Supported by Exelon and administered by the United Way of Greater Philadelphia and Southern New Jersey, this fund will provide one-time $500 bill credits for income-qualified residential customers. The Relief Fund targets customers who tend to fall between the cracks, earning too much to qualify for traditional assistance, but not enough to comfortably afford rising energy bills.

PEA commends PECO for this important and timely action. High temperatures, high demand, and high supply costs are creating a perfect storm for utility prices to escalate at a time when consumers are already facing rising costs. Relief funding is essential for preventing service shutoffs and for helping utility customers stay safe and healthy in their homes.

As an organization that works at the intersection of clean energy, economic development, and poverty alleviation, PEA also sees the current affordability crisis as a moment for utility leaders to look beyond emergency assistance and toward more sustainable, long-term solutions. Greater adoption of clean energy is vital to address the root causes of high energy burdens, particularly for low- and moderate-income households.

At PEA, our mission is to drive equitable clean energy investments that create jobs, lower utility bills, and support public health. Built to Last provides comprehensive home repairs that enable weatherization and energy-saving services. Solarize Greater Philadelphia is making solar energy accessible to homeowners regardless of income, lowering their electricity bills dramatically. We’ve seen firsthand how holistic interventions like these can transform homes and lives.

When we upgrade a home with insulation, air sealing, a high-efficiency heat pump, and solar panels, we are doing more than lowering  energy costs, we are building resilience. By reducing year-round utility costs, our programs also reduce dependence on emergency utility bill relief.

Pairing heat pumps with rooftop solar is one of the most effective ways to address both summer cooling and winter heating costs in a sustainable manner. This integrated approach not only reduces bills, it protects residents from the volatility of energy markets and the growing frequency of extreme weather events linked to climate change.

PECO’s new fund is especially noteworthy because it targets customers with incomes between 151-300 percent of the federal poverty level, a group often overlooked by traditional aid programs. These households face real energy insecurity, yet typically do not qualify for low-income programs like LIHEAP or CAP. This is the same population that PEA aims to support through our energy equity and climate adaptation initiatives.

While one-time assistance is vital in the short term, building long-term energy security requires investing in the homes themselves. We encourage regional utilities, philanthropic partners, and policymakers to think holistically about energy affordability: not just through bill credits, but through capital improvements, rooftop and community solar, and home electrification.

As we navigate the dual crises of climate change and housing affordability, we must continue to align emergency support with forward-looking investments that lower structural energy burdens. Relief funds are necessary and so are scalable programs that deliver lasting change.

We applaud PECO and United Way for stepping up with a rapid response to summer energy cost pressures. Let’s use this as a springboard to push for clean energy solutions that serve as both climate action and poverty relief.

Resources

• Learn about the PECO Customer Relief Fund
  
• See if you qualify for Built to Last or Solarize Greater Philadelphia
  
• Explore energy bill assistance tools from PECO

The post New PECO Relief Fund Highlights Urgency of Long-Term Energy Solutions first appeared on Philadelphia Energy Authority.

Recently, the Pennsylvania Public Utility Commission (PUC) approved updates to Pennsylvania’s Low-Income Usage Reduction Program (LIURP). The utility-sponsored program provides weatherization and energy usage reduction services to assist the state’s most energy-burdened customers.

The new order presents significant opportunities for program administrators. PEA anticipates that, under the new rules, PEA can collaborate with our utility partners to further improve the effectiveness and reach of programs like PEA’s Built to Last (BTL) and Solar for All. 

Prioritization of Coordination with Other Programs

One of the most impactful changes is the new prioritization criteria for LIURP client selection. Utilities must now consider coordination with other programs as a key factor when determining eligibility.  Homeowners who participate in BTL, combining home energy retrofits with health, safety, and climate resilience measures, should be recognized as a priority for LIURP participation. This could allow clients who are already engaged in PEA’s programs to receive additional support, enhancing the overall impact of multiple initiatives without redundant applications or services.

Expanding Access to More Customers

Previously, LIURP participation was limited to utility customers who were  enrolled in a utility’s Customer Assistance Program (CAP). The new rules state that all low-income customers, who otherwise meet eligibility requirements, must be allowed to participate in LIURP, especially if they have high-usage, regardless of CAP participation. This will allow PEA to reach a larger portion of Philadelphia’s population, including those who may not yet be enrolled in CAP but still face significant energy challenges.

Flexibility for Incidental Repairs and Health & Safety Measures

The new regulations now allow LIURP funds to cover incidental repairs and necessary health and safety measures required to ensure the proper installation of weatherization measures. This will allow LIURP to serve more homes with fewer deferrals. When coordinated with Built to Last, this may also enhance the impact of retrofits by ensuring that all necessary repairs are completed.

De Facto Heating 

A new formal definition of “de facto heating” , acknowledging that many households use alternative heating sources, such as portable electric heaters, when their primary heating system fails. This opens the opportunity to systematically address electric de facto heating using LIURP funding when the original non-functioning heating source was not electric (LIURP does not allow for fuel switching). In other words, recognizing de facto heating could enable the installation of high-efficiency electric heat pump systems in homes to deliver usage reduction. 

Space Cooling Added to the Electric Baseload

For many low-income households, cooling needs are just as critical as heating. The updated regulations now officially include space cooling as part of the electric baseload, ensuring that homes with significant cooling needs will be prioritized for energy-saving measures. This is especially beneficial in the face of increasing heatwaves, allowing PEA’s programs to offer a more comprehensive approach to addressing both heating and cooling challenges.

Improved Tracking and Referrals for Deferred Homes

For homes that cannot immediately participate due to deferred repairs, the new regulation mandates that utilities refer these households to other services and track them for future re-evaluation. This aligns with PEA’s model of holistic support, where clients are referred to the right resources and services to address deferred needs, helping to ensure that no one is left behind in the effort to improve home energy efficiency.

In summary, these new amendments to Pennsylvania’s LIURP regulations represent a significant step forward in expanding the reach, flexibility, and impact of energy assistance programs. With better coordination, expanded eligibility, and allowances for health and safety measures, PEA’s initiatives stand to benefit from these updates, ultimately helping more low-income households in Philadelphia reduce their energy burdens and improve their quality of life.

The post Revisions to Pennsylvania’s Low-Income Usage Reduction Program (LIURP) Will Benefit Philadelphia’s Energy-Burdened Residents first appeared on Philadelphia Energy Authority.

Contact:
Emily Schapira
Philadelphia Energy Authority
215-203-2906
eschapira@philaenergy.org

Contact:
Amy Barrios
PosiGen Solar
504-621-5646
amy@mmsnola.com

Contact:
Patricia Gillett
Philadelphia City Council
215-771-0099
Patricia.gillett@phila.gov

Philadelphia, PA —  The Philadelphia Energy Authority (PEA) joined City leadership and one of Solarize Philly’s new partners, PosiGen Solar, to provide a live, hands-on demonstration of the new lease offerings in PEA’s Solarize Philly Program. On display today were weatherization measures that allow the homeowner to reduce energy use and a rooftop solar installation that allows the homeowner to generate their own clean, affordable energy. This option is now available to Solarize Philly customers at no upfront cost. 

“Solarize Philly makes it possible for all homeowners and businesses to go solar while saving money, creating jobs and improving public health and the environment,” said City Council President Darrell Clarke. “The new residential Solarize Philly offerings are a great tool to get more homeowners involved in the clean energy transition no matter their income level.”

“We’re delighted that the 3rd District is host to this hands-on demonstration of efficient and clean energy,” said Councilmember Jamie Gauthier, 3rd District. “PosiGen is providing services through Solarize Philly that will help Philadelphians improve the comfort of homes and keep energy costs affordable long-term.”

“It’s exciting to see in person all of the local workforce development opportunities that are built into the Solarize Philly program,” said At-Large Councilmember Derek Green. “Weatherization and solar installation are well-paying, local jobs that benefit the economy and the environment.”

“The Philadelphia Energy Authority is excited to bring new solar developers to Philadelphia to expand solar access and continue to grow Philadephia’s clean energy economy,” said Emily Schapira, PEA’s CEO. “This builds on the nearly $200M of investment and 2,000 jobs created in clean energy over the last 5 years.”

Now in its fifth year, the PEA’s Solarize Philly Program has expanded to include a lease option with no upfront cost and no credit requirements to expand solar access to all Philadelphians regardless of income. PosiGen Solar, a Louisiana-based solar company, opened their Pennsylvania headquarters in Philadelphia to help provide these expanded services to Solarize Philly. PosiGen joins Solar States and Superior Solar as a prequalified Solarize Philly installer.

“PosiGen is a fabulous addition to the Solarize Philly program because it makes solar available to everyone,” said Philadelphia homeowner Aminata Sandra Calhoun. “Solar is not just for the wealthy but for people of all walks of life. I decided to go solar because I wanted to create a healthier environment and provide a better life for the next generation by passing down a home with no electricity bill. It’s an added plus that I get paid for any extra power I don’t use. With PosiGen I’m locked into a very low rate that won’t increase and I’ll also save thousands on my energy bills in the coming years.”

“When a city such as Philadelphia steps up to help fight climate change, it really makes a statement, said Tom Neyhart, PosiGen CEO. “That statement is now magnified with the inclusion of PosiGen’s No Credit Needed Solar for All Program. We are so excited to work side by side with the Philadelphia Energy Authority and City Council to reduce carbon and democratize solar and energy efficiency by bringing it to low-income families and communities of color. On top of that, PosiGen plans to bring over 80 permanent, full time, well-paying jobs to Philadelphia.”

As of 2021, over 750 households from across the City have already gone solar through Solarize Philly, making it the largest Solarize program in the nation. It is estimated that, for every 100 installs, the program creates 15 jobs.

Solarize Philly successfully installed rooftop solar on 50 low- and moderate-income homes with the Solar Savings Grant Program, and helped fund Bright Solar Futures, Pennsylvania’s first high school vocational solar program, the first of its kind in the country.

About Philadelphia Energy Authority

The Philadelphia Energy Authority is an independent municipal authority focused on issues of energy affordability and sustainability for Philadelphia. With the leadership of City Council President Darrell Clarke, PEA runs the Philadelphia Energy Campaign, a $1 billion, 10-year investment in energy efficiency and clean energy projects to create 10,000 jobs. PEA has supported over $200 million in projects and created over 2000 jobs so far. Learn more at www.philaenergy.org.   

About Philadelphia City Council

Philadelphia City Council is the legislative arm of Philadelphia municipal government. Keep up with Council on phlcouncil.com and on Twitter, Facebook, Instagram and YouTube.

About PosiGen Solar

Headquartered in New Orleans, LA, PosiGen is the nation’s leading residential solar, energy efficiency and energy education provider for low-to-moderate income families. PosiGen has more than 19,000 residential customers, over 460 direct employees and supports more than 150 employees through its contractors in Louisiana, Mississippi, Connecticut, New Jersey, Pennsylvania, New York, and Florida. PosiGen’s unique services and products make solar energy affordable to homeowners of all income levels, and offer individuals, families and businesses the opportunity to achieve greater fiscal autonomy and energy independence by lowering their utility bills. To learn more about PosiGen, please visit www.posigen.com.

Other Media Hits

Philadelphia Inquirer

• Philly launches a solar lease program for homeowners

Philly Voice

• Homeowners in Philadelphia can now lease, install solar panels with no upfront cost

KYW Newsradio

• Philadelphia debuts new affordable solar energy program

6ABC

The post LIVE SOLAR AND ENERGY EFFICIENCY INSTALLATION Money-Saving Clean Energy Program, Solarize Philly, expands to include all Philadelphians, regardless of income first appeared on Philadelphia Energy Authority.

Theme: Be A Solar Hero For Your Community

Share your unique Solarize Philly story to inspire your neighbors to follow your lead! Submit a 2-3-minute video clip and tell us what inspired you to go solar. You can include the following in your story:

• Why you went solar
• Your experience with the installation process
• The impact of going solar (for example, changes to your electric bill)
• Message to your neighbors

Video Submission Guidelines

• Aim to keep your video clip at 2-3 minutes
• Be sure to film the video clip horizontally or in landscape mode
• Make sure the audio is clear with no background noise

To submit your entry for the competition, click here.

Top submissions will receive prizes sponsored by PECO. The winning video story may be featured on PEA and Solarize Philly websites and social media.

The post Solarize Philly Video Stories Competition 2021 first appeared on Philadelphia Energy Authority.

Theme: Create, Design and Resolve

Competition Category #1: Creators

Recommended Age: 5-8 years old

Look around, get inspired!

Create a drawing or a collage using materials (newspapers, household items, magazines, cardboard) in your home to show the benefits of solar energy.

Competition Category #2: Designers

Recommended Age: 9-13 years old

Your future, Your turn!

Create artwork to show how solar energy can impact our future. For example, you can create a painting to show how solar energy will lead to a sustainable future for our city and community.

Competition Category #3: Resolvers

Recommended Age: 14-18 years old

Share your take on the changing world!

Create artwork to propose a solar solution to an existing problem in your community. For example, how can solar energy be used to overcome environmental issues and promote a green economy? Share your thoughts through your artwork!

Competition Guidelines:

• Keep your submission under 24” x 24”
• Original artwork must be two-dimensional and can be in the form of a drawing, painting or collage
• Any medium can be used
• Scan or take a clear, high-res photo of your completed artwork and submit it as a JPG or PDF file
• Deadline: October 29th

To submit your entry for the competition, click here.

Top submissions will receive prizes sponsored by PECO. The winning artwork may be featured on PEA and Solarize Philly websites and social media.

The post Solarize Philly Art Competition 2021 first appeared on Philadelphia Energy Authority.

“Fighting the climate crisis while fully addressing the systemic racial and economic disparities among the City’s residents demands urgent and bold action,” said Mayor Jim Kenney. ”The Philadelphia Energy Authority’s Solar Savings Grant Program is exactly the kind of work we need to be scaling up to address these challenges. We are eager to see the program expanded to ensure that the transition to clean energy is equitable and inclusive.”

“The success of the Solar Savings Grant Program demonstrates that Philadelphians from every neighborhood in the city are ready to participate in the transition to clean energy. It is critical that we support solar adoption in low-income communities and communities of color so that our most vulnerable residents can benefit from the savings, jobs, and resilience that result from installing solar on local rooftops,” said Council President Darrell Clarke (5th District).

Philadelphia City Council today passed a resolution, introduced by City Councilmember Katherine Gilmore Richardson (At Large) honoring the Solar Savings Grant Program for its climate justice impact. “The Philadelphia Energy Authority continues to position Philadelphia as a national leader in using clean energy to drive equitable economic development. This innovative pilot program lays the foundation for thousands more low- and moderate-income households to go solar over the coming years,” said Councilmember Gilmore Richardson.

The participants were homeowners from across 26 city zip codes with household incomes less than 80% of the Area Median Income. PEA provided a grant to cover two-thirds of the total solar installation cost, with the remainder provided through a low-cost loan. There was no credit requirement and no upfront cost for participation, with savings starting in Year 1.

Cheri Avery Black, a Solar Savings Grant Program participant shared, “I am so grateful to be able to power our home with sunshine, nature’s clean, renewable energy, while also saving significant money on our family’s electric bills. I didn’t really have to do anything but say yes to the program. And we’re so glad we did! We’re pleased to show off our solar panels and to encourage others to participate.”

The Solar Savings Grant Program was made possible with support from Solarize Philly, the Pennsylvania Housing Finance Agency, Solar States, Centennial Parkside Community Development Corporation, the William Penn Foundation, Spark Therapeutics, and the National Energy Improvement Fund. “As you can see, this program took a lot of creative collaboration from our partners, and I am grateful for the leadership of Laura Rigell, our Director of Development, who worked tirelessly over the last two years to stand up this program,” said Emily Schapira, PEA’s President and CEO.

The Solar Savings Grant Program is a part of Solarize Philly, a citywide program to help all Philadelphians go solar. Since the launch of the program in 2017, nearly 6,500 Philadelphia homeowners have expressed interest in the program, over 750 homes have gone solar, and over $12MM has been invested in communities across the city. Solarize Philly is the largest initiative of its kind in the country. The Philadelphia Energy Authority will reopen Solarize Philly for Phase 5 in May 2021. Any homeowner and business in the city can sign up at www.solarizephilly.org.

About the Philadelphia Energy Authority 
The Philadelphia Energy Authority (PEA) is an independent municipal authority created in 2010 to advance energy affordability and sustainability for the City. PEA has facilitated over $167 million in clean energy projects in Philadelphia since launching the Philadelphia Energy Campaign in 2016, creating more than 1,700 jobs.

About Philadelphia City Council
Philadelphia City Council is the legislative arm of Philadelphia municipal government. Keep up with Council on phlcouncil.com, and on Twitter, Facebook, Instagram and YouTube.

The post 50 Low and Moderate Income Households from 26 Philly ZIP Codes Go Solar Through New Solar Savings Grant Program first appeared on Philadelphia Energy Authority.

A Solar Renewable Energy Credit (SREC) is an attribute that represents 1,000 kWh of electricity generated by solar. The Pennsylvania Alternative Energy Portfolio Standards Act of 2004 (AEPS) requires utilities and electricity suppliers to demonstrate that 0.5% of the electricity they supply is generated by solar. Rather than purchasing solar energy directly, they have the option to purchase SRECs from solar projects in Pennsylvania to demonstrate their compliance with this requirement. Celentano discussed how to sell SRECs to energy brokers or aggregators and what the process entails.

Once a solar PV system is installed, owners are able to monitor the generation using systems such as SolarEdge or Enphase. These monitoring systems track how much energy is generated by the solar PV system on a daily, weekly, monthly, and annual basis. These monitoring systems also alert the homeowner and solar installer if there are any problems with the system. McCrohan showed how to use both interfaces and how different features can be used to monitor the system.

To learn more about SREC trading and how to use and understand monitoring systems, you can watch the webinar below. For any questions, please email us at solarize@philaenergy.org.

The post SRECs and Monitoring 101 Webinar first appeared on Philadelphia Energy Authority.

CONTACT:
Alon Abramson, Philadelphia Energy Authority
215-686-4483
aabramson@philaenergy.org

Curtis Institute of Music, with Support from City and State Energy Programs, Commences Energy Efficient Facilities Improvements

Philadelphia, December 16, 2020 –

The Curtis Institute of Music is kicking off a three-year project to make energy efficiency investments in its Philadelphia facilities through an agreement with The Efficiency Network.

“Improving our facilities across the Curtis campus is a key objective articulated in our strategic plan,” stated Larry Bomback, senior vice president of administration at the Curtis Institute of Music. “This multi-year project will dramatically improve energy efficiency in our Locust Street buildings and demonstrate our commitment to the greater Philadelphia community. We are proud to be able to reduce both our operating costs and our carbon footprint.” The project leverages resources of the Philadelphia Energy Authority and the Pennsylvania Sustainable Energy Finance (PennSEF) program, created by a partnership of Pennsylvania Treasury and the Foundation for Renewable Energy and Environment.

PEA helps build a robust, equitable clean energy economy in Philadelphia through energy project and program development for City buildings, schools, housing and commercial buildings. “We want to encourage non-profits to embrace the City’s vision for reducing our carbon footprint and we are thrilled that Curtis has stepped forward to be one of the first local institutions to pursue this program,” said Alon Abramson, PEA Program Manager.

The agreement between Curtis and TEN was developed with support from PennSEF, which uses a guaranteed savings model to ensure cost savings from lower energy bills more than cover the up-front investment. “The PennSEF program offers technical, project development and financing assistance to make it much easier for organizations to pursue energy projects. We hope this model will be the motivation for projects that may otherwise appear too challenging for non-profit organizations to pursue,” said Keith Welks, Deputy State Treasurer for Fiscal Operations and Policy at the Pennsylvania Treasury.

This project will invest a total of $650,000 in new lighting and building systems controls in all Curtis buildings, will result in an annual savings of just over $35,000, and will reduce the school’s spending by 13%. The project will also reduce Curtis’s carbon footprint by approximately 166 MTE per year.

The project will be designed and constructed by The Efficiency Network. The company was selected as a result of a competitive process that was run jointly by Curtis, the Philadelphia Energy Authority and PennSEF. The Efficiency Network will be utilizing local companies to replace the lighting and to improve the building control systems.

TEN, based in Pittsburgh, with an office in the Philadelphia region, provides energy efficiency services to non-profits, state and local government, higher education and K-12 throughout the Mid-Atlantic. TEN is a subsidiary of Duquesne Light Holdings.

About the Curtis Institute
The Curtis Institute of Music educates and trains exceptionally gifted young musicians to engage a local and global community through the highest level of artistry. For nearly a century Curtis has provided each member of its small student body with an unparalleled education alongside musical peers, distinguished by a “learn by doing” philosophy and personalized attention from a faculty that includes a high proportion of actively performing musicians. To ensure that admissions are based solely on artistic promise, Curtis makes an investment in each admitted student so that no tuition is charged for their studies. In a typical year, Curtis students hone their craft through more than 200 orchestra, opera, and solo and chamber music offerings in Philadelphia and around the world.

About The Efficiency Network
TEN, based in Pittsburgh, with an office in the Philadelphia region, provides energy efficiency services to non-profits, state and local government, higher education and K-12 throughout the Mid-Atlantic. TEN is a subsidiary of Duquesne Light Holdings.

About the Pennsylvania Sustainable Energy Finance Program
The Pennsylvania Treasury Department has partnered with the Foundation for Renewable Energy and Environment (FREE), with financial support from the West Penn Power Sustainable Energy Fund, to develop a prudent, market-based investment vehicle that promotes energy and water efficiency, clean energy generation, economic development and environmental improvement. To achieve this goal, FREE has established The Pennsylvania Sustainable Energy Finance Program (PennSEF) that provides technical and legal assistance, as well as low-cost capital, for energy improvement projects by municipalities, universities, schools and hospitals.

About the Philadelphia Energy Authority
The Philadelphia Energy Authority (PEA) is an independent municipal authority created in 2010 to advance energy affordability and sustainability for the City. PEA has facilitated over $136 million in clean energy projects in Philadelphia since launching the Philadelphia Energy Campaign in 2016, creating more than 1,300 jobs.

The post Curtis Institute of Music, with Support from City and State Energy Programs, Commences Energy Efficient Facilities Improvements first appeared on Philadelphia Energy Authority.

Alon Abramson, Program Manager at PEA led the workshop and discussion about low and moderate income green housing to start paving the way to assisting property owners and operators to execute these projects. The role of PEA in this market is to use clean energy to accelerate development and, deeply pertinent at this moment in time, to assist in improving public health. This work is a part of PEA’s Philadelphia Energy Campaign, a 10 year initiative to stimulate $1 billion of clean energy investment and create 10,000 jobs in Philadelphia municipal, school district, residential, and commercial properties.

BlocPower, a Brooklyn-based energy technology startup, introduced BlocMaps Philly, a tool that will be launched in early 2021. BlocPower was selected by the City of New York to help solve the problem that this workshop was beginning to tackle: how do you complete energy efficient retrofits in small and medium sized apartment buildings with low available capital? BlocMaps offers the first step by providing a digital model and database of Philadelphia multifamily buildings with information about the potential for energy savings interventions in those properties. The modeling is being done by with public and private building data, including energy benchmarking data, building audit reports, and utility bill history. 

Inclusive Prosperity Capital is a non profit financial institution and has partnered with PEA to introduce predevelopment and project implementation loans. IPC designs their products to help owners and residents save on energy and operating costs, improve living and working conditions, and preserve affordable housing. These new loans are specifically created to address older properties that need energy improvements. The Navigator predevelopment loan is designed to help owners assess the energy efficient design that will deliver the highest return on investment. The Catalyst project implementation loan product is made to fund the cost of implementing energy efficiency, renewable energy, and health and safety improvements for building retrofits.

The attendees of the workshop were broken into small groups in between demos. The groups consisted of both property owners, service providers and engaged in discussions about: finding services for assessment and design of energy efficiency projects, assessing the initial viability of a project, and securing project financing. To learn more about these new tools and how PEA is tackling these challenges, visit this page. You can also watch a recording of the workshop and read the discussion takeaways. 

The post PEA Hosts Multifamily Housing Green Retrofit Workshop first appeared on Philadelphia Energy Authority.

CONTACT:
Lisa Shulock, Philadelphia Energy Authority
215-880-8298 (cell)
Lshulock@philaenergy.org

Iconic Philly Met Uses C-PACE for Retroactive Financing of $6 Million for Energy Efficiency Investments in Philadelphia

Philadelphia, November 23, 2020 –

The Philadelphia Energy Authority, Enhanced Capital  and EB Realty Management (“EBRM”), owners of The Met, announced today the financial close of the first project in Pennsylvania to retroactively use Commercial Property-Assessed Clean Energy (C-PACE) financing. EBRM is borrowing $6,000,000 in C-PACE financing from Enhanced Capital to pay for energy efficiency upgrades for the former Philadelphia Metropolitan Opera House, renovated in 2018.

Commercial Property-Assessed Clean Energy (C-PACE) financing allows commercial property owners to borrow money for energy efficiency, renewable energy, and water conservation projects. Repayments are made via a special assessment similar to a property tax assessment.

Until the pandemic hit, “the reopening of The Met has provided an economic boost to the North Broad Street corridor, particularly neighboring restaurants, hotels and businesses,” said Ian McCulley, Director at Enhanced Capital. “Using retroactive C-PACE was a great solution to strengthen the capital stack and repay some higher cost debt. Philadelphia allows retroactive financing up to two years after project completion, and it can be a useful tool for building owners looking to transition from construction to permanent financing.”

“These are not easy times for any of us, especially for cultural institutions,” said Emily Schapira, Executive Director of the Philadelphia Energy Authority, which administers the Philadelphia C-PACE program. “We are proud to provide a tool like C-PACE that can improve liquidity and reduce costs for commercial properties during this pandemic. C-PACE allowed The Met to pull even more value out of their energy efficient retrofit.”

With this PACE financing, “we are one step closer to curating the North Broad Corridor of Philadelphia into a global example of successful impact development,” said Christopher Cordaro, Vice President at EBRM.

In C-PACE lending in Pennsylvania, existing mortgage holders must consent to the C-PACE financing. In this case, both PIDC and Fulton Financial provided consent. Sue Lonergan, Fulton Bank’s regional president for Southeastern Pennsylvania, said of the consent, “Fulton Bank has been a proud supporter of The Met project, and we’ve seen the positive impact this historic gem has had on the local economy and the community in general. It made sense to use C-PACE to help reduce the owner’s monthly payments to get through this extraordinarily difficult time.”

Philadelphia City Council President Darrell Clarke represents the 5^th District, which includes the stretch of North Broad Street where The Met is located. “We are delighted to see that C-PACE not only facilitates investment in energy efficiency, but also as in this case, has helped strengthen an institution that has been a key part of the North Broad Street revitalization.”

# # #

About the Philadelphia Energy Authority

The Philadelphia Energy Authority (PEA) is an independent municipal authority created in 2010 to advance energy affordability and sustainability for the City. PEA has facilitated over $136 million in clean energy projects in Philadelphia since launching the Philadelphia Energy Campaign in 2016, creating more than 1,300 jobs.  As Program Administrator, PEA reviews and approves applications, manages the billing and lien processes, engages in market education and supports the growth of the Philadelphia C-PACE program. For details, visit www.PhiladelphiaCPACE.org.

About Metropolitan Opera House/EBRM:

EBRM is the owner of the Philly Met, a performance venue managed by Live Nation. The Met is located on North Broad Street, just minutes from downtown Philadelphia.

About Enhanced Capital:

Enhanced Capital, with offices in New York City and New Orleans, is a diversified private investment firm focused on financing small and mid-sized companies overlooked by traditional sources of capital. Founded in 1999, many of Enhanced Capital’s funds are backed by institutional capital and finance businesses across targeted investment, asset management and tax credit platforms. In addition, the firm participates in a variety of state and federal public-private investment programs, including the federal SBIC program. For more information, visit www.enhancedcapital.com.

The post Iconic Philly Met Uses C-PACE for Retroactive Financing of $6 Million for Energy Efficiency Investments in Philadelphia first appeared on Philadelphia Energy Authority.