Capital Bank has announced a new green partnership with Montgomery County Green Bank that aims to help Montgomery County businesses obtain “better credit access for clean energy projects”.
The partnership will come under the Commercial Property Assessed Clean Energy (C-PACE) program and will provide Montgomery County’s commercial property owners with capital for clean energy projects.
These include solar energy, heating and cooling systems, lighting upgrades and water-saving upgrades.
Capital Bank and Montgomery Green County Bank said that through the program they will encourage commercial property services providers, such as roofers, HVAC and solar panel instalers, to leverage the C-PACE program to benefit their client’s projects.
They believe the resulting green improvements will bring about energy cost savings and improve the value of real estate in Montgomery County.
Montgomery Green County Bank will act as the program’s administrator, while Capital Bank will offer loans under the C-PACE program to commercial property owners.
The C-PACE loans are offered for up to a 20-year term.
Scot Browning, president of Capital Bank, said: “We couldn’t be more pleased to be partnering with Montgomery County Green Bank. C-PACE is a great way for us to expand our clean energy initiative program as it helps us deliver these solutions to our local community.”
He continued: “We know property owners are looking for green solutions. We’re excited to bring these loans to the community.”
Capital Bank is the fourth largest bank with headquarters in Maryland. Montgomery County Green Bank is a publicly-chartered non-profit bank.
In New York, Amalgamated Bank recently announced an investment in the residential energy market. It has backed Almika Renewable Finance, a residential solar power company, as it launches a range of financial services and strengthens its platform offering in the energy market.