Strong Interest Leads CT Green Bank to Extend Energy On the Line Program

Affordable financing and grant opportunities will help eligible manufacturers
Application Deadline NOW: November 4th

Rocky Hill, CT (September 7, 2106) – Due to strong interest from Connecticut manufacturers, the Connecticut Green Bank has announced a deadline extension for applications for the Energy on the Line program. Nearly 60 Connecticut manufacturing companies have expressed interest in financing for green energy upgrades since the program launched in April. Energy On the Line offers grants for renewable energy and energy efficiency building upgrades at owner-occupied manufacturing facilities across the state.

Through Energy On the Line, the Green Bank provides supplemental funds to eligible manufacturers who complete a qualifying green energy project using the Commercial Property Assessed Clean Energy (C-PACE) program. C-PACE provides commercial property owners with 100% financing for green energy projects that help reduce energy costs. The supplemental funding from Energy on the Line (up to $50,000) may be used for any project-related expenses at the discretion of the recipients. Manufacturers, who account for 10% of the state’s energy usage, can enjoy positive cash flow and more predictable energy costs when they make green energy upgrades using C-PACE and the Energy on the Line program.

“Connecticut manufacturers feel the burden of energy costs more than anyone, and we’re excited to see C-PACE put manufacturers back in control of their businesses through the Energy on the Line program,” stated Bryan Garcia, President and CEO of the Connecticut Green Bank.  “We look forward to working with the manufacturing community and to making green energy financing more accessible and affordable to them. That’s a win for Connecticut’s environment and economy.”

Energy On the Line is an $800,000 program funded through the Connecticut Department of Economic and Community Development’s Manufacturing Innovation Fund. The Connecticut Green Bank administers the program. Five energy savings projects have already been approved to receive supplemental funds and C-PACE financing through the Energy on the Line program, with another seven applications in review. Green Bank Staff estimate that current approvals and the additional project pipeline will account for more than half of the $800,000 in funding.

“We are proud of the response so far by manufacturers to the Energy On the Line program,” said Mackey Dykes, Vice President of Commercial and Industrial Programs at the Connecticut Green Bank. “Manufacturers are realizing that they are a great fit for C-PACE, and extending this deadline through November 4th will make it easier for more manufacturers to participate, taking control of their energy usage and reducing costs.”

Defeo Manufacturing was the first company to close C-PACE financing and secure access to supplemental funding through the Energy On the Line program. Defeo Manufacturing, a maker and supplier of parts for Allison Transmissions, will install a rooftop solar array capable of producing more than 80,000 kWh of electricity annually.

Funding for the Defeo Manufacturing project was made available through Greenworks Lending, a private finance company and a qualified capital provider for the Connecticut Green Bank’s C-PACE program. Connecticut’s C-PACE program allows private capital providers to be the primary financier of C-PACE projects, while it serves as a program administrator. Attracting and leveraging private investment in green energy from organizations such as Greenworks Lending allows the Green Bank to work with more commercial property owners to accelerate the adoption of green energy while using fewer public dollars to offer programs like Energy on the Line.

“Connecticut is a leader in financing renewable energy and energy efficiency and our focus is on helping companies like Defeo Manufacturing use the power of PACE to bring projects to completion,” said Jessica Baily, CEO of Greenworks Lending. “Energy On the Line makes it easy for manufacturers to realize deep energy savings and this first project, financed by Greenworks Lending, is a great success story.”

Through the Energy on the Line program, owner-occupied manufacturing facilities are eligible for up to $50,000 in grant money that can be used for project-related expenses. A limited number of grant opportunities are available to property owners who submit an application by the extended deadline of November 4th. For more information, please visit www.energyontheline.com.

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

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Dean Pagani
McDowell Jewett Communications
[email protected]

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Meriden Enterprise Center Unveils New Solar Array

Major energy efficiency project complete with Green Bank financing

Meriden, CT (July 27, 2016) – The Meriden Enterprise Center at 290 Pratt Street has completed a comprehensive two-part, multi-year energy efficiency project with the unveiling of a new rooftop solar array. The 215 kW solar photovoltaic installation will produce over 250,000 kWh of energy annually.

The completion of the solar energy project is the final piece of an energy efficiency program financed using the Connecticut Green Bank’s C-PACE program (Commercial Property Assessed Clean Energy). The upgrades include new windows, rooftop cooling units and a building management system which will benefit the building’s varied tenants. While many of the upgrade decisions appear to be obvious ways to achieve energy efficiency, the retrofitting of a building constructed in 1884 can be cost prohibitive without reliable financing.

C-PACE allows commercial and industrial property owners access to affordable, long-term financing for green energy. Building owners finance qualifying energy efficiency and renewable energy improvements through a voluntary assessment on their property tax bill and projects are developed so that energy savings exceed the cost of financing. The innovative financing results in lower energy costs and increases a building owner’s bottom line, while also modernizing buildings and making them more comfortable for tenants.

“This is one of the larger projects the Connecticut Green Bank has financed through the C-PACE program,” said Mackey Dykes, Vice President of Commercial & Industrial Programs at Connecticut Green Bank. “With C-PACE, green energy projects of this scale are more accessible and affordable to building owners. By combining multiple energy efficiency measures with a solar project, the impact on the building owner’s bottom line has been maximized while this building has been transformed into a model for similar industrial sites statewide who are looking to reduce their energy costs. We are excited to partner with contractors like Lockheed Martin Energy and Greenskies Renewable Energy, who understand the value that comprehensive, multiple-measure green energy projects deliver to building owners.”

The Meriden Enterprise Center is expected to save over $4.7 million in energy costs over the 20-year financing term of the project. The payment schedule provides the Meriden Enterprise Center with more predictable energy costs, making business planning easier. The total cost of the project, financed by Connecticut Green Bank, is nearly $3 million.

The Enterprise Center is a 430,000 square foot industrial space with warehouse, light industrial, flex space and office space available. It is located in an enterprise zone.

“290 Pratt Street is a wonderful historic mill building with a dynamic mix of office and industrial tenants, but when we first acquired it, it could have been best described as a gas guzzler, which translated into very high utility and maintenance bills,” stated Steven Ancona, with the building ownership group. “By making energy efficiency investments, we significantly reduced utility and maintenance costs, allowing us to continue offering very competitive rents, lower our tenants’ operating costs, improve tenant comfort, and the aesthetics of the building. We have also significantly reduced the building’s carbon footprint.”

The energy efficiency upgrades at the Meriden Enterprise Center were done by Lockheed Martin Energy. Lockheed Martin Energy works with utilities, commercial businesses, government agencies and more on energy generation, distribution and transmission projects. The solar array was installed in a partnership between Lockheed Martin and Greenskies Renewable Energy, LLC, a solar energy company and C-PACE contractor based in Middletown, Connecticut.

“This effort is a landmark project that demonstrates the value of cost-effective energy conservation upgrades for commercial developers,” said Bobbie Griffin, senior manager of Lockheed Martin Energy’s Engineering, Procurement and Construction business. “Working closely with Connecticut Green Bank and building ownership, we were able to identify and implement efficiency measures like programmable thermostats, new energy-efficient windows, high-efficiency HVAC systems and roof-mounted solar panels that will save thousands of kilowatt-hours of electricity, reduce gas consumption by 50 percent each year, and save millions of dollars in energy costs over the life of the improvements.”

The Connecticut Green Bank is currently working with owner-occupied manufacturers across the state through its Energy on the Line program. Eligible manufactures may qualify for up to $50,000 in grant money when using C-PACE to implement green energy upgrades. Please visit EnergyOnTheLine.com to learn more.

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About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

About the Meriden Enterprise Center

The Meriden Enterprise Center, located at 290 Pratt Street, Meriden, Connecticut is an historic mill building offering office and industrial spaces for rent. Tenants may be eligible for a variety of incentives due to the building’s location within an Enterprise Zone. For more information, please visit www.290pratt.com.

FOR IMMEDIATE RELEASE
For More Information, Contact:

Dean Pagani
McDowell Jewett Communications
860-918-5075
[email protected]

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Lesro Industries, Inc. Unveils Installation of a 995 kW Solar Array

Bloomfield Manufacturing Company will save money by going solar

Bloomfield, CT (July 11, 2016) – The largest solar project financed to date by the Connecticut Green Bank’s CT Solar Lease Commercial program is now operational at Lesro Industries in Bloomfield. The project, installed by C-TEC Solar, is expected to reduce energy costs for the company by tens of thousands of dollars per year.

The new installation at Lesro Industries consists of a 995 kW solar photovoltaic system, financed using the CT Solar Lease Commercial program, and secured via a benefit assessment on the property under the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program. The upgrades will produce over 1.2 million kWh a year, and are expected to save Lesro, on average, upwards of $30,000 annually in energy costs and more than $700,000 over the 20-year financing term.

The Power Purchase Agreement (PPA) for the project provides Lesro with certainty about their energy costs, with predictable energy costs allowing them to better plan their business expenses over time. Lesro Industries is a family business focused on manufacturing reception seating, conference and occasional tables, and accessories. Their 268,000 square foot production facility in Bloomfield serves as the company’s headquarters.

Manufacturers in Connecticut account for 10% of the state’s entire energy consumption. By switching to green energy, manufacturers can reduce their energy costs and make future costs more predictable, increase manufacturing efficiency and focus on their core business, and protect the environment.

“Energy costs are uncertain if you rely on existing systems,” said Jerry Leshem, President of Lesro Industries. “You can be green without spending more money. In fact, over the long run you can save money. Partnering with C-TEC Solar allowed us to bring down and take control of our energy costs making it easier to plan for annual expenses in the long run. The project was seamlessly implemented by C-TEC as planned, without delay and on time.”

The CT Solar Lease Commercial program combines two proven finance mechanisms: PPAs, in which a third-party finances the solar installation in exchange for tax credits and other project revenue while providing discounted energy to the property owner; and C-PACE, in which the solar installation is secured via a benefit assessment on the property. Solar PPAs secured via C-PACE are considered sound investments that allow for significant private capital to help fund projects like the one at Lesro, reducing the need for ratepayer support.

C-PACE is an innovative program administered by the Green Bank that is helping commercial and industrial property owners access affordable, long-term financing for meaningful energy upgrades to their buildings. By enabling building owners to finance qualifying energy efficiency and clean energy improvements through a voluntary assessment on their property tax bill, comprehensive energy improvements – that would otherwise be difficult to afford – are made possible. The Connecticut Green Bank is currently offering owner-occupied manufacturers an extra boost through its Energy on the Line program, launched this spring. Qualifying manufacturers who apply for C-PACE financing by September 16th are eligible for a grant of up to $50,000. The program is funded through the Connecticut DECD’s Manufacturing Innovation Fund.

“The new solar array at Lesro Industries is an innovative way for this manufacturer to reduce energy costs,” said Mackey Dykes, Vice President of Commercial & Industrial Programs at Connecticut Green Bank. “Manufacturers consume a significant amount of energy, and Lesro Industries has demonstrated how green energy can put these businesses in control of their present and future energy costs, allowing them to focus on production and their customers. This industry is important to our state and we’re proud to offer green energy solutions that are enabling manufacturers to grow and thrive.”

C-TEC Solar of Bloomfield installed the solar array at Lesro. This rapidly growing company installs both commercial and residential solar projects across Southern New England and has played a strong role in growing Connecticut’s green energy movement. C-TEC Solar was a recipient of a 2015 PACEsetter Award from the Connecticut Green Bank in the “Best Newcomer” category in recognition of their work in the C-PACE program. The inaugural PACEsetter Awards recognized contractors, across multiple categories, who have set an example for other C-PACE contractors and are accelerating the green energy movement in Connecticut’s commercial sector.

“By partnering with the Connecticut Green Bank and companies such as Lesro Industries, C-TEC Solar is able to continue growing our business in Connecticut and proving the benefits of the green energy economy both here and in the region. We are setting an example for others to follow,” said Mickey Toro of C-TEC Solar.

To learn more about current offers from the Connecticut Green Bank for manufacturers financing green energy solutions, please visit EnergyOnTheLine.com.

Quotes from Local Legislators:

  • “It’s fantastic to see a local manufacturer like Lesro Industries securing their energy future and increasing their bottom line with a solar PV system. Lesro and C-TEC Solar are showing that green energy improvements are an easy and effective way to support sustainability, lower operating costs and grow business,” said State Representative David Baram, representing Bloomfield and Windsor.
  • “Congratulations and continued success to Lesro, this is a wonderful story of job creation and business growth,” said State Senator Eric D. Coleman, representing Bloomfield, Hartford and Windsor.

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About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

About Lesro Industries Inc.

Lesro Industries, Inc., a family-owned manufacturer of reception seating and tables and built on the principles of trustworthiness and responsiveness to the customers’ needs.  Lesro’s products are carefully built with components produced in Connecticut and sourced worldwide, a hybrid manufacturing model. Lesro is branching out into new market segments at a time when North American businesses are seeking furniture that is well-made, environmentally sustainable, thoughtfully and beautifully designed and, perhaps most critical of all, comfortably within even the tightest budget. Final production is maintained in the company’s Bloomfield, CT, headquarters. For more information about Lesro Industries, Inc., please visit www.lesro.com.

About C-TEC Solar

C-TEC Solar provides residential and commercial solar customers the opportunity to obtain affordable clean energy. With 30 years of expertise as a solar energy company, C-TEC Solar is one of the most experienced solar contractors in the Northeast, specializing in solar photovoltaic (PV) systems and solar thermal applications. C‐TEC Solar’s skilled and experienced Solar Consultants, Installers and Electricians aims to provide complete, affordable, start-to-finish solar project services with flexible solar financing solutions for your clean energy project.

FOR IMMEDIATE RELEASE
For More Information, Contact:

Dean Pagani
McDowell Jewett Communications
860-918-5075
[email protected]

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Energy Conservation Measures Will Save the Niantic Community Church Over $100,000

Niantic, CT (April 26, 2016) – The idea of implementing energy upgrades at the Niantic Community Church, in order to show environmental responsibility while saving money, began in 2013. Angela Lomanto learned about financing opportunities for green energy upgrades with the Connecticut Green Bank.  She brought the information for cost savings to the senior church leadership.

 An ad hoc committee was formed in early 2014 to study proposals on energy upgrades and how they could benefit the church with lower energy costs.  After learning more about financing and finding a contractor, the energy upgrades began at the church in June 2015. 

The new technology at the Niantic Community Church, located on Pennsylvania Avenue in Niantic, Connecticut, went live late in 2015.   The senior church leadership has begun seeing the decline in the Church’s electric bills and are thrilled.

The upgrades consist of energy conservation measures such as new windows in the sanctuary, energy-efficient lighting throughout the building, lighting controls, and a 26kW solar PV system. 

Financing for 100% of the project was made possible through the Connecticut Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program.  These upgrades are expected to provide $176,260 in energy cost savings and 3,626 mmBTUs in energy savings over the life of the upgrades.

C-PACE is an innovative program that is helping commercial, industrial, non-profit and multi-family property owners access affordable, long-term financing for meaningful energy upgrades to their buildings. By enabling building owners to finance qualifying energy efficiency and clean energy improvements through a voluntary assessment on their property tax bill, more comprehensive energy improvements that would otherwise be difficult to afford are made possible. Financing for the solar installation came through a solar power purchase agreement, under which the Connecticut Green Bank funded the installation of the solar PV system for no money down with the church receiving a discounted electricity rate for the clean energy generated over 20 years. 

“The Connecticut Green Bank is committed to making green energy accessible and affordable to everyone in Connecticut”, said Bryan Garcia, President and CEO of Connecticut Green Bank.  “The new energy efficiency measures and the solar installation at the Niantic Community Church are innovative ways for the organization to cut down on their energy costs.  As a community church, many people will reap the benefits of the upgrades. The church’s focus on clean energy clearly demonstrates their desire for a better quality of life, a better environment, and really, a better future for all of us.”

The Niantic Community Church members are excited about the savings they will see with the energy upgrades.  The money saved will help with the overall church budget.   

“Over the next twenty years, Niantic Community Church will benefit from this program and use clean energy along the way.  There are many members of our church who want the environment to be safer for the coming generations,” said Angela Lomanto, member of the church’s Green Team.

About the Connecticut Green Bank

The Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority) was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

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’Energy on the Line’ Program Will Lower Energy Costs for Connecticut Manufacturers

Affordable financing and grant opportunities will help eligible manufacturers be more competitive

Hartford, CT (April 25, 2016) – The Connecticut Department of Economic and Community Development (DECD) and Connecticut Green Bank today unveiled a new initiative that provides manufacturers an innovative way to lower their energy costs. The ‘Energy on the Line’ program offers grants for renewable energy and energy efficiency building upgrades.

“This is yet another example of how we are supporting Connecticut manufacturers — and we’re doing it by bolstering our green energy efforts. By lowering energy costs for businesses, we’re helping them remain competitive and doing it with environmentally positive methods,” stated Governor Dannel Malloy.  “It’s another step forward not just in our support for businesses, but also in our efforts to protect the environment.”

The ‘Energy on the Line’ program will provide supplemental funds to manufacturers who complete a qualifying green energy project using the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program. C-PACE provides commercial property owners with full financing for green energy projects that help reduce the plant’s total energy cost and improve emissions.  The supplemental funding from Energy on the Line (up to $50,000) may be used for any project-related expenses at the discretion of the recipients, thereby reducing the amount of financing from C-PACE needed to complete the project and lowering the company’s borrowing costs.

The $800,000 program is funded through the DECD’s Manufacturing Innovation Fund and will be matched by more than $8 million of private sector funds through the Connecticut Green Bank.  The Connecticut Green Bank will administer the program.

“It’s all about being competitive,” said Catherine Smith, commissioner of DECD.  “‘Energy on the Line’ will help our manufacturers reduce cost, enabling more competitive pricing and future growth in the state.  This is a great economic development tool for the manufacturing sector.”

“Connecticut manufacturers feel the burden of high energy costs more than anyone, and we’re excited to see C-PACE put manufacturers back in control of their businesses through the ‘Energy on the Line’ program,” stated Bryan Garcia, President and CEO of the Connecticut Green Bank.  “We look forward to working with the manufacturing community and to making green energy financing more accessible and affordable to them. That’s a win for Connecticut’s environment and economy.”

The ‘Energy on the Line’ program will begin today and is open to all Connecticut manufacturing companies that have owner-occupied facilities.  Applications must be received by September 16, 2016.  To learn more, please visit: www.EnergyOnTheLine.com.

 

About the Connecticut Green Bank

The Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority) was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

 

About the Department of Economic and Community Development

The Department of Economic and Community Development (www.decd.org) is the state’s lead agency responsible for strengthening Connecticut’s competitive position in the rapidly changing knowledge-based global economy. The department administers the Manufacturing Innovation Fund that was created to support and strengthen Connecticut’s manufacturing sector.

 

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Town of Easton Unveils Solar Farm at Samuel Staples Elementary School

New System Will Generate 50 Percent of School’s Electricity

Rocky Hill, CT (November 12, 2015): The Town of Easton held a ribbon-cutting ceremony today to celebrate the commissioning of a new solar photovoltaic system at the Samuel Staples Elementary School today. The 301 kilowatt solar system is expected to generate half of the school’s electrical needs and is located on 1.4 acres in a field behind the school.

The Samuel Staples school building is designed like a large barn and the school leases some of the surrounding fields to local farmers to grow crops. Now, there will be one more crop – electricity – produced from the new solar farm.

Easton First Selectman Adam Dunsby was joined at the ceremony by State Representative John Shaban, Easton Board of Education Chairman Jeffrey Parker, Staples Principal Kimberly Fox-Santora, Easton Clean Energy Task Force Leader Cathy Alfandre, Northeast Energy Designs and Solutions LLC (NEEDS) Project Director John Dunster and Connecticut Green Bank EVP and Chief Investment Officer Bert Hunter. Students in two 5th Grade classes at the school also joined the celebration.

“It took the hard work of many people to make this solar project a reality,” said Mr. Dunsby. “I especially thank Easton’s Clean Energy Task Force who conceived of this project and stuck with it until it became reality.”

The system was installed with no up-front cost to the town and was financed, in part, under Connecticut Green Bank’s Solar Lease 2 program. The town will pay a fixed price per kilowatt hour of energy used under a Power Purchase Agreement, which should save the school hundreds of thousands of dollars over the 20-year term of the agreement. Funding will also be provided through the State’s Zero-Emission Renewable Energy Credit (ZREC) program, which will provide an income stream from The United Illuminating Company for power generated over the next 15 years, as well as a 30 percent federal tax credit.

The project enjoys the distinction of being the largest ground-mounted system under the Solar Lease program as well as the largest solar PV project on an elementary school supported by the Green Bank. It was developed by Bella Energy, based in Louisville, Colorado, and NEEDS, of Stamford, Connecticut.

“Connecticut Green Bank is creating innovative financial solutions – such as the CT Solar Lease used for this project – that make green energy a smart investment,” said Mr. Hunter. “We are working with schools and municipalities like Easton, as well as homeowners, businesses and institutions across the state, so they can affordably finance green projects with no up front costs. Together, we are leading the way to a stronger, greener future for Connecticut.”

Easton has a long history of supporting clean energy. In April 2006, it joined the original Clean Energy Communities program, now administered jointly by Connecticut Green Bank, The United Illuminating Company and Eversource. The Town has earned rewards from the Green Bank (or its predecessors) under that program, with which it installed a 5 kW solar PV system at Samuel Staples Elementary School and performed an energy audit at Helen Keller Middle School.

The town also conducted a successful Solarize ConnecticutSM campaign in 2013-2014 in partnership with the neighboring towns of Trumbull and Redding. Easton has joined the Commercial Property-Assessed Clean Energy (C-PACE) program administered by the Green Bank, which allows commercial property owners, multifamily properties with 5 or more units and non-profits to finance energy efficiency and renewable energy improvements through a voluntary assessment on their property tax bill.

“The Easton Clean Energy Task Force is excited that our rural, farming community now has a wonderful solar farm producing electricity for the school’s use, helping the town save money, and doing something good for the planet,” said Ms. Alfandre. “One of our Task Force members, Carroll Brooke, was the true visionary behind the project and worked incredibly hard for more than two years to bring it to fruition. He is proof that one person can make a difference, and we are lucky to have him in Easton.”

About Connecticut Green Bank

The Connecticut Green Bank was established by Connecticut’s General Assembly on July 1, 2011 as a part of Public Act 11-80. This new quasi-public agency superseded the former Connecticut Clean Energy Fund. The Green Bank’s mission is to lead the green bank movement by accelerating private investment in clean energy deployment for Connecticut to achieve economic prosperity, create jobs, promote energy security and address climate change. As the nation’s first full-scale green bank, the organization leverages public and private funds to drive investment and scale-up clean energy deployment in Connecticut. For more information about Connecticut’s Green Bank, please visit www.ctgreenbank.com.

 

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Contact:
Bob Wall
860-257-2354 (office)
203-581-0006 (cell)

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Greenworks Lending Announces Closing C-PACE Transactions Totaling $1 million

August 26, 2015

Today, Greenworks Lending – a financier of Commercial Property Assessed Clean Energy (C-PACE) loans – announced that it has closed four C-PACE transactions totaling $1 million. These represent the first C-PACE transactions in the State of Connecticut directly financed by a private lender and signal an important new chapter for the Connecticut Green Bank’s C-PACE program.

C-PACE is an innovative and affordable way for commercial, industrial and nonprofit building owners to pay for green energy upgrades. C-PACE financing covers 100% of project costs with no money down and is repaid as a long-term assessment on the property. C-PACE makes green energy upgrades accessible and allows owners to immediately increase cash flow and improve their building’s overall value.

The Connecticut Green Bank sponsored the enabling legislation for C-PACE to advance its mission of accelerating adoption of green energy through the creation of affordable financing mechanisms and thriving markets that attract and deploy private capital. Since then, the Green Bank has designed an award-winning C-PACE program and utilized its own capital to stimulate private investment in over $50M in energy upgrades throughout the state and over $80M in approved loans since its launch in 2013.

With a view to scale this market, the Green Bank released a “Standard Offer” in January 2015 that clarifies how private capital providers can directly finance building upgrades through C-PACE. The projects funded by Greenworks Lending represent the first C-PACE transactions in Connecticut to be financed through this process,with no investment or credit support provided by the Green Bank.

“The administrative and programmatic standardization across the CT market allows our company to move these transactions quickly and enables building owners to access the low-cost, long term capital they need to get projects completed,” said Greenworks Lending CEO, Jessica Bailey. Based in Stamford, Greenworks Lending was founded in March 2015 with the goal of scaling C-PACE financed energy upgrades around the country. “We founded this company to bring this innovative financing option to more building owners in more places. Closing the first privately financed deals in our home state of Connecticut is incredibly exciting and puts Connecticut once again in a leadership position.”

“The role of the Green Bank is to be catalytic in attracting private capital into our state. We are delighted that Greenworks Lending is working to grow the C-PACE market in Connecticut’s communities,” said CT Green Bank President Bryan Garcia. “We know that the entrance of market participants like Greenworks will allow C-PACE to scale more quickly in Connecticut and we are happy to see these first deals close, which lower the energy costs of these consumers while increasing their property value as a result of the energy improvements,”Garcia said.

According to Green Earth Energy President, Chris Scyocurka, the solar contractor on one of the projects, “the process of working with Greenworks through the C-PACE program was simple and effective. The partnership with Greenworks will allow us to offer an attractive financing option for our solar customers.”

Whaling City, a New London-based Ford, Lincoln, and Mazda dealer was one of the initial transactions financed through Greenworks Lending announced today. Romana Primus, the President of the car dealership stated “with no money-down financing through Greenworks Lending, going solar made economic sense for us. Greenworks has proven itself as a great partner in navigating the application process and providing financing. Our company has been family owned in CT for almost 60 years and we are pleased that we can benefit from this program. We look forward to decades of solar production financed through C-PACE.”

Mike Licamele of MSL Group, a Connecticut based commercial energy project developer, has this to say: “C-PACE is an incredibly attractive financing option for our customers. The program designed by the Green Bank is best-in-class and we are excited to close our first projects with Greenworks Lending. Having a financing partner with deep familiarity of how C-PACE works is incredibly valuable.”

“The goal of our C-PACE program is to increase the number of buildings that take advantage of this innovative program,” notes Genevieve Sherman, the Director of the C-PACE program for the Green Bank. “With over 35,000 commercial buildings in Connecticut representing billions of dollars in potential energy upgrades, the Standard Offer was designed to encourage capital providers to come into CT to help us grow the implementation of clean energy faster, with fewer public dollars. We are thrilled to see these first privately-financed deals closed.”

About Greenworks Lending

Greenworks Lending is an origination and financing company targeting cost saving, clean energy upgrades for commercial real estate using PACE (Property Assessed Clean Energy) financing.  Our mission is to improve the energy efficiency of our country by creating a new normal for financing energy upgrades in buildings. www.greenworkslending.com

About the Connecticut Green Bank

The Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority) was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change.

 

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Contact: 

Gladys Rivera
Connecticut Green Bank
[email protected]
860-257-2351

 

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Ribbon Cutting for New Solar Carport at the JCC of Greater New Haven

Commissioner Klee, Senator Crisco, First Selectwoman Scalettar and others to attend the July 16 Celebration

What:
Ribbon cutting for the new solar carport at the JCC of Greater New Haven, which officially launches this new, 755-kilowatt clean renewable energy source. This solar carport is one of the largest solar projects in the State of Connecticut financed by Connecticut Green Bank and one of the biggest solar carports in the region.

Who:
CT Department of Energy & Environmental Protection Commissioner Rob Klee
State Senator Joe Crisco (D-Woodbridge)
Ellen Scalettar, First Selectwoman, Town of Woodbridge
Bryan Garcia, President & CEO, Connecticut Green Bank
Scott Cohen, COO & CFO, JCC of Greater New Haven
Daniel Prokopy, CEO, Deutsche Eco Group
Paul Kuehn, Managing Director, Deutsche Eco Group

When:
Thursday, July 16, 2015, at 9 a.m.

Where:
JCC of Greater New Haven, 360 Amity Road, Woodbridge, CT

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For More Information, Contact:

Jennifer Gelband
Marketing & Communications Manager
JCC & Jewish Federation of Greater New Haven
203-387-2522 x380

Rebecca Brockway
McDowell Jewett Communications
(860)604-6653 (c)
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Connecticut Homeowners Investing Heavily in Solar Reducing Energy Costs with Connecticut Green Bank Financing

More Than 10,000 Homeowner Participants to Date; Solar Demand in State More Than Doubling Annually; Connecticut Third in U.S. for Economic Potential of Residential Solar Systems

ROCKY HILL, Connecticut, March 3, 2015 –- More than 10,000 Connecticut homeowners have invested in solar panels to date, drastically reducing their electric bills and taking advantage of decreasing solar installation costs. The Connecticut Green Bank’s Go Solar Connecticut initiative is poised to support the rapid expansion of solar with a suite of homeowner resources, including education, qualified installers, and financing.

Residential photo voltaic (PV) solar systems are more affordable than ever, given rising electric rates, declining installation costs, and flexible financing options for both leasing and ownership. Approved Go Solar projects have saved state residents an average of more than $1,100 per household on their utility bills.* And solar systems generate “free electricity” during their 25-to-30-year life cycles.

“Residential solar is growing exponentially in Connecticut,” said Bryan Garcia, President and CEO of the Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority), which directs Go Solar. “There has never been a better time to switch to solar energy. Solar demand in Connecticut is more than doubling every year, and the National Renewable Energy Laboratory recently ranked Connecticut third among states for favorable economics of going solar.”

Garcia added: “Going solar is a smart choice, particularly now with the widespread availability of financing, including no-money-down options for leasing and owning your system. Using reliable, pollution-free technology, these systems allow homeowners to take more control of their energy bills, making it easier to manage expenses over many years.”

Solar PV systems also increase property values without raising property taxes. Homes with solar panels sell twice as fast, on average, and at a premium compared with homes without solar panels.** Citing another important benefit, Garcia noted: “Installing a solar system contributes to economic development and creates jobs. Go Solar installations have created more than 2,000 jobs in the residential solar PV market in Connecticut. Converting to solar energy also helps the environment. Buildings produce about one-third of carbon emissions in the United States. Solar power can reduce a household’s carbon emissions by three to four tons a year –- the equivalent of planting more than 100 trees annually.”

“Our Go Solar program makes the move to solar energy easier and more affordable than ever,” said Kerry O’Neill, Connecticut Green Bank Director of Residential Programs. “We are very sensitive to how quickly a homeowner may become overwhelmed or confused while researching the benefits of solar. So we created a very user-friendly website for residents to learn everything they need to know at www.gosolarct.com. Not only will homeowners be able to get a better handle on the technology; they also can take advantage of attractive financing, including loans and leases, through a simple application process and attractive terms. Many of the local and regional solar contractors with whom we work also provide additional financing options.”

For even more savings, the Connecticut Green Bank is offering two free lease payments to any new customer who applies for the CT Solar Lease by March 31, 2015. O’Neill added that homeowners who go solar also have the opportunity to take advantage of additional incentives and tax credits. For an average solar installation, the incentive from the Connecticut Green Bank is 10 to 15 percent of the system’s installed cost. Factor in the federal tax credit, scheduled to expire Dec. 31, 2016, and a homeowner can enjoy a credit of 30 percent of a system’s installed cost, less the Green Bank’s incentive.

About Go Solar Connecticut

Go Solar Connecticut, available through the Connecticut Green Bank, provides state residents with easy, affordable financing options for solar photovoltaic (PV) systems for their homes. The program combines the resources of local lenders and contractors to help residents reduce their energy bills and take advantage of decreasing solar installation costs while building a clean energy future for Connecticut. Please visit www.gosolarct.com for more information, including 10 reasons to go solar, what qualifies a home for solar panels, video, a buyer’s guide, financing options, how to find a contractor, success stories and FAQs.

About The Connecticut Green Bank (formerly CEFIA)

CEFIA was established by Connecticut’s General Assembly on July 1, 2011 as a part of Public Act 11-80. This quasi-public agency, now known as the Connecticut Green Bank, superseded the former Connecticut Clean Energy Fund. The Green Bank’s mission is to lead the green bank movement by accelerating private investment in clean energy deployment within Connecticut and to achieve economic prosperity, job creation and energy security throughout the state. As the nation’s first full-scale green bank, the organization leverages public and private funds to drive investment and scale up clean energy deployment in Connecticut.

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Contact:
Deborah Burns
203.257.3163
[email protected]


* Based on Dec. 31, 2014 Connecticut Light & Power and United Illuminating electricity rates. Actual savings will vary, depending on the installation.

** The Effects of State Policy Suites on the Development of Solar Markets. NREL/TP-7A40-62506: November 2014. D. Steward and E. Doris National Renewable Energy Laboratory. www.nrel.gov/docs/fy15osti/62506.pdf

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C-PACE Marks Successful First Two Years as CT Property Owners Take Advantage of Program to Finance Money-Saving Energy Improvements

Over $65 Million Allocated for Over 90 Projects; Buildings Receiving New Financing Tripled from 2013 to 2014

ROCKY HILL, Connecticut, Feb. 3, 2015 – Two years after it was launched, the Commercial Property Assessed Clean Energy (C-PACE) program is rapidly gaining traction with commercial property owners in Connecticut, who are utilizing its long-term financing to fund valuable energy improvements with no upfront costs and immediate energy savings.

The Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority, or CEFIA), which administers C-PACE, today reported major program success.

“We are thrilled by the success of the C-PACE program,” said Connecticut Green Bank President and CEO, Bryan Garcia, “In just two years, we’ve seen the first securitization of C-PACE transactions in the country and allocated more than $65 million of capital, enabling property owners to make deep energy upgrades and control their energy costs. Clean energy is now more accessible and affordable to the commercial and industrial sector, we are supporting economic development and creating jobs, and the Connecticut Green Bank is leveraging limited public dollars to attract private investment. It’s a sustainable model for financing energy upgrades in the commercial and industrial sector.”

According to Connecticut Green Bank Commercial and Industrial Programs Acting Director Genevieve Sherman: “C-PACE is a home run. Building owners pay no money down, realize immediate cash-flow savings, increase asset value, and retain tenants. The ability to spread payments over as many as 20 years allows deeper energy improvements, involving multiple measures with greater benefits.”

Sherman added: “With active participation from property owners, investors, contractors and municipal leaders, C-PACE is on a rapid growth trajectory. The number of buildings receiving new financing from the program tripled from roughly 20 in 2013 to over 60 last year. We are excited to see the impact that the program has had to date and expect continued growth and success in the future.”

C-PACE returns immediate energy savings to property owners, who use only part of what they save to repay their financing through a long-term benefit property tax assessment, typically spanning 20 years. One of the distinct benefits of the program is that the property owner’s estimated energy savings, which are measured and verified according to technical underwriting standards, must exceed assessment charges over the benefit assessment term, as validated by the Connecticut Green Bank. In addition, a C-PACE payment obligation transfers to a new property owner if the owner who obtained the financing decides to move. Under a typical lease, C-PACE payments can be passed along to tenants, who also benefit from energy upgrades.

Two-Year Milestones

Sherman cited these key C-PACE achievements since January 2013:

  • The number of buildings receiving new financing from the program tripled from roughly 20 in 2013 to over 60 in 2014.
  • Properties with completed or in progress energy improvements together occupy more than 5 million sq. ft.
  • More than 6 megawatts of clean energy have been or are in the process of being installed.
  • Most C-PACE-financed energy-efficiency projects are reducing energy bills by 20 to 40 percent. Solar improvements are overwhelmingly delivering more than 50 percent energy cost savings on average, with many projects offering savings over 90 percent.
  • More than 105 Connecticut cities and towns have signed up to participate in C-PACE, and nearly 90 percent of the state’s commercial and industrial properties can access C-PACE financing.
  • Over 100 contractors have been trained to implement C-PACE-financed improvements.

Two other noteworthy accomplishments showcase national recognition:

  • In the first commercial securitization of C-PACE loans in the United States, the Connecticut Green Bank secured private funding from Clean Fund, which purchased $30 million of C-PACE-backed bonds.
  • The Clean Energy States Alliance (CESA), a national nonprofit coalition of public agencies and organizations working to advance clean energy, last year honored C-PACE with a SLICE (State Leadership in Clean Energy) award for a state program that is more effectively accelerating adoption of clean-energy technologies.

Solar Trend Is a Driver

A driving force fueling the use of C-PACE is how attractive it is for investing in solar. Sherman noted that when building owners pair 20-year, 100 percent low-interest C-PACE financing with 15-year, fixed-price renewable energy credit (REC) contracts, it results in projects that require no out-of-pocket costs and that immediately deliver positive cash flow to the property owner. Furthermore, C-PACE enables building owners to own their systems outright and benefit from their full value, including tax credits. Through 2016, property owners can take advantage of a 30 percent federal investment tax credit for solar installations. With the costs of solar system installations decreasing, solar upgrades financed with C-PACE are a win for commercial and industrial buildings.

In addition to solar improvements, C-PACE-qualifying upgrades include installing high-efficiency lighting; heating ventilation air conditioning (HVAC) improvements and controls; windows; variable-speed drives on motors, fans and pumps; high-efficiency boilers, chillers, furnaces and water-heating systems; building-envelope improvements; fuel cells; energy-management systems; and other improvements that reduce energy costs in a building. Details on C-PACE-financed projects, including videos, can be found here: www.cpace.com/projects.

About C-PACE

Commercial Property Assessed Clean Energy (C-PACE) provides Connecticut’s commercial property owners the ability to finance energy-efficiency and clean-energy improvements with no money down, allowing them to realize immediate cash flow from energy savings and increased asset value. Using money saved on energy bills, building owners repay C-PACE financing through a benefit property tax assessment typically spanning 20 years, making it easier to finance multiple improvements. Estimated energy reductions for C-PACE projects are validated to ensure savings exceed assessment charges over the term of the benefit assessment. Administered by the Connecticut Green Bank (formerly CEFIA), C-PACE promotes economic development, energy cost savings and competitive advantages for Connecticut businesses, nonprofit organizations and municipalities. Please visit www.c-pace.com, connect at: https://www.linkedin.com, or follow us at: https://twitter.com/ctcpace.

About The Connecticut Green Bank (formerly CEFIA)

CEFIA was established by Connecticut’s General Assembly on July 1, 2011 as a part of Public Act 11-80. This quasi-public agency, now known as the Connecticut Green Bank, superseded the former Connecticut Clean Energy Fund. The Green Bank’s mission is to lead the green bank movement by accelerating private investment in clean energy deployment within Connecticut and to achieve economic prosperity, job creation and energy security throughout the state. As the nation’s first full-scale green bank, the organization leverages public and private funds to drive investment and scale up clean energy deployment in Connecticut.

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Contact:
Deborah Burns, 203.257.3163
[email protected]

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