Department of Energy to feature CounterpointeSRE's Resiliency Programs
While Commercial PACE (C-PACE) is most widely known for its role in financing energy efficiency, C-PACE also provides low-cost, flexible capital to harden real estate against blackouts, hurricanes, earthquakes, and other natural disasters.
To highlight the versatility of C-PACE. Michele Pitale of CounterpointeSRE, was recently featured in a U.S. Department of Energy (DOE) webinar on the role of C-PACE in sustainability and resiliency.
Last year natural disasters caused $300 billion of damage in the United States, a new national record, according to the National Oceanic and Atmospheric Association (NOAA). DOE’s Better Buildings Initiative is partnering with leaders in the public and private sectors to make the nation’s commercial buildings and industrial plants more resistant to these threats.
“C-PACE financing can be used to support government planning for resiliency and create value for property owners,” said Dr. Pitale. “For example, we partnered with the city of San Francisco and ESIP since 2015 to provide financing for their mandatory seismic soft story program to harden buildings against earthquakes.”
The DOE Webinar also featured the CounterpointeSRE project at the Southern Oaks Rehabilitation and Nursing Center in Pensacola, Florida. With its current mortgage about to mature, Southern Oaks needed a way to protect the property without refinancing or using equity capital. The nursing facility utilized CounterpointeSRE financing to install wind resistant roofing and EnergyStar impact windows and other resiliency upgrades.
“In 2017, Florida weathered hurricanes Nate, Irma, Harvey and Maria,” Pitale noted. “We were all happy to learn that Southern Oaks easily weathered these storms thanks to the wind resistant improvements financed by C-PACE.” These upgrades have also reduced the facility’s insurance premiums due to its newfound resistance to hurricane-related damage, in addition to lowering its monthly energy bills.
Counterpointe Energy Solutions is a PACE program administrator and capital provider, financing up to $100 million per project. CounterpointeSRE is the commercial real estate partner of Hannon Armstrong and together they operate under the name Hannon Armstrong Sustainable Real Estate.