The Montgomery County Green Bank and Sandy Spring Bank Tuesday announced they have partnered to help another commercial property in the county implement energy-saving measures that will improve operating costs and reduce greenhouse gas emissions.
The Glen Manor Condominiums in Silver Spring used the Green Bank’s Commercial Loan For Energy Efficiency and Renewables (CLEER) program to finance $512,000 in operational and energy efficiencies. This will reduce the property’s energy consumption equivalent to 280 tons of carbon dioxide annually over the next 10 years.
Glen Manor is a 32-unit affordable condominium in a prime location with diverse residents consisting of families, couples and single individuals of all ages. Aging mechanical systems needed repair and the community explored options for over two years, including selling the property. The community’s love of the property created a different solution. The partnership between Green Bank and Sandy Spring Bank helped Glen Manor obtain the necessary financing early in the process so the project could proceed quickly.
To date, $2 million in commercial and affordable housing projects have been financed by Sandy Spring Bank through the CLEER program to help properties reduce their environmental footprint, gain operating cost benefits, create comfort and value for their residents, and help the county toward its goals of reducing greenhouse gas emissions.
Collective energy savings for these properties is nearly $80,000 annually and the reduction of 560 tons of greenhouse gas emissions each year, equivalent to saving all of the electricity used by 95 homes in the county each year.
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