Montgomery County passed Property Assessed Clean Energy (PACE) Financing for commercial buildings in March 2015, and we’ve enlisted Greenworks Lending to provide PACE funding for the County’s PACE program.
Meet John Stroud, Business Development Director with Greenworks Lending. If your business has any questions about PACE financing, John can walk you through the process step-by-step and even set up financing for your PACE project. The Greenworks team has funded hundreds of PACE projects and the County’s first referral in our open market C-PACE program as the County Designated Lender.
I am the Business Development Director for Greenworks’ Mid-Atlantic Region. In that role, I lead a group that develops lasting relationships with energy contractors, building owners, and real estate portfolio managers. We develop PACE projects that reduce energy and water usage in commercial buildings, require no up-front capital from either contractors or building owners, and, in many cases, improve the net operating income (NOI) and the appraised value of commercial properties.
My background is in investment banking where I held executive positions at Riggs & Company and Lehman Brothers. In 2008, I founded a firm that worked with the owners of commercial real estate to increase the economics of their property while reducing their carbon footprint. I’ve been able to use that experience to seamlessly transition to Greenworks’ core business of providing financing for those owners interested in similar economic and environmental solutions.
Putting the mechanism in place to allow owners to make energy-saving upgrades today, as opposed to deferring those investments, is the most exciting element in my opinion. PACE financing in Montgomery County increases both the value, as well as the energy efficiency, of commercial properties. The confluence of economic and environmental progress is one of the fundamental reasons I love what we’re doing.
PACE allows building owners to upgrade equipment without any use of their valuable capital. If owners have older equipment that they’ve been hesitant to replace, I would advise them to consider how PACE might help. This is the only tool out in the market that allows owners to shelve the “payback” discussion and enjoy positive cash flow from the first day.
As the many benefits of PACE begin to be understood and embraced by well-respected commercial owners in the region, the growth of implementation will pick up speed. Just as the adoption occurred in Connecticut, the commercial property owner ecosystem will be at the forefront. Spearheaded by Montgomery County’s profound commitment to the environment, I am very excited about creating a new normal for energy efficiency throughout the region.
I spend more time than I’d like to admit training for triathlons but can always be talked into a weekend surf get away. I also love spending time outdoors with my family hiking, camping, and being in nature.
Curious. Loyal. Competitive.
I’m a Montgomery County native so it always holds a special place for me. My favorite place to visit is probably Paris, but the beaches of Southern California are certainly a close second.
The power to first allow myself to be present in every moment. Life is just more vibrant and naturally rhythmic when I’m able to fully be with the person or task at hand. In an extension of that power, I’d share my ability with everyone else. It might not solve every important and pressing matter we face, but it sure would make things more fun.
This is our third post in our “Meet the People of PACE” series [previous posts introduce Jessica and Drew]. To learn more about the County’s Commercial PACE Program, visit DEP’s PACE website or sign-up for DEP’s Energy News.