. (KRDO) -- A valuable program is coming to builders and business owners in the Pikes Peak region, all thanks to an existing state program that El Paso County is now opting into.
The Colorado C-PACE program, a commercial property assessed clean energy program, is meant to make it easier for borrowers to secure money for building upgrades that will increase energy savings. Under this new program, commercial and industrial building owners in El Paso County can apply for low-interest loans to make those upgrades.
Bobby Mikulas with Kinship Landing Boutique in Colorado Springs tells KRDO it hasn't always been easy to secure financing for facility upgrades, making it a challenge for new businesses or start-ups to keep their establishments up to code.
The new loan program - green-lit by El Paso County Commissioners this week, will now give building owners another tool to help their business flourish.
“This provides a way for our thriving business community to invest in upgrading and staying up with the times and complying with regulations, whether that’s around covid or energy standards coming from the state legislature," said Cami Bremer, El Paso County Commissioner.
C-PACE is already available in many other counties. The program will become available once accounting systems are configured to administer the loans.
“Energy efficiency is very important even from a cost perspective," Cecilia Harry, the city's Chief Economic Development Officer, said. "The more efficient h-vac and lighting systems you have, the lower your bills are going to be, and those are real costs to businesses both large and small.”
The Colorado Springs Chamber of Commerce & Economic Development Corporation led the push to implement the loans here in El Paso county.
Harry says the loans distributed through the program have attractive repayment terms of up to 20 years.
And they can fund 100 percent of the cost to renovate large buildings and projects that can cost anywhere between $200,000 and $1 million.