(HARTFORD, CT) April, 4, 2024 – Governor Ned Lamont and the members of Connecticut’s Congressional delegation are applauding an announcement made today by the U.S. Environmental Protection Agency (EPA) that $5 billion from the Greenhouse Gas Reduction Fund, which was created under President Joe Biden’s Inflation Reduction Act, is being awarded to the Coalition for Green Capital, a consortium of organizations from throughout the country that includes the Connecticut Green Bank.
The Connecticut Green Bank will use the funding to catalyze public-private investments in the creation of environmental infrastructure in vulnerable communities to help reduce greenhouse gas emissions, lower energy costs for consumers, and increase resilience against climate change. Priority projects will include infrastructure in areas such as green schools, green school buses, green homes, green municipal and commercial buildings, green resilience hubs, land conservation and climate-smart agriculture, and other types of environmental infrastructure.
With this funding, the Coalition for Green Capital will partner with and expand an economically self-sufficient ecosystem of green banks, including the first-in-the-nation Connecticut Green Bank and community partners. By providing co-investment opportunities and other services as a national green bank, the coalition will accelerate the recycling of capital to maximize benefits.
This investment will stand up a first-of-its-kind national network that will finance tens of thousands of climate and clean energy projects across the country, especially in low-income and disadvantaged communities. Specifically, the EPA is awarding the grants as part of the act’s National Clean Investment Fund and Clean Communities Investment Accelerator.
Governor Lamont said, “This grant from the EPA will go a long way in supporting Connecticut’s efforts to build infrastructure that helps us reach our goals of reducing greenhouse gas emissions and making our state more resilient against climate change. On behalf of Connecticut, I thank President Biden, Vice President Harris, and EPA Administrator Regan for leading the Greenhouse Gas Reduction Fund process in a diligent, comprehensive, and inclusive manner. This award will help the Connecticut Green Bank increase and accelerate private investment in our state’s environmental infrastructure, especially in our vulnerable communities.”
Senator Richard Blumenthal said, “This $5 billion in federal funding is critical to building clean energy infrastructure and a more energy resilient Connecticut. The Connecticut Green Bank is doing transformative work in our state to fight climate change and protect our most disadvantaged communities from environmental injustice. I am proud to fight alongside the Connecticut delegation for strong investments like these that will tackle the climate crisis, reduce greenhouse gas emissions, and grow well-paying jobs.”
Senator Chris Murphy said, “Our state has set the national standard for green banks, and I’m thrilled to see this massive investment in the Connecticut Green Bank. This federal funding will help reduce greenhouse gas emissions, create good-paying jobs, and increase resilience in communities that have been the most impacted by climate change but have the fewest resources. It’s a win-win for the climate and our state’s economy.”
Congressman John B. Larson (CT-01) said, “Today’s announcement is an investment in good-paying jobs and unleashing America’s clean energy future. I am proud of the work the Connecticut delegation has done and will continue to do to secure funding to support the Connecticut Green Bank, which has been a model for the nation in the fight against climate change. This funding will build on their important mission to invest in innovative green energy solutions, protect residents from dangerous pollution, and uplift communities that have been disproportionately impacted by environmental injustices.”
Congressman Joe Courtney (CT-02) said, “When we talk about becoming more energy efficient, more energy independent, and better stewards of our environment, this is the kind of serious investment we need to achieve those goals. With the federal funding announced today from the Inflation Reduction Act, the Connecticut Green Bank will enable communities across the region to stand up more climate resilient infrastructure and projects that reduce greenhouse emissions.
Congresswoman Rosa DeLauro (CT-03) said, “This award to the Connecticut Green Bank, the nation’s first green bank, will accelerate investments in the clean economy, reduce emissions and improve the quality of life for all Americans. The intent of the Greenhouse Gas Reduction Fund was to ensure that entities like the Connecticut Green Bank can spread the benefits of the Inflation Reduction Act to underserved communities. Investments like the one today empower clean technology projects to create good-paying jobs and lower energy costs for American families, especially in low-income and disadvantaged communities, while cutting harmful pollution to protect people’s health and tackle the climate crisis.”
Congressman Jim Himes (CT-04) said, “The Connecticut Green Bank is an invaluable asset in the national effort to curb the effects of climate change and a key driver of our state’s transition to a clean energy economy. I’m thrilled to see $5 billion from the Inflation Reduction Act’s Greenhouse Gas Reduction Fund go to organizations like the Connecticut Green Bank to facilitate public-private investments in green infrastructure across the country. This award will help make our communities more resilient against extreme weather events, slash energy costs for residents, and limit our greenhouse gas emissions so that future generations may inherit a livable, vibrant planet.”
Congresswoman Jahana Hayes (CT-05) said, “Once again, Inflation Reduction Act funding will be coming back to our state through the Connecticut Green Bank. This legislation has a tremendous impact on Connecticut as we look to combat climate change, reduce carbon emissions and deploy clean energy infrastructure. I look forward to continuing the work to deliver wins for our state.”
Lonnie Reed, chair of the Board of Directors of the Connecticut Green Bank, said, “Over a decade ago, with support from the Coalition for Green Capital, we passed nearly unanimous bipartisan legislation establishing the nation’s first state-level green bank. Through the steadfast determination of our board and staff, with the support of Governor Lamont, Connecticut General Assembly, and Connecticut Congressional delegation, we have demonstrated in Connecticut how to deploy resources to attract and mobilize private investment that is creating jobs in our communities, reducing energy burden on our families and businesses, and confronting climate change, especially in our vulnerable communities.”
Bryan Garcia, president and CEO of the Connecticut Green Bank, said, “We know the economywide benefits of mobilizing investment in clean energy and environmental infrastructure projects can have a profound impact on families and businesses, especially those in vulnerable communities. Working with the Coalition for Green Capital, the Green Bank is ready to go to further mobilize private investment to achieve the EPA’s objectives of the National Clean Investment Fund.”
Connecticut Green Bank Launches 10th Green Liberty Notes Offering, Celebrates the Purchase of Over $100M in SBEA Loans
/in Investment Solutions, News10th offering supports energy efficiency upgrades for small businesses and organizations with investments starting at $100.
Hartford, CT (April 16, 2024) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, announced the opening of its 10th offering today. The crowdfunding campaign is in its third year and is made possible with Raise Green, an online marketplace for impact investing. In addition to the next round of Notes, the Connecticut Green Bank and Amalgamated Bank are celebrating the purchase of more than $100M of Small Business Energy Advantage (SBEA) loans, driving environmental benefits and economic growth in local restaurants, town halls, community organizations, and more.
“We’re thrilled to launch yet another round of Green Liberty Notes in time to celebrate Earth Day and empower local residents to support Connecticut’s clean energy transition,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “This is a significant milestone in our work to bolster small businesses and organizations across the state and improve the local economy. We encourage those looking to join our fight against climate change and make a difference in your community to consider investing.”
Investments made in the Green Liberty offering contribute to Eversource’s SBEA program, enabling small businesses in Connecticut to lower their energy expenses through efficiency enhancements and interest-free loans. Due to the climate benefits associated with the SBEA program, this Green Liberty offering has been reviewed and verified for its environmental attributes by Kestrel. The Green Bank’s partnership with Amalgamated Bank has deployed over $100 million of private capital into the SBEA program.
Notes may be purchased through the Raise Green online platform without a broker, starting with a $100 minimum. The previous Green Liberty offering was the seventh consecutive offer to surpass its maximum limit for raised amount, so interested investors are encouraged to act quickly.
Featuring a low minimum investment, a short one-year term and easy online purchase process, Green Liberty offerings were created to be accessible to nearly anyone who wants to invest. In total, more than $2 million has been raised from Connecticut citizens and buyers from 35 states nationwide. Over 60% of original investments have been $1,000 or less, with more than half of the investors being Connecticut residents.
Investors from the sixth round of Green Liberty Notes (now reaching the end of its term) can reinvest their principal and interest in this latest offering. Anyone who invested in the sixth round and invests in this offering, either by reinvesting their principal and interest or by investing a different amount, will receive an interest rate “boost” as a thank-you for their early support of the Green Liberty Notes.
For more information about this investment opportunity, please visit invest.ctgreenbank.com.
Governor Lamont, Congressional Delegation Applaud EPA Awards To Reduce Carbon Pollution and Invest in Green Environmental Infrastructure
/in innovation, Investment Solutions, News(HARTFORD, CT) April, 4, 2024 – Governor Ned Lamont and the members of Connecticut’s Congressional delegation are applauding an announcement made today by the U.S. Environmental Protection Agency (EPA) that $5 billion from the Greenhouse Gas Reduction Fund, which was created under President Joe Biden’s Inflation Reduction Act, is being awarded to the Coalition for Green Capital, a consortium of organizations from throughout the country that includes the Connecticut Green Bank.
The Connecticut Green Bank will use the funding to catalyze public-private investments in the creation of environmental infrastructure in vulnerable communities to help reduce greenhouse gas emissions, lower energy costs for consumers, and increase resilience against climate change. Priority projects will include infrastructure in areas such as green schools, green school buses, green homes, green municipal and commercial buildings, green resilience hubs, land conservation and climate-smart agriculture, and other types of environmental infrastructure.
With this funding, the Coalition for Green Capital will partner with and expand an economically self-sufficient ecosystem of green banks, including the first-in-the-nation Connecticut Green Bank and community partners. By providing co-investment opportunities and other services as a national green bank, the coalition will accelerate the recycling of capital to maximize benefits.
This investment will stand up a first-of-its-kind national network that will finance tens of thousands of climate and clean energy projects across the country, especially in low-income and disadvantaged communities. Specifically, the EPA is awarding the grants as part of the act’s National Clean Investment Fund and Clean Communities Investment Accelerator.
Governor Lamont said, “This grant from the EPA will go a long way in supporting Connecticut’s efforts to build infrastructure that helps us reach our goals of reducing greenhouse gas emissions and making our state more resilient against climate change. On behalf of Connecticut, I thank President Biden, Vice President Harris, and EPA Administrator Regan for leading the Greenhouse Gas Reduction Fund process in a diligent, comprehensive, and inclusive manner. This award will help the Connecticut Green Bank increase and accelerate private investment in our state’s environmental infrastructure, especially in our vulnerable communities.”
Senator Richard Blumenthal said, “This $5 billion in federal funding is critical to building clean energy infrastructure and a more energy resilient Connecticut. The Connecticut Green Bank is doing transformative work in our state to fight climate change and protect our most disadvantaged communities from environmental injustice. I am proud to fight alongside the Connecticut delegation for strong investments like these that will tackle the climate crisis, reduce greenhouse gas emissions, and grow well-paying jobs.”
Senator Chris Murphy said, “Our state has set the national standard for green banks, and I’m thrilled to see this massive investment in the Connecticut Green Bank. This federal funding will help reduce greenhouse gas emissions, create good-paying jobs, and increase resilience in communities that have been the most impacted by climate change but have the fewest resources. It’s a win-win for the climate and our state’s economy.”
Congressman John B. Larson (CT-01) said, “Today’s announcement is an investment in good-paying jobs and unleashing America’s clean energy future. I am proud of the work the Connecticut delegation has done and will continue to do to secure funding to support the Connecticut Green Bank, which has been a model for the nation in the fight against climate change. This funding will build on their important mission to invest in innovative green energy solutions, protect residents from dangerous pollution, and uplift communities that have been disproportionately impacted by environmental injustices.”
Congressman Joe Courtney (CT-02) said, “When we talk about becoming more energy efficient, more energy independent, and better stewards of our environment, this is the kind of serious investment we need to achieve those goals. With the federal funding announced today from the Inflation Reduction Act, the Connecticut Green Bank will enable communities across the region to stand up more climate resilient infrastructure and projects that reduce greenhouse emissions.
Congresswoman Rosa DeLauro (CT-03) said, “This award to the Connecticut Green Bank, the nation’s first green bank, will accelerate investments in the clean economy, reduce emissions and improve the quality of life for all Americans. The intent of the Greenhouse Gas Reduction Fund was to ensure that entities like the Connecticut Green Bank can spread the benefits of the Inflation Reduction Act to underserved communities. Investments like the one today empower clean technology projects to create good-paying jobs and lower energy costs for American families, especially in low-income and disadvantaged communities, while cutting harmful pollution to protect people’s health and tackle the climate crisis.”
Congressman Jim Himes (CT-04) said, “The Connecticut Green Bank is an invaluable asset in the national effort to curb the effects of climate change and a key driver of our state’s transition to a clean energy economy. I’m thrilled to see $5 billion from the Inflation Reduction Act’s Greenhouse Gas Reduction Fund go to organizations like the Connecticut Green Bank to facilitate public-private investments in green infrastructure across the country. This award will help make our communities more resilient against extreme weather events, slash energy costs for residents, and limit our greenhouse gas emissions so that future generations may inherit a livable, vibrant planet.”
Congresswoman Jahana Hayes (CT-05) said, “Once again, Inflation Reduction Act funding will be coming back to our state through the Connecticut Green Bank. This legislation has a tremendous impact on Connecticut as we look to combat climate change, reduce carbon emissions and deploy clean energy infrastructure. I look forward to continuing the work to deliver wins for our state.”
Lonnie Reed, chair of the Board of Directors of the Connecticut Green Bank, said, “Over a decade ago, with support from the Coalition for Green Capital, we passed nearly unanimous bipartisan legislation establishing the nation’s first state-level green bank. Through the steadfast determination of our board and staff, with the support of Governor Lamont, Connecticut General Assembly, and Connecticut Congressional delegation, we have demonstrated in Connecticut how to deploy resources to attract and mobilize private investment that is creating jobs in our communities, reducing energy burden on our families and businesses, and confronting climate change, especially in our vulnerable communities.”
Bryan Garcia, president and CEO of the Connecticut Green Bank, said, “We know the economywide benefits of mobilizing investment in clean energy and environmental infrastructure projects can have a profound impact on families and businesses, especially those in vulnerable communities. Working with the Coalition for Green Capital, the Green Bank is ready to go to further mobilize private investment to achieve the EPA’s objectives of the National Clean Investment Fund.”
Earthlight Technologies, LLC is among the leading contractors using Green Bank financing.
/in Contractor Solutions, Customer StoriesGlasco Heating & Air Conditioning, Inc. has been recognized perennially as a Top Performer in the Smart-E Loan program.
/in Contractor Solutions, Customer StoriesEasterseals Capital Region & Eastern Connecticut Announces Facility Upgrades in Partnership with the Connecticut Green Bank
/in Building Solutions, NewsImprovements are estimated to produce $1.3 million in savings over the lifetime of the upgrades
WINDSOR, Conn., March 28 — Easterseals Capital Region & Eastern Connecticut today announced that – using C-PACE (Commercial Property Assessed Clean Energy) financing through the Connecticut Green Bank – it has begun a clean energy upgrade project at its Deerfield Road facility in Windsor. The improvements to the 22,100-square-foot building include installing a 218 kW rooftop solar system, plus new lighting and controls. The estimated energy savings over the lifetime of the improvements are approximately $1.3 million.
“At Easterseals, we’re leading the way to full equity, inclusion and access through life-changing programs for children and adults with disabilities, active military and veterans,” said Robin Sharp, President & CEO of Easterseals Capital Region & Eastern Connecticut. “Not only will this project allow us to redirect our financial savings to enhance our programs, but it’s also a way to support future generations by tackling climate change right here in our building.”
Easterseals has always focused on elevating the community through its commitment to sustainability. Established in 2008, its social enterprise, EnviroShred, is dedicated to the safe, secure and eco-friendly destruction of confidential data. EnviroShred also directly employs veterans and individuals with disabilities.
The project with the Connecticut Green Bank is being funded with approximately $714,000 in C-PACE financing. C-PACE is administered by the Green Bank and is specifically designed to finance green upgrades, such as energy efficiency improvements or adding renewable energy sources. Easterseals is also utilizing the Federal Investment Tax Credit (ITC) direct pay option through the IRS for this project. Direct pay allows tax-exempt and governmental entities access to expanded tax credits for clean energy technologies as a provision of the Inflation Reduction Act (IRA). This new provision means C-PACE and solar energy are now more accessible than ever to non-taxpaying organizations like Easterseals.
“As a nonprofit organization investing in clean energy improvements, Easterseals will have access to the same financial incentives as for-profit companies, thanks to the direct pay option,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “Through this program, most nonprofits are eligible for tax incentives between 30 and 50 percent of the project’s total cost, meaning projects that were once impossible are now financially feasible Between this tax credit and our C-PACE financing, this project is a win-win for the Easterseals.”
Oxford, CT-based Facility Solutions Group, Inc. (FSG) will install the 218kW system, which is projected to be completed in the first half of 2024.
“We’re thankful for the opportunity to once again work with the Green Bank to bring much-needed renewable energy upgrades and cost savings to a Connecticut nonprofit,” said Kevin Siebrecht, Vice President of Solar Solutions at FSG. “We commend the mission and hard work of the entire Easterseals organization and are proud of their decision to pursue these improvements.”
To learn more about the Connecticut Green Bank, visit www.ctgreenbank.com. For more information about the Easterseals Capital Region & Eastern Connecticut, visit www.Easterseals.com/hartford.
About Easterseals Capital Region & Eastern CT
For nearly 75 years locally and 100 years nationally, Easterseals has been an indispensable resource for individuals with disabilities, veterans, seniors, and their families. Through high-quality programs, including medical rehabilitation, autism services, Veteran and Military services, workforce development, adult day care and more. Easterseals also operates social enterprise businesses such as EnviroShred and EnviroClean. In schools, workplaces, and communities, we are fostering environments where everyone is included and valued — making a real and positive impact on us all. Join us in ensuring that everyone – regardless of age or ability – is 100% included and 100% empowered.
Learn more at www.easterseals.com/Hartford and www.veteransrallypoint.com.
About FSG
FSG was founded in 1982, growing from a small lighting distributor in San Antonio Texas, to one of the nation’s largest lighting distributors and electrical contractors. Today, FSG employs more than 2000 employees nationwide and works with more than a thousand affiliate vendors from all four corners of the nation. FSG’s customers list includes every type of business from top name multisite consumer brands, to general contractors, to local neighborhood businesses.
C&I Energy Storage Solutions Projects Update
/in Contractor AnnouncementsConnecticut Green Bank Subsidiary’s Ninth Investment Offering for Citizens Surpasses Its Maximum Raise
/in Investment Solutions, NewsFeaturing an increased maximum raise limit, investment opportunity exceeds 125% of target, becomes seventh consecutive sell out
Hartford, CT (Feb. 23, 2024) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, successfully closed their ninth Green Liberty offering, surpassing its maximum raise amount. To allow for more investors to participate in this innovative and certified green investment opportunity, this was the third offering that featured an increased maximum raise limit of $350,000. This is the seventh consecutive offering to exceed the maximum. In total, more than $2 million has been raised from Connecticut citizens and nationwide investors in support of small businesses improving their energy efficiency and reducing their energy costs. The campaign is made possible in partnership with Raise Green, an award-winning online marketplace for impact investing.
Green Liberty Notes, which are offered quarterly, can be purchased through an online platform without a broker, with a minimum investment of just $100. To date, more than 60% of original investments have been $1,000 or less, and more than half of the investors have been Connecticut residents. In total, individuals from 35 states have invested in Green Liberty Notes.
Investments in the Green Liberty offering support Eversource’s Small Business Energy Advantage (SBEA) program, which enables small businesses in Connecticut to reduce their energy costs through efficiency upgrades and zero-interest loans.
As a result of the climate benefits associated with the SBEA program, this Green Liberty offering has been reviewed and designated a Green Bond by Kestrel.
For more information about the investment opportunity, please visit invest.ctgreenbank.com.
About Raise Green
Raise Green is the first marketplace in the U.S. for local and inclusive impact investment into climate solutions. On Raise Green’s investor marketplace, just about anyone (individuals and institutions) can invest in community-focused climate infrastructure and resilience projects across a varied range of project scales and minimum investments. Raise Green gives solar developers the tools to cut soft costs and easily access financing for up to $5M per year. Investors can create quantifiable impacts in local communities, as well as receive financial returns if the project is successful.
###
Inspection Notification Update
/in Contractor Announcements, Home ContractorsConnecticut Green Bank more than doubles support for commercial, municipal, and state solar projects with $110 million in approved financing authority
/in Building Solutions, Community Solutions, Financing, NewsBoard approved increases support Governor Lamont’s goals for carbon-free grid and cost savings for businesses and towns
Hartford, CT (Feb. 6, 2024) – The Connecticut Green Bank recently more than doubled the allocation of funding to support the continued growth of commercial-scale solar photovoltaic (PV) projects for businesses, towns, schools, non-profits and state agencies. Originally approved in 2020 at $49.5 million, the allocation was increased to $110 million due to the ongoing, demonstrated need for flexible capital for commercial, municipal and state customers seeking to use solar energy to reduce their costs as well as take advantage of new opportunities created through the Inflation Reduction Act.
In this increased authority, $50 million is dedicated to solar at businesses, towns, and schools. To date, this facility has been used for $30 million in capital for over 100 solar projects totaling 25 megawatts (MW) of capacity across the state under solar power purchase agreements (PPAs). Some of these projects are generating savings for manufacturers, schools, nonprofits, and important tourist destinations like Mystic Aquarium.
“The increased need for funding reflects the success of the State’s Non-Residential Energy Solutions (NRES) program and the increase in federal incentives that are enabling more investment in and deployment of clean energy in our communities. Businesses, schools, and towns are looking for relief from higher energy costs and protecting themselves against grid outages,” said Bert Hunter, Executive Vice President and Chief Investment Officer at the Green Bank. “At the same time, these projects help achieve the Governor’s goal to achieve a zero-carbon electric grid by 2040.”
Additionally, there is growing interest in pairing solar with storage which creates on-site energy burden reduction and greater resilience while bringing benefits to all ratepayers through peak demand reduction through the passive and active dispatch of these batteries to the grid.
Also approved was an increase to funding for State projects under the Green Bank’s Solar Marketplace Assistance Program (MAP), which has helped state properties and municipalities navigate the process of going solar. Through Solar MAP, the Green Bank assists in site feasibility analysis, incentive procurement, and facilitating a procurement process for development and construction. To date, Solar MAP has successfully helped install 4.5 MW of solar, including projects at schools in Portland, Manchester, and Branford. The Green Bank’s Board of Directors expanded funding authority from $20 to $60 million to enable 26 projects totaling over 17 MW of capacity across several state agencies, with a majority of these projects destined for the Department of Corrections, Department of Transportation, Department of Energy and Environmental Protection, and CT Technical Education and Career System (CTECS). The CTECS solar projects will include job shadowing by students for these community projects.
###
Connecticut’s Battery Storage Program Implements Changes to Increase Accessibility and Adoption Among Residents
/in Building Solutions, Home Solutions, NewsMaximum residential upfront incentive increases from $7,500 to $16,000;
incentives for underserved and low-income households and multifamily affordable housing properties also expanded.
HARTFORD, Conn. (January 17, 2024) – The Public Utilities Regulatory Authority (PURA) recently announced updates to the Energy Storage Solutions program to increase accessibility and adoption by residential customers in Connecticut. The program provides incentives for the installation of battery storage, and key changes include an increase in upfront incentives and an increase in the maximum incentive residential customers can receive.
Residential customers can now receive up to $16,000 in upfront incentives, an increase from the previous maximum incentive of $7,500. For customers that qualify as low-income, the upfront incentive increased to $600 from $400 per kWh. For customers that reside in an underserved community, the upfront incentive increased to $450 from $300 per kWh.
Combined with the existing Federal Investment Tax Credit program, which provides 30 percent tax credits on the costs of installing solar and battery storage systems, the opportunity for Connecticut residents to become more resilient in the face of climate change has never been greater. Additionally, through the Inflation Reduction Act, a bonus energy investment credit is available for solar installations in low-income (10 to 20 percent additional tax credit value) and energy communities (10 percent additional tax credit value) for third party owned systems (i.e., leases and power purchase agreements)– delivering more savings depending on the customer’s income and location.
Other approved changes to the Energy Storage Solutions program include but are not limited to:
All Energy Storage Solutions program changes were made as part of the Year Three Decision in Docket No. 23-08-05. The program is paid for by electric ratepayers, overseen by PURA, and administered by the Connecticut Green Bank, Eversource, and UI.
For more information on Energy Storage Solutions, visit energystorageCT.com.