ROCKVILLE, MD–Montgomery County Green Bank, a publicly-chartered nonprofit and the nation's first county-level green bank, has partnered with Revere Bank and Ascentium Capital LLC to offer a new lending program called the Commercial Loan for Energy Efficiency and Renewables (CLEER).
The program is aimed at office, retail, light industrial and multifamily rental properties in Montgomery County whose owners want to make clean energy or energy efficiency upgrades that are not covered by existing programs.
This is how the program works:
- Montgomery County Green Bank lists eligible contractors.
- Businesses use these contractors to define eligible scopes of work, such as solar PV, or energy storage.
- Revere Bank and Ascentium Capital provide loans to businesses to finance the scopes of work.
- The borrowing businesses are considered approved based on credit with loan terms set to match the expected energy savings.
CLEER, which works with similar offering from Pepco, has been funded with proceeds from the merger of Exelon Corp. and Pepco Holdings.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
