Energy PAL Loan
Silo Adventure Center
What CCEF
Financed
Solar panels“[The bank’s] interest rates were higher than what CCEF’s interest rates are, so I went with CCEF.”
– Joe White, Owner, Silo Adventure Center
About the Project
Project investment: $100,000
Location: Grand Junction, CO
Project Measures:
- Solar panels
Key terms:
- Low- and moderate-income (LMI) area: areas in which 51% or more of the households earn less than 80 percent of the Area Median Income (AMI).
- Solar Array: a collection of multiple solar panels that generate electricity as a system.
The Story
Empowering Building Efficiency with Solar Power
Silo Adventure Center is home to Get Air at the Silo, a 27,000-square-foot family fun center located in a low- and moderate-income (LMI) area in Grand Junction, Colorado. Get Air is filled with inflatables, arcades, and a trampoline park, as well as Better Bodies Pilates and Fitness Center. Earlier this year, Joe White, owner of Silo Adventure Center who also runs Get Air, saw an opportunity to add solar to the building.
“Our power bill has been going up the last few years, so we wanted to look at solar to manage that a bit better,” shared Joe. His choice to install rooftop solar was the culmination of a long-term vision of sustainability. Since purchasing the property in 2014, the owner has already made several energy-efficient upgrades to the building, including upgrading insulation, replacing lighting with LEDs, and adopting an evaporative cooling system to minimize electricity costs. With the solar installation, Joe took the next big step toward lowering energy consumption.
The 300-panel 120 kilowatt solar system was installed on the rooftop of the large building, which will offset 122% of energy demand. The system will produce approximately 194,470 kilowatt hours per year with savings estimated at $27,470. The clean energy produced from the solar panels is equivalent to the amount of electricity used by 26 homes for one year.
After connecting with a few solar companies, Joe was recommended to consider CCEF for financing support. He was approved for CCEF’s Energy Project Accelerator Loan, which helped him bridge the financing gap to implement the renewable energy project while also avoiding financing the entire project with the loan. “[The bank’s] interest rates were higher than what CCEF’s interest rates are, so I went with CCEF.”
The loan Joe received through CCEF not only helped him manage the building’s energy costs but also allowed them to contribute to the community’s sustainability efforts. This project, located in a designated low- and moderate-income (LMI) area, demonstrates how the shift to clean energy can be both inclusive and equitable.
CCEF’s Energy Project Accelerator Loan is a statewide, short-term loan program intended to fill finance gaps for small businesses and tax-exempt organizations implementing renewable energy, energy efficiency and building electrification projects. To learn more about this loan, click here.
Image Source: Silo Adventure Center
