PUTNAM FORD USES NEW FINANCIAL TOOL TO GO SOLAR
DARIEN, Conn., August 15, 2017 — Putnam Ford, a 20,000 sq ft automobile dealership and service center located just off interstate 395 will soon put its roof to work to generate approximately 95% of its total electrical needs. Such projects are not a new concept within the auto industry, but the method of finance deployed by owner Jake Dykeman is new and becoming available in a growing number of states. The 108.8kW solar array has been financed by Greenworks Lending through a public private partnership called C-PACE, which stands for Commercial Property Assessed Clean Energy.
The program provides private capital from lenders such as Greenworks for commercial building upgrades, retrofits, and new construction that improves energy performance. With C-PACE, repayment is made through the business’s property tax bill over the life of the upgrades, allowing most projects to be cash flow positive on day one.
“C-PACE financing lowers the dealership’s monthly operating expenses and ultimately allow us to provide the highest value to our customers,” explained President and General Manager of Putnam Ford, Jake Dykeman. “We recently finished an LED retrofit for all of our indoor and outdoor lighting, but it wasn’t until Direct Energy Solar, our solar developer, introduced us to C-PACE financing and Greenworks Lending that we saw how the economics worked out. I believe this financing method can be a model for other FORD and automotive dealers across the country,” concluded Dykeman.
C-PACE financing is available from Greenworks Lending in six states, CT, RI, MD, OH, MO, and TX as well as Washington D.C. Legislation has passed to support PACE financing in more than 20 states and there are currently 19 active commercial markets according to PaceNATION, the industry organization.
Jessica Bailey, CEO and Co-founder of Greenworks Lending, helped form the initial public policies upon which the program rests. She explained, “One of the key advantages of the program is that our financing can be stretched over terms of up to 20 years, allowing the building owner to enjoy cash flow savings from their decreased utility bills on day one.”
The program offered by Greenworks Lending provides commercial property owners with:
- access to 100% financing, including both hard and soft costs (i.e. a new roof to support solar)
- private capital offered at low fixed rates with terms that match the useful life of the investment, typically 15-20 years
- financing secured by the property that can remain with the property upon sale
- the ability to preserve equity and pass costs (per most leases) to tenants
- non-recourse funding that can be paired with other types of debt for both new construction and retrofits.
“Solar electricity generation can benefit many businesses. However, C-PACE financing specifically helps auto dealers, as they would much rather use their capital to finance inventory and operations,” stated Ron French, Head of Direct Energy Solar. “We’ve completed several solar projects for auto dealers throughout the Northeast. Our clients quickly see how C-PACE and Greenworks improves their profitability while making a positive environmental contribution,” French concluded.
About Putnam Ford:
Putnam Ford is a family owned and operated Ford dealership. In business for 35 years, with three generations of commitment to Connecticut’s Quiet Corner communities of Windham County, the Putnam Ford team provides customers with an exceptional sales and service experience that exceeds expectations. Putnam Ford is conveniently located at 3 Park Road in Putnam, CT immediately off Interstate 395 at Exit 45 (Old Exit 95).
About Greenworks Lending:
Greenworks Lending is the nation’s leading Commercial-PACE finance provider. Our founders formed the first successful statewide C-PACE program and we now facilitate energy efficiency investments for property owners and their contractors across the nation. Our mission is to make clean energy a smart business decision. If you’re ready to get started with a streamlined feasibility review of your C-PACE project, or simply want to learn more about this powerful commercial finance tool, visit greenworkslending.com.
About Direct Energy Solar:
Direct Energy Solar is a leading national full-service solar provider, serving homeowners and businesses in Arizona, California, Connecticut, Delaware, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Virginia, and Washington, DC. Our mission is to spread solar power to the people of America and to ensure that customers get the most out of their solar panels: the most energy generated, the most electricity savings, the most beneficial environmental impact, and the most joy each time they see a sunny day.