Prosper Portland, Multnomah County and Energy Trust of Oregon have partnered to introduce PropertyFit, Oregon’s first Commercial Property Assessed Clean Energy (C-PACE) program. The unique financing tool is available to commercial, industrial, and multi-family property owners in Multnomah County undertaking energy efficiency, renewable energy, water conservation, and seismic retrofit projects.
PropertyFit offers up to 100%, long-term, fully amortized financing for eligible projects. Up-front investment—a common barrier to projects moving forward—is not required from the owner. The financing can take what was once a capital expenditure and turn it into a cash flow-positive investment that lowers operating costs, increases asset value, and improves building performance.
The PropertyFit program is available for both new construction and existing buildings. The financing is secured by a benefit assessment lien on the property which automatically transfers upon sale. It is repaid in annual assessments which are often covered by the energy and water cost savings generated by an efficiency project.
PropertyFit is also an excellent resource for contractors to close more deals and secure larger, more comprehensive jobs. Building owners no longer have to patch together old equipment that is too expensive to replace or decide which “fix” is more important. With PropertyFit, contractors can present a scope that enables owners to upgrade their buildings without compromising other capital investment projects.
Prosper Portland Executive Director Kimberly Branam said, "PropertyFit is a win for all. It gives property owners a tool to finance equipment upgrades and other projects they’ve been forced to put off due to capital constraints; it’s a great option for contractors to close a project; and it helps us meet Portland’sand Multnomah County’s joint Climate Action Plan carbon reduction goals through improved building performance. In addition, we’re learning how it can help developers achieve greater efficiencies in new buildings.”
Susan Steward, executive director of the Building Owners and Managers Association (BOMA Oregon), said, “PropertyFit is a valuable tool for building owners and facilities managers as they evaluate capital investment projects, especially as we near release of the City of Portland’s commercial building energy performance data. The financing can be tailored to the owner’s needs and specifically help smaller building owners finance measures such as lighting and boilers to help improve their Energy Star® Score. We welcome this program into the marketplace to assist our members in achieving their desired level of building performance.”
PropertyFit will host a network event and training series this fall to introduce contractors to the program and additional resources will be available to support project development. Check www.PropertyFitOregon.com for more information or contact Amy Nagy, firstname.lastname@example.org