Our New Financing Program for Commercial Projects
Take steps to protect your building in more ways than one
At Zenith Painting & Coatings, we offer a Sustainable Financing Program to enable building owners and property managers the ability to finance up to 100% of Energy Efficiency, Renewable Energy and Water Conservation Eligible Improvements. Financing options are provided by private Capital Providers at competitive rates with repayment terms extending up to 20 years. Continue below to see if our Sustainable Financing Program is a viable option for your property or business.
How It Works
Power of The Sustainable Financing Program
The projects funded under Zenith’s financing program advocate public policy goals to create local jobs, minimize greenhouse gas emissions and accelerate renewable energy deployment. Building and property owners are empowered to revamp building energy infrastructure, reduce energy costs, increase building comfort and asset value – with no upfront costs while promoting positive cash flow.
Assessment & Repayment
Depending on the County the property is located in, financing repayment is facilitated through the County property tax assessment process. Once the process is completed, a voluntary assessment is included on the building owner’s property tax bill. During the financing term (up to 20 years), the assessment is repaid and the annual energy cost will, in most cases, exceed the annual assessment payment, thereby allowing capital intensive equipment upgrades. The assessment obligation runs with the property and therefore, the assessment automatically transfers to the next owner when the property is sold.
Program Administration Fee
The Sustainable Finance Program is designed to be a self-sustaining program after a certain level of deal-flow is achieved. The Colorado Energy Office has a limited budget to guarantee the program can cover its start-up costs. In order to ensure the program fees charged to participants are sufficient to cover the operating costs associated with administering the program without compromising the attractive overall costs associated with the finance program participation, a fee equal to 2.5% of the project finance amount (not to exceed $75,000 per project), will be assigned to each qualified project. The program administration fee, to cover the costs associated with the various support services required to maintain the finance program, is usually an addition to the total financed amount and is only due in the case of a successful project financing.
Colorado County Servicing Fee
Any Colorado county that participates in the finance program has agreed to collect the assessment payments from eligible property owners via the property tax collection system and then remit those funds to the District ( or its designated fiduciary) for distribution to the private capital provider that has financed the project. The Colorado county will levy an assessment servicing fee, of up to 1% of the assessment amount, which is included on the building owners property tax bill. The particular county servicing fee, to cover the county tax assessors support services, is paid by the property owner over the term of the sustainable financing program in the normal course of paying their property tax bill.
Participating Colorado Counties
Call us today to complete a finance program assessment and to answer any questions you may have.