Connecticut Green Bank Announces 2021 Green Liberty Bond Issuance to Support State’s Green Energy Economy

Building upon the success of the 2020 issuance, the Connecticut Green Bank’s lower-dollar denomination bond is designed to encourage individuals to invest to confront climate change; Webinar April 15

 

Hartford, CT (April 10, 2021) – The Connecticut Green Bank is proud to announce its 2021 Green Liberty Bond issuance, which is anticipated to be available to retail and institutional investors on or about April 21, 2021. Green Liberty Bonds are lower-dollar denomination bonds (offered in $1,000 increments), making it easier for individual investors to consider an investment. The bond proceeds will be independently certified as financing infrastructure projects with climate and environmental benefits that will help strengthen our state’s green energy economy and create much needed jobs.

This is the Green Bank’s second Green Liberty Bond release, and builds upon the success of the July 2020 issuance, which raised $16,795,000 from retail and institutional investors in Connecticut and across the country. Retail demand was so strong that the supply of bonds could not meet the interest of those seeking to invest.

“We were very pleased by the response to our 2020 issuance of Green Liberty Bonds. In the midst of a global pandemic with so much uncertainty, the support of this new sub-category of green bonds that helps confront climate change was overwhelming,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “We hope even more retail investors in Connecticut and nationwide are able to invest in green infrastructure with us this year.”

Retail investors’ orders will be given first priority. Investors must have an account with one of the brokerage firms participating in the bond sale, or with another firm that can place an order through a brokerage firm participating in the bond sale. Interested retail investors who do not have a brokerage account should contact lead bond underwriter Stifel, Nicolaus & Company, Inc. or co-underwriter Ramirez & Co., Inc. to begin the process of opening a new account. Visit https://www.ctgreenbank.com/how-to-buy-green-liberty-bonds for their contact information.

To help inform residents about the Green Bank’s mission and programs, including the 2021 Green Liberty Bond, the Green Bank will host a webinar on Thursday, April 15 from 7 – 8 pm. (register here: https://attendee.gotowebinar.com/register/5920454914183848720). The Preliminary Official Statement, notifications and bond information can be found at www.greenlibertybonds.com.

Modeled after the World War II Series-E bonds, which were purchased by more than 80 million Americans, Green Liberty Bonds are an opportunity for investors to take on the shared challenge of climate change and green infrastructure investment through the purchase of bonds. In November 2020, the Green Liberty Bond was honored by The Bond Buyer as the winner of Deal of the Year in the Innovative Financing category.

Like the previous issuance, these Green Liberty Bonds are expected to be labeled “Certified Climate Bonds” by the Climate Bonds Initiative, and compliance of the bond’s issuance with the Climate Bonds Standards will be verified by Kestrel Verifiers.

 

River Haven Cooperative Upgrades Heating Efficiency, Charge Up CT Buildings Program Delivers Free Electric Vehicle Charger for Residents

Apartment complex will be the first C-PACE project to receive a free EV charging station through Connecticut Green Bank program

Hartford, CT (March 30, 2021) – The Connecticut Green Bank is pleased to announce the closing of Commercial Property Assessed Clean Energy (C-PACE) financing at River Haven Cooperative Apartments in Stamford to replace an existing steam boiler and condensing domestic hot water (DWH) system. The apartment building will also be the first property to receive a free electric vehicle (EV) charging station through the Green Bank’s Charge Up CT Buildings campaign, which provides EV charging stations to properties using C-PACE financing through the Green Bank for a qualifying project. The Green Bank anticipates the installation of the electric vehicle charging equipment will happen this spring.

“The EV charging station provided by Charge Up CT program is a significant additional benefit of working with Green Bank.  The needed new boiler along with the enhancement from the on-demand hot water system is core to our community,” said Paul Goeser, on behalf of the River Haven Board. “As we look to the future, the EV charging station will assist our community as we move forward with electric vehicle choices.”

Built in 1960, the River Haven Cooperative is a six-story brick building with 114 units. The $213,691 in C-PACE financing will be used to replace an existing steam boiler with a new steam boiler and a new condensing domestic hot water (DHW) system. The existing steam boiler serves the space heating as well as DHW requirements at the building in conjunction with a newer second steam boiler. The project involves re-piping the system allowing the steam boilers to only serve the space heating and no longer serve the DHW requirements. The boiler will be installed by Edgerton, Inc. Heating & Air Conditioning in Monroe. After completion, the project is anticipated to save more than $360,000 in cost savings and 20,000 mmBTUs of energy over the 20-year estimated useful life of the equipment.

“Projects like this one are a triple win,” said Mackey Dykes, Vice President of Financing Programs at the Connecticut Green Bank. “The residents win because they are using unique, affordable financing to improve the comfort of their home, while using the Charge Up CT program to add an EV charging station for their cars. We are reducing the carbon footprint of this multifamily building through C-PACE, which is a win for the environment. We also take another step towards cleaner, more reliable transportation.”

The EV charging station will be installed in the River Haven Cooperative’s parking lot, for the exclusive use of residents and their guests. The equipment is manufactured by EVSE LLC, a subsidiary of Control Module that is based in Enfield, Connecticut. Bonner Electric of Uncasville will install the system. The River Haven Cooperative board hopes that the installation of the charger will encourage and enable more residents to own electric vehicles.

The Charge Up CT Buildings campaign was implemented to encourage property owners making energy efficiency upgrades using C-PACE to further modernize their buildings with EV chargers, positioning them to meet the growing demand for charging. The Green Bank hopes to see more properties, including commercial and industrial properties, take advantage of the Charge Up CT Buildings program before the April 30 deadline.

Learn about the special free EV charging station offer at www.chargeupct.com and more about C-PACE at www.cpace.com.

New Interactive Mapping Tool Shows Impact of Investment in Green Energy Economy Across Connecticut

Connecticut Green Bank’s MAYA tool provides municipal and regional details about the impact of Green Bank supported clean energy projects

Rocky Hill, CT (March 24, 2021) – The Connecticut Green Bank proudly announces the release of a new interactive digital tool that provides access to their database of green energy projects along with the impacts these investments are having across Connecticut. The Mapping Analysis of Your Area (MAYA) tool offers accessible impact data in categories that include: investment deployed; jobs created; tax revenue generated; public health benefits; energy outcomes; avoided emissions; greenhouse gas avoidance equivalencies.

“With nearly a decade of collected data available, the Green Bank wants to offer access to Connecticut residents, community groups, municipal leaders, legislators, and other stakeholders who can productively utilize this information. The MAYA tool allows everyone to see the measurable results of green energy investment in their communities and offers invaluable options to compare and contrast as they select policies and set goals,” said Green Bank Board of Directors Chairwoman Lonnie Reed.

The data presented in MAYA can be sorted across municipalities, counties, State Senate and State House Districts, U.S. Congressional Districts, and census tracts, including by area median income.

“It took some exploration to create an interface for the public, and we are pleased to introduce MAYA, a name we selected as an homage to Maya Angelou, famous American author, poet, and civil rights activist by whom our vision statement was inspired,” said Bryan Garcia, President and CEO of the Green Bank. “With so much data at our fingertips, it was important for us to share what has been accomplished through our network of partners, from lenders and contractors to the utilities, and the individual residents making green energy a part of their daily lives.”

Originated in 2011 as the nation’s first green bank, the Connecticut Green Bank has since supported the creation of more than 23,000 green energy jobs in the state, while reducing the energy cost burden on over 55,000 families, businesses, and nonprofits. This has been achieved by leveraging a public-private financing model that uses limited public dollars to attract multiples of private capital investments, mobilizing nearly $2 billion in total investment.

To access the MAYA tool, please visit www.ctgreenbank.com/maya

Low- and Moderate-Income Homeowners Offered 0% Interest Rate for Energy Upgrades through Smart-E Loan Program

Smart-E Loan Spring Special Offer has a 1.99% rate for all homeowners making energy improvements

 

Rocky Hill, CT (March 18, 2021) – As part of its Smart-E Loan Spring Special Offer, the Connecticut Green Bank announces 0% loan rates for Connecticut households that are at or below 80% Area Median Income (“AMI”) as defined by the “vulnerable communities” definition underneath Public Act 20-05 passed in the special session last fall. The Smart-E Loan unlocks financing for homeowners seeking to make home performance and energy upgrades, such as adding insulation, improving windows, updating heating, ventilation, and cooling (HVAC) systems with new boilers, furnaces, or heat pumps (air or ground source), installing electric vehicle charging stations, and adding battery storage to solar PV systems. Additionally, homeowners approved for assistance with crumbling foundations can qualify for 0% Smart-E loans. For all other homeowners, the rate will be lowered to 1.99%.

“The Smart-E Loan Spring Special is intended to further stimulate the recovery of the state’s clean energy economy by offering low interest rates to all homeowners for projects that reduce their energy cost burdens. By offering a special zero interest rate for lower income households, we hope to help these families reduce their energy bills, and improve the comfort of their home. With nearly 400 contractors registered in the Smart-E program, many local small businesses will also benefit from this promotion,” said Bryan Garcia, President and CEO of the Connecticut Green Bank.

The Smart-E Loan is made available through a network of nine participating local banks, credit unions, and a community development financial institution (CDFI) across the state.

Smart-E Loans through the Spring Special Offer are available for terms of 5, 7, and 10-years. Insulation, heat pump and window loans require completion of an Energize CT Home Energy Solutions (HES) assessment or proof of having completed an energy assessment within the last three years to qualify for the limited-time, reduced rate.

For more information please visit www.ctgreenbank.com/smart-e.

 

Solar MAP Guides Municipalities Through Solar Procurement Process for Public Buildings

Manchester, Mansfield, Portland, and Woodbridge are first to use Connecticut Green Bank Solar Marketplace Assistance Program

 

Rocky Hill, CT (March 9, 2021) – The Connecticut Green Bank is pleased to announce that Manchester, Mansfield, Portland, and Woodbridge are the first municipalities to take advantage of its Solar Marketplace Assistance Program, or Solar MAP. Solar MAP helps towns and cities navigate the process of going solar, more easily accessing renewable energy and achieving energy savings in their buildings. The process is allowing these towns to realize all the cost-saving benefits of going solar while receiving support in every step of the process, from identifying viable sites to soliciting installation services and arranging financing. In total, 14 solar system installations will be completed in these municipalities, accounting for 3.2 megawatts of energy generation, with $3.6 million in estimated total savings.

“We understand that the process of going solar can be challenging for municipal leaders and volunteers, so we designed Solar MAP to reduce obstacles for motivated towns and cities,” said Mackey Dykes, Vice President of Financing Programs. “We are excited to move forward with these municipalities, delivering cost savings when they need them most while also reducing their impact on the environment. We are eager to support more communities and are actively seeking participants for our next round of Solar MAP.”

To complete the installation of these solar systems, the Green Bank selected Greenskies Clean Energy, a national solar developer with headquarters in North Haven, as the winner of a competitive bid process. By aggregating multiple solar PV systems across participating municipalities in its solicitation for solar developers, the Green Bank was able to achieve competitive pricing through economies of scale, realizing even greater savings for the municipalities.

“Thanks to Solar MAP, we had the opportunity to bid on projects that may have never been developed otherwise. We are delighted to partner with the Green Bank and proud to work with these municipal leaders across the state to add more solar to the grid,” commented Stanley Chin, Greenskies president and CEO.

To support Solar MAP, the Green Bank partnered with CSW Energy, who was chosen through a competitive process, to provide technical support to evaluate buildings, such as town halls, emergency services buildings, and schools, for their solar potential. The Green Bank then provides financing for the solar systems through a power purchase agreement (PPA). Since 2014, the Green Bank Solar PPA has facilitated the installation of solar on municipal buildings with no upfront installation costs, no new debt to incur, and no operations and maintenance costs. Through the PPA, the municipality purchases the electricity generated by the solar array, and locks in low electricity cost so the cash flow is positive in year one.

Municipal leaders interested in learning about Solar MAP and participation in the next round of the program are encouraged to contact the Green Bank. In addition to working with trustworthy partners, Solar MAP ensures competitive pricing and support throughout the process.

If you want your town to participate in Solar MAP, ask your elected officials to contact the Green Bank. For more information, please visit https://www.ctgreenbank.com/solarmap-townsandcities/ or contact Emily Basham.

 Quotes from Participating Municipal Leaders

“Solar MAP was an easy and efficient way for the Town of Manchester to look at all of our sites and uncover energy savings. While we are very focused on our sustainability, it would have been much more difficult to identify and develop solar projects at nine town locations without the Solar MAP and our trusted partnership with Connecticut Green Bank,” said Manchester Mayor Jay Moran.

“Solar MAP simplified the process of going solar by connecting us with a trustworthy and knowledgeable partner in the Green Bank, who provided us the information we needed to confidently make decisions. The Green Bank identified solar opportunities at town sites, assisted us by connecting us with a qualified solar contractor and helped us access attractive financing,” said Portland First Selectwoman Susan Bransfield.

 

Connecticut Green Bank Presents 2020 Awards

PACEsetters and Smart-E Loan Top Performers recognized for their successful efforts in our communities

                              

Rocky Hill, CT (February 24, 2021) – In recognition of their contributions to the deployment of clean energy and demonstrated leadership in their industries in 2020, the Connecticut Green Bank has announced the honorees of their annual PACEsetter Awards and the Smart-E Loan Top Performers. Since 2012, the Green Bank has supported the creation of more than 23,000 job years and over 50,000 clean energy projects, thanks to our network of contractors, interested home- and building owners, and lending partners.

“Connecticut’s clean energy workforce has been strong and growing since 2015, until the pandemic caused a major setback. While the path to a full recovery will be long, our contractors are safely back to work — creating jobs, combatting climate change, and reducing energy burdens for families and building owners across the state. With this backdrop, we are particularly excited to recognize these projects and contractors that highlight the diverse ways our programs made a difference in our communities in 2020,” said Bryan Garcia, President and CEO of the Green Bank. “From boutique inns, churches, and community centers, to our homes and neighborhoods, clean energy is powering our daily lives and helping us prosper. In the face of a challenging year, these leaders demonstrate that we can create a thriving future in Connecticut.”

PACEsetter Awards Recipients

The Connecticut Green Bank’s PACEsetter Awards acknowledge contractors, building owners and other stakeholders who are advancing the green energy movement through C-PACE, and whose leadership establishes a “pace” for others in their field to follow. The award winners are a driving force behind the success of the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program, which has surpassed 330 closed loans and $184 million in total close project financing that are estimated to save $295 million in energy costs. These are the sixth annual PACEsetter Awards. 

C-PACE is an innovative program, administered by the Green Bank, which helps commercial, industrial, and non-profit property owners access affordable, long-term financing for qualifying energy efficiency and renewable energy improvements that are repaid through a voluntary assessment. As the program grows, more Connecticut businesses achieve lower energy costs and increase their bottom-line.

The Green Bank acknowledged both contractors and building owners across multiple categories for their work in 2020:

Outstanding Projects, 2020

Con Edison Solutions and Bridgeport Islamic Community Center, for their 75 kW solar installation at the Community Center, a Purchase Power Agreement repaid through C-PACE, which is producing electricity and helping to reduce costs.

 

Omega Church in New Haven and Complete Building and Mechanicals of Guilford, for their HVAC and lighting project – Complete Building and Mechanicals first C-PACE project – which will help the Church maintain safe, healthy operations year-round.

Marriot Residence Inn in Stamford, for their new construction project which is an outstanding example of the ability of C-PACE to support ground up new construction projects in the hospitality industry. This is also an example of Connecticut’s thriving open market for C-PACE, as Greenworks Lending, an active capital provider, made nearly $6.5 million in financing available to support the Marriot’s plan during COVID-19 and the economic challenges that it created.


West Lane Inn, a boutique 17-room inn in Ridgefield, and Eastern Mechanical Services, Inc. of Danbury, an HVAC contractor serving Fairfield County since 1985, for their project that removed an old oil heating system and replaced with efficient electric heat pumps that harness renewable energy (heat) from the environment, reducing costs and increasing guest comfort. This was the contractor’s first C-PACE project.

 

Marcus Communications, for a first-of-its-kind C-PACE project at their communications tower in Bolton. The solar arrays installed will provide clean and reliable energy power for communication and emergency services to a variety of customers and clients. This is the first time that C-PACE has been used to finance a project at a communications tower in the United States, according to PACENation, a national nonprofit association that advocates for PACE financing.

 

Accelerating PACE, 2020:

Verogy, a commercial solar developer headquartered in Hartford that has integrated C-PACE into their business model and became the first developer to offer their own C-PACE-backed Power Purchase Agreement, demonstrating a transformative approach to the market.

 

Smart-E Loan Top Performers

For 2020, the Green Bank is recognizing 17 Smart-E Loan Top Performers. In 2020, the Top Performers helped over 250 families across Connecticut make home energy improvements – allowing them to save money, reduce their carbon footprint, and live more comfortably in their homes. The Smart-E Loan offers homeowners no money down, low-interest financing for more than 40 qualifying projects that reduce energy use and lower utility costs. Since 2013, the Smart-E loan has enabled more than 4,000 families to make improvements with a projected lifetime energy cost savings over $70 million.

In partnership with nine participating local lenders, the Top Performers’ projects surpassed $4 million in closed Smart-E Loans. Financed projects included insulation and window upgrades, high efficiency heating and cooling solutions, rooftop solar PV, health and safety improvements, and more.

The Smart-E Loan Top Performers were chosen based on criteria including more than just closed loans. These contractors worked hard to integrate the Smart-E loan into their training and marketing, while providing high-level customer service. Despite the challenges created by the pandemic, these contractors were able to continue to increase access to clean energy solutions for homeowners.

The 2020 Top Performers (in alphabetical order; * denotes 2019 Top Performer recognition):

Connecticut Green Bank Announces 2021 Green Liberty Bond Poster Contest for High School & College Students

Six winning artists will receive a $1,000 Green Liberty Bond at a future issuance

 

Rocky Hill, CT (Feb. 22, 2021) – Attention Connecticut high school and college artists. The Connecticut Green Bank invites you to enter its 2021 Green Liberty Bond Poster Contest, where six entries will be selected as winners and receive a $1,000 Green Liberty Bond at a future insurance.

In July 2020, the Connecticut Green Bank issued its first Green Liberty Bond as part of the 50th anniversary celebration of Earth Day. Designed with U.S. War Bonds as an inspiration, the Green Bank used four posters as part of its marketing campaign to increase awareness. The 2020 Green Liberty Bond issuance generated nearly $17 million to support the Green Bank’s residential solar investment program, which helps homeowners add solar to their roofs.

Now, we are inviting current Connecticut high school and college/graduate students to submit posters tying together the themes of Green Bonds Us, Green Liberty Bonds, environmental justice, energy efficiency, renewable energy, and Connecticut.

Entries will be limited to the first 100 in each group (100 from high school students; 100 from college/graduate students), and six winners (three from high school entries; three from college/graduate entries) will be chosen. Winners will receive a $1,000 Green Liberty Bond (subject to full contest rules and requirements).

The contest runs through March 12, 2021 at 11:59 pm., and winners will be announced in late April in recognition of Earth Day.

Eligibility requirements, rules, and guidelines can be found at www.ctgreenbank.com/2021-green-liberty-bond-poster-contest.

Connecticut Green Bank Announces 2021 Webinar Series

“Promoting the Renewable Energy of Community” webinar series will focus on clean energy policy, financial innovation, social justice and cleantech progress

CT Green Bank 2021 WEBINAR series

Rocky Hill, CT (Feb. 16, 2021) – The Connecticut Green Bank announces its 2021  “Promoting the Renewable Energy of Community” webinar series.  Over the next year, these webinars will feature Green Bank staff and special guests speaking on topics such as clean energy policy, financial innovation, social justice and cleantech advances. The webinar series involves Connecticut Innovations as a technology partner, and the Public Utilities Regulatory Authority (PURA) as a regulatory partner exploring innovative regulatory structures to support the implementation of public policy.

The “Energy Trends and Transformations” webinar will start the series on Tuesday, March 2, from 12 to 1:30 pm. Katherine Hamilton, co-host of popular podcast The Energy Gang, will lead a conversation exploring the rapidly shifting U.S. policy and business landscape for clean energy, cleantech and climate. From the Biden Administration to Congress, attendees will learn what policy movements are underway, and what these changes mean for states and for clean energy project activity.

The first four webinars have been announced and registration is open now. Dates, times, and links are below, and more details about the currently scheduled and soon-to-be-announced webinars can be found at https://www.ctgreenbank.com/2021webinarseries/

Webinar Dates and Registration Links:

Energy Trends and Transformations, Tuesday, March 2, from 12 – 1:30 pm EST

Environmental Finance, Wednesday, March 10, 12 – 1 pm EST

Financial Innovation: Ways to Invest in the Green Economy, Wednesday, April 14, 12 – 1 pm EST

Earth Day Conversation, Thursday, April 22, 12 – 1 pm EST

 More webinars will be announced in the coming weeks.

Historic Inn Turns Up the Heat: The West Lane Inn Replaces Old Oil Burning System with Energy Efficient Electric Heat Pumps

Using C-PACE financing through the Connecticut Green Banks, The West Lane Inn takes advantage of immediate energy and monetary savings

Ridgefield, CT (Jan. 27, 2021) – The innkeepers of The West Lane Inn in Ridgefield and the Connecticut Green Bank are pleased to announce the completion of a Commercial Property Assessed Clean Energy (C-PACE) financed energy efficiency project at their inn, located at 22 West Lane. The project replaced an old oil-burning heat system with a new heat pump system designed to handle the heating and cooling needs of the 17-room historic property.

The innkeepers, Christine Carnicelli and Danille Petrie, who purchased the inn in the fall of 2019, are working hard to balance the colonial charm of the 1840s building with the need for modern amenities. As they are making cosmetic changes to the inn, they realized an upgrade was needed on their boiler.

“When guests come to stay at our inn, we want them to have the most relaxing, cozy experience possible. By adding a new heat pump system, we are able to keep rooms comfortable all year long,” said Christine. “The new system is also more energy efficient, and better for the environment, which fits with Ridgefield’s country surroundings.”

Eastern Mechanical Services, Inc. of Danbury, an HVAC contractor serving Fairfield County since 1985, installed the new equipment. The balance of the project cost, after utility incentives and owner equity, will be paid off over 10 years through the C-PACE assessment. This allows the owners to reap the energy saving benefits immediately while paying for the improvement over time. While the heat pumps will increase electricity usage, the system is replacing a more expensive oil system, which creates an overall energy cost savings that could exceed the project cost over the estimated useful life of the new equipment.

The new in-room units are much smaller (and more efficient) than the previous units.

“We are always excited when a new type of property, in this case a boutique inn, takes advantage of C-PACE to improve their energy efficiency. This is also a great example of progress toward the State’s goal of electrifying buildings,” said Mackey Dykes, Vice President of Financing Programs at the Connecticut Green Bank. “Commercial properties of all sizes should look at their HVAC systems for opportunities to unlock savings.”

While COVID-19 created new challenges for the innkeepers in 2020, they are hopeful about the future.

“We know that people are anxious to start travelling again and enjoying communities like Ridgefield. Our inn is ready to accommodate their stays and their events, especially in warmer months,” said Danille. “Our new heat pumps also provide air conditioning!”

Learn more about the West Lane Inn at https://westlaneinn.com/.  Learn more about the C-PACE program at www.cpace.com.

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first green bank. The Green Bank’s mission is to confront climate change and provide all of society a healthier, more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com

 About the West Lane Inn

The West Lane Inn, built in 1849, combines the charm of an intimate country inn with many conveniences of a hotel. For those seeking a special getaway, we are situated in the historic district of Ridgefield, CT, one of New England’s most scenic colonial towns. With 17 beautifully appointed rooms, guests may choose from three different room layouts all with charming decor and private bath.

Deadline Extended on Program Offering Free EV Charging Stations to Commercial Properties Using C-PACE Financing for Efficiency Projects

Charge Up CT Buildings campaign pairs growing EV demand with need for property efficiency

Rocky Hill, Conn. (December 16, 2020) – The Connecticut Green Bank announces a deadline extension on its Charge Up CT Buildings program, an initiative that offers free electric vehicle (EV) charging stations to commercial property owners who use Connecticut Green Bank C-PACE financing. The new deadline is April 30, 2021. Originally launched in January 2020, the initiative was put on hold in March due to COVID-19 restrictions and restarted in September.  With dozens of inquiries already submitted, the Green Bank anticipates many other property owners will express interest in the coming months.

C-PACE (Commercial Property Assessed Clean Energy) is an innovative financing tool that provides building owners with access to 100% financing for energy improvements, realize positive cash flow immediately, and create more comfortable, efficient buildings. C-PACE can also support building owners in reducing operating expenses and increasing cash flow, providing a vital lifeline to help businesses get through tough economic times. Plus, the Green Bank is currently offering flexible payment options for new borrowers that let them choose to defer or pay interest-only on initial payments, offering borrowers ways to improve their building and save energy while freeing up cash and receiving immediate financial relief.

The addition of free EV charging equipment means property owners leveraging C-PACE won’t just be using the clean energy financing mechanism as a tool to improve their financial position in the near term, but also to modernize their buildings and position them more competitively in the future. Whether building tenants are commercial or residential, as the EV market continues to grow, properties with charging stations can lead the way.

To qualify for a free EV charging station, energy saving projects must utilize at least $150,000 in Green Bank C-PACE financing with at least 20% of the total project costs going toward non-renewable measures. Larger projects may be eligible to receive up to three electric vehicle charging stations. Connecticut Green Bank’s C-PACE team will work with building owners to determine if their project is eligible for the C-PACE program and Charge Up CT Buildings incentive. 

For more information about the initiative, please visit https://chargeupctbuildings.com/  or call 866-324-0099.