The Hedden Empire Building is a 95-year-old office/retail building located in downtown Billings, Montana. The C-PACE financing supports a range of measures including heat pumps, energy-efficient windows, solar panels, low-flow plumbing fixtures, and lighting upgrades, all designed to improve building performance and lower energy costs.
Highlights
Three Rivers Bank of Montana funded its first C-PACE transaction, an adjustable rate financing, through FASTPACE. This is the first adjustable-rate C-PACE financing closed under the Last Best PACE program. Three Rivers Bank of Montana completed the financing with their one-person energy efficiency lending team with the support of the FASTPACE platform. The financing closed less than six months from the borrower's initial indication of interest in C-PACE.
Results
The financed improvements have expected savings that are nearly 4X the project cost.