DC PACE Program and Forbright Bank Announce Financing for New Solar Energy Projects Totaling Nearly $2 Million

Washington, D.C. – The DC PACE Program and Forbright Bank are proud to announce the successful financing of three new solar projects to deliver energy efficiency and renewable energy upgrades for properties in Wards 2 and 3. The combined projects will generate energy savings of approximately 400,000 kWh per year, resulting in the avoidance of greenhouse gas emissions equivalent to burning over 313,000 pounds of coal.

“The PACE Program plays a crucial role in shaping the future of DC, and this financing is another significant step towards a cleaner, greener, and more equitable city,” said Ronald Hobson, DC PACE Program Manager. “We look forward to the ongoing partnership between the PACE Program and Forbright Bank. It shows that there is a pathway to a future where all capital investments are green investments.”

The DC Property Assessed Clean Energy (PACE) is a special financing option for renewable energy projects such as solar, energy efficiency upgrades like new windows or HVAC units, conservation projects like green roofs and water use systems. The DC PACE Program has facilitated loans totaling nearly $95 million since its first deal closing in 2013, with more than $38 million of that total unlocked just since DC Green Bank assumed the role of program administrator in October 2021.

“We are proud to participate in the DC PACE Program to deliver financing for projects across the District,” said David Kelly, Director, Forbright’s CPACE Lending Division. “Forbright’s sustainable goals are aligned with those of the PACE Program and we are excited to continue to promote green building upgrades that not only benefit the environment but also provide long-term cost savings to DC businesses and communities.”

Read the full release below.