Connecticut Green Bank Subsidiary Closes Second Investment Offering, Raises More than $300,000 in Total 

Offering provided an opportunity for citizens to invest as little as $100 to support Green Bank’s mission to confront climate change through Eversource’s Small Business Energy Advantage Program 

Hartford, CT (May 18, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, has closed their spring crowdfunding investment offering, successfully bringing their total raise to $303,635 this year. This offering is the second-of-its-kind, continuing the success of a January offering, made possible through a partnership with Raise Green, a regulation climate tech marketplace for local impact investing. The Green Liberty Notes allow citizens to invest in the Green Bank’s mission to confront climate change with as little as $100. 

“In total, we have raised more than $300,000 from everyday people who want to support our mission and small business energy efficiency, using lower minimum investments,” said Bryan Garcia, President and CEO of the Green Bank.  

The Green Liberty Note was created as an investment companion to Green Liberty Bonds, which have been offered in $1,000 minimums to retail and institutional investors through brokerage firms. To attract more investors, the Notes program offers one-year maturity notes, with $100 minimums, that are easy to purchase through an online platform without a broker. To date, 86 investments of $1,000 or less have been made.    

The latest offering’s coupon, which is set with each new issuance, was 1.50%. Future issuances are anticipated quarterly, with summer and fall offerings in the works. 

“With a rate on par or better than a comparable term certificate of deposit, and much better than a traditional savings account, we are encouraging investors to add a Green Liberty Note to their portfolio because it earns a solid return and makes a difference for small businesses making their operations more energy efficient,” said Bert Hunter, Executive Vice President and Chief Investment Officer of the Green Bank.    

Investment by everyday citizens in Green Liberty Notes supports Eversource’s Small Business Energy Advantage (SBEA) program, administered through the Conservation and Load Management Plan, which helps small businesses reduce their energy consumption through deploying energy efficient equipment. As a result of the climate benefits associated with this program, the offering was reviewed and verified for its environmental attributes by Kestrel Verifiers. 

To sign up for notifications about future offerings, please visit invest.ctgreenbank.com.   

Connecticut Green Bank Subsidiary Launches Second Investment Offering through Raise Green Crowdfunding Platform

Offering provides an opportunity for citizens to confront climate change through investment that supports small business energy efficiency in Connecticut 

 

Hartford, CT (April 13, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly announces their second Green Liberty offering, a crowdfunding campaign launched in partnership with Raise Green, a social and environmental marketplace for impact investing. This offering builds upon the success of a similar offering in January that allowed citizens to invest in the Green Bank’s mission to confront climate change with as little as $100.  

“We were encouraged by the interest in our first Green Liberty offering, which reached 180% of our target in a month,” said Bryan Garcia, President and CEO of the Green Bank. “Through lower investment minimums, more everyday people are empowered to help us combat climate change and earn a return on their money by supporting energy efficiency for small businesses. Raise Green’s crowdfunding platform makes investing accessible to residents in Connecticut and across the country. In our first offering, we had investors representing 25 states, motivated to make a difference. Our second offering is a great way to mark Earth Month and celebrate the 52nd Earth Day.” 

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, the Green Liberty offering has been reviewed and verified for its environmental attributes by Kestrel Verifiers. 

For more information about the investment opportunity, please visit invest.ctgreenbank.com 

Enhancements to C-PACE for New Construction Announced

Improvements to State’s Commercial Property Assessed Clean Energy (C-PACE) program provide developers, capital providers, and borrowers easier access to financing

 

Hartford, CT (April 12, 2022) – Changes to the guidelines for Connecticut’s Commercial Property Assessed Clean Energy (C-PACE) program will create enhanced opportunities for developers of new construction, repositioning, and gut rehabilitation projects to take advantage of this innovative financing tool. Developers and borrowers can access up to 35 percent of the total eligible construction costs (TECC) in C-PACE financing based on the building’s designed energy performance. Typically, C-PACE financing offers a lower cost capital than other types of debt and equity comprising the capital stack on these projects, generally allowing for an overall lower weighted cost of capital. The changes were approved on March 25 by the Board of Directors of the program administrator and lender Connecticut Green Bank.

Key enhancements to the technical standards and approval process for C-PACE financing for new construction, repositioning, and gut rehabilitation projects:

  • The minimum energy performance threshold to access C-PACE financing has been lowered.
  • Projects must be designed above code (5 percent above IECC 2021 or 10 percent above IECC 2018 and prior) to receive C-PACE financing up to 20 percent of TECC.
  • An additional, more rigorous option has also been added to promote even higher energy performance above code and access to greater C-PACE financing. Construction either 10 percent above IECC 2021 or 20 percent above IECC 2018 & prior unlocks up to 25 percent of the TECC in C-PACE financing.
  • Developers have the option of accessing an additional 5 percent in TECC financing by incorporating two bonus technologies into the project design or an additional 10 percent for adding four bonus technologies.
  • Developers can also design projects to be all-electric and to achieve net zero to access 35 percent of TECC in financing.
  • In order to demonstrate the level of energy performance above code, projects will use a whole building energy model approach. In addition, eligible Multifamily properties will also have the option to use the HERS Index as a pathway to demonstrate the project meets minimum energy performance levels. Since many new multifamily properties are using HERS Index to access incentives through the Residential New Construction Program run by the Connecticut utilities, this change should allow greater access to financing for these projects.

“We believe these revisions to our approval process for new construction projects will encourage developers to design projects to higher energy performance goals and provide greater access to C-PACE financing,” said Mackey Dykes, Vice President of Financing Programs of the Green Bank.

The bonus technologies were chosen to promote emerging clean energy technologies, resilience, state policy goals, and energy transition goals. These technologies include electric vehicle charging stations, battery storage systems, high-efficiency heat pumps and heat pump water heaters, fuel cells, and solar photovoltaic systems. Since originally launching as a pilot in 2018, six new construction projects have closed for a total of more than $27 million in C-PACE financing. These projects included three multifamily properties, two hotels and one office building, highlighting the fact that C-PACE can work for buildings of all types. The revisions to the program are expected to decrease barriers and enable more projects to use C-PACE financing.

The Green Bank will also continue to offer C-PACE financing for energy efficiency and solar projects on existing buildings based on its existing processes, a popular option for building energy retrofits that will help more than 350 Connecticut businesses and nonprofits save over $300 million in energy costs.

For more information about how C-PACE financing can support new construction, repositioning, and gut rehabilitation projects, please contact the Green Bank at www.cpace.com/contact.

Connecticut Green Bank Presents 2021 Awards

Top performing commercial and residential green energy contractors and other stakeholders recognized for their contributions to our communities

Hartford, CT (March 28, 2022) – In recognition of their contributions to the deployment of clean energy and demonstrated leadership in their industries in 2021, the Connecticut Green Bank has announced the honorees of their seventh annual awards. The awards recognize key partners in the dedicated network of contractors, developers, lending partners, community leaders and home- and building-owners who have supported the Green Bank in the creation of more than 25,600 job years and over 60,000 clean energy projects since 2012. The 2021 awards recognize 27 contractors who are offering Green Bank’s Home Solutions or Building Solutions programs and are performing at a high level and developing outstanding projects, as well as recognizing other Green Bank partners.

“Each year, selecting contractors and projects to award is a challenge because there are so many people and organizations forging the way to a thriving clean energy future in our state,” said Bryan Garcia, President and CEO of the Green Bank. “While all industries have faced challenges due to the global pandemic, Connecticut’s clean energy economy has proven more resilient than that of other states in the region and the nation overall. This is thanks to the continued collaboration between state leaders and agencies, our utility partners, and the contractors, lenders and residents and building owners who understand the benefits of combatting climate change and reducing energy burdens.”

Here are the award recipients for 2021:

Building Solutions

2021 – C-PACE Outstanding Project

Redevelopment project at One Park Road in West Hartford. This project is an outstanding example of the ability of Commercial Property Assessed Clean Energy (C-PACE) financing to support the redevelopment of historic properties. This $70 million project received $13.7 million in C-PACE financing from CastleGreen Finance, LLC (a C-PACE capital provider and an affiliate of X-Caliber Capital), supporting the conversion of a 135-year-old convent to a 292-unit multi-family housing complex, allowing the Sisters of St. Joseph of Chambéry to remain in their home. The project, developed by Lex-Laz West Hartford, LLC, an affiliate of Lexington Partners LLC, was also made possible by Martin Kenny and Alan Lazowski, the Town of West Hartford and Liberty Bank. The project is the largest C-PACE project closed in the State of Connecticut to date.

2021 – Solar PPA Outstanding Project

Solar installation at Ridgefield High School. The Green Bank honors Con Edison Solutions and the Ridgefield Board of Education for their 319.95 kW solar installation at Ridgefield High School. The solar system was installed through a Power Purchase Agreement (PPA) which is producing electricity and is estimated to help Ridgefield achieve more than $450,000 in savings over the 20 year-term.  This is the fourth project the Town of Ridgefield has developed in partnership with the Green Bank.

Home Solutions

2021 – Residential Solar Investment Program – Top Newcomer – Green Power Energy

In only their second year in the Residential Solar Investment Program (RSIP), Green Power Energy installed more than 1 megawatt (MW) of solar PV systems in 2021 through the program. Since entering the state’s residential market in 2020, they have quickly grown into one of the highest volume residential solar PV contractors in Connecticut. Green Power Energy recently opened a Connecticut location in Durham with a staff of 15. Since 2020, Green Power Energy has installed a total of 212 projects for 2.5 MW of capacity.

2021 – Residential Solar Investment Program – Top Local Performer – Earthlight

Connecticut-based installer Earthlight had more than a MW of solar PV approved in 2021 through the RSIP. With 2.4 MW, Ellington-based Earthlight has demonstrated that local installers are continuing to grow their business with residential solar. Earthlight has participated in the RSIP since 2013 and has grown into one of Connecticut’s largest local installers of residential solar PV. Since 2013, Earthlight has installed a total of 1,380 projects for 13.6 MW of capacity.

2021 – Smart-E Loan – Top Performers

For 2021, the Green Bank is recognizing 24 Smart-E Loan Top Performers. In 2021, the Top Performers helped over 450 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 6,000 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 $91 million in closed Smart-E Loans. Financed projects included insulation and window upgrades, high efficiency heating and cooling solutions, rooftop solar PV and battery storage systems, health and safety improvements, and more.

The 2021 Top Performers (in alphabetical order; * denotes 2020 Top Performer recognition):

  • 20/20 Air Mechanical (New Milford)
  • Absolute Air Services LLC (Portland)*
  • Advanced Heating and Air Conditioning (South Windsor)
  • Aiello Home Services LLC (Windsor Locks)
  • Benvenuti Oil (Waterford)*
  • Busy Bee Services (Burlington)
  • Campbell Cooling LLC (Newington)
  • Celco Heating and Air Conditioning (Bridgeport)
  • Deitch Energy LLC (Hartford)
  • Ductworks HVAC Services (Southington)
  • Energy Unlimited, LLC (Bolton)*
  • Glasco Heating & Air Conditioning Inc. (South Windsor)*
  • Highland Window Co. (West Hartford)*
  • Home Comfort Heating and Cooling Solutions, LLC (East Haven)*
  • Homestead Fuel, Inc. (Ellington)*
  • Link Mechanical Services Inc. (New Britain)*
  • Nutmeg Mechanical Services, Inc. (Manchester)*
  • Omni Mechanical Services (South Windsor)
  • R&W Heating Energy Solutions LLC (Salem)*
  • Ralph Mann & Sons Inc. (Ansonia)*
  • Ryan F. Murphy Heating & Cooling LLC (New Milford)*
  • Service Stars (Danbury)
  • SolvIt, Inc. (Plainville)*
  • Viglione Heating & Cooling Inc. (East Haven)*

Webinar Series on Energy Storage Solutions

Webinars will focus on battery storage for homeowners, policy and partnership between administrators, and technical assistance for affordable multifamily properties

Hartford, CT (March 8, 2022) – Clean Energy Group (CEG) and the Connecticut Green Bank are hosting a webinar series in March on Connecticut’s new Energy Storage Solutions Program, launched by Connecticut’s Public Utilities Regulatory Authority (PURA) in January. The program is a nation-leading, nine-year effort to develop 580 MW of new distributed energy storage behind residential and commercial customer meters in Eversource and United Illuminating (UI) territories. Energy Storage Solutions combines equipment rebates with performance payments to support and encourage new behind-the-meter battery storage installations, with additional incentives for participants from historically underserved communities.

The first webinar in the series, titled “Connecticut’s New Energy Storage Solutions Program: How it Provides Benefits to Ratepayers, Participants and the Grid,” was held on March 1. The recording of that session can be found at https://www.cleanegroup.org/webinar/connecticuts-new-energy-storage-solutions-program/.

“Attendance at the first webinar was excellent, showing how much interest and excitement PURA’s new initiative has generated in Connecticut,” said Bryan Garcia, President and CEO of the Connecticut Green Bank, and co-moderator of the webinar series. “We want to encourage everyone to learn about battery storage technology and the incentives available. This program can improve your family’s resilience during power outages and help your community become more secure in the face of climate change.”

“The Energy Storage Solutions program is designed to capture the benefits of battery storage for electric customers, lowering energy supply costs for all and providing direct benefits to participating customers,” said Josh Ryor, Director of Utility Programs and Initiatives at the Connecticut Public Utilities Regulatory Authority. “The webinars announced today will support customer adoption and help other states replicate Connecticut’s innovative program design. We look forward to working with the Green Bank and the electric utilities to deliver on the promise of this program in the years to come.”

 

Energy Storage Solutions for Homeowners, Tuesday, March 15 from 11 am – 12 pm ET

This session is for residential customers interested in learning more about Energy Storage Solutions. Whether you have an existing solar system, are thinking of adding one, or want to have standalone batteries, this session will provide information on the process.

Register here: https://attendee.gotowebinar.com/register/6027895898576114959

Putting the Policy into Practice: How the Green Bank, Eversource and Avangrid will Partner on Connecticut’s Energy Storage Solutions Program, Tuesday, March 15, from 3 – 4 pm ET

Energy Storage Solutions features a Justice40 goal (40 percent of the new energy storage installations should be in low-income or underserved communities). This webinar will explain how the program incentives work, who can participate, and where to get information and assistance.

Register at https://register.gotowebinar.com/register/4352152217244856590.

How CEG and CT Green Bank are Helping Connecticut Affordable Housing Facilities Install Resilient Solar+Storage, Tuesday, March 29, from 3 – 4 pm ET

In order to support resilient solar+storage installations in multifamily affordable housing facilities – among the most challenging sectors for clean energy development – the Green Bank has partnered with CEG to offer project-specific technical assistance grants for pre-development feasibility studies. This webinar will show examples of the kind of technical assistance developers and facility managers can qualify for, and explain the process to apply. This webinar will also include participation from an affordable housing developer, who will speak to their experience navigating the resilient power process.

Register at https://register.gotowebinar.com/register/9213977130991401741.

More information about the incentive program can be found at www.energystoragect.com.

 

2021 Post-Issuance Green Bond Report released

Feb. 22, 2022 – The Connecticut Green Bank has released its 2021 Post-Issuance Green Bond Report that contain the third-party verifier’s reports on the use of funds as well as internal reporting regarding the impact of the funds raised through our bond issuances. This report includes the 2020 and 2021 Green Liberty Bonds that were back by Solar Home Renewable Energy Credits (SHRECs). The Green Bank views Green Bonds as a key tool to raise the needed capital to confront climate change and other pressing environmental issues. Bond issuances are a cost-effective method for sourcing capital, and, as we demonstrated through the Green Liberty Bonds issued in 2021, are an excellent opportunity to engage the community. Through these Bonds, we grow awareness of climate issues and provide a way for more people to invest in solutions. We truly believe that green, the environment, bonds (unites) us.

The report can be accessed here:  https://www.ctgreenbank.com/strategy-impact/reporting-transparency/

Connecticut Green Bank surpasses $2 billion in total investment into state’s green economy

Fiscal year 2021 annual report highlights 10 years of cumulative success of nation’s first green bank

 

Hartford, CT (Feb. 14, 2022) – In fiscal year 2021, the Connecticut Green Bank exceeded $2 billion of cumulative investment in the state’s green economy, according to the Green Bank’s recently released annual report. Since July 2011, the Green Bank has mobilized $288.4 million in public dollars to attract $1.85 billion in private investment, a leverage ratio of $7.40 for every $1.

The Green Bank measures the impact of the deployment of renewable energy and energy efficiency to families, businesses, and communities in terms of economic development, environmental protection, equity, and energy (E4 metrics). These statistics can be found on page two of the annual report.

“Our annual report, as well as our annual Comprehensive Financial Report, provides us with an opportunity to share our accomplishments and progress towards achieving our E4 metrics’ goals while demonstrating our commitment to transparency. We develop and promote these reports so that our elected officials, investors, Connecticut residents and businesses, industry leaders, and other key stakeholders can see the positive impact Connecticut’s green bank is making in our communities,” said Bryan Garcia, President and CEO of the Green Bank.

Some highlights of the fiscal year 2021 include:

  • The Residential Solar Investment Program (RSIP) surpassed its public policy target of 350 megawatts of solar deployment one year ahead of schedule, with $1.33 billion of investment and more than 43,000 homes adding solar. The program has ensured equitable access for low-to-moderate income families, making Connecticut a “solar with justice” state.
  • A second successful issuance of Green Liberty Bonds sold nearly $25 million of bonds to retail and institutional investors in the two-day period, with almost $100 million in demand, in April 2021.
  • The Smart-E Loan, which allows homeowners to finance energy upgrades improvements through a network of local community banks and credit unions, surpassed $100 million of investment.
  • The State’s Commercial Property Assessed Clean Energy (C-PACE) program exceeded $200 million of total investment across more than 348 energy efficiency and renewable energy projects.
  • More than $100 million of investment to deploy solar on nearly 200 commercial and industrial buildings, including state and municipal facilities and nonprofit organizations.

To access the FY21 report, please visit https://www.ctgreenbank.com/fy21-annual-report/ and watch our short videos on our progress on investment, environmental impact and economic impact.

 

Connecticut Green Bank Subsidiary Closed Successful First Crowdfunding Offer with Over $180,000 Raised in a Month

Offering provided an opportunity for citizens to support Green Bank’s mission to confront climate change through investment in Eversource’s Small Business Energy Advantage Program

Investors from 25 states participated in the first offering.

Hartford, CT (Jan. 24, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, has closed their first crowdfunding investment offering, successfully raising 180% of its target ($180,000) in a month. This first-of-its-kind offering was launched on Dec. 14, 2021, in partnership with Raise Green, a regulation climate tech marketplace for local impact investing. The Green Liberty Notes allowed citizens to invest in the Green Bank’s mission to confront climate change with as little as $100.

“It has become part of our mission to create investment opportunities for everyday people, allowing them to help directly combat climate change, through offerings with lower investment minimums,” said Bryan Garcia, President and CEO of the Green Bank.  “We are excited by the public reception of our first Notes offering, both from families in Connecticut to citizens across 24 other states who are supporting energy efficiency projects for small businesses across Connecticut.”

This initial offering of one-year maturity 1% coupon notes received an average investment of $1,600 and 75% of investments were $1,000 or less. Future issuances of Green Liberty Notes are expected every three months.

“For several years now, the Green Bank has been expanding its distribution channels to reach a broad cross section of investors – from the most sophisticated institutional ESG investors to everyday retail investors. This digital channel through the Raise Green crowdfunding platform is another innovation we’re using to bring access to our investment portfolio to even small-dollar investors across the USA,” said Bert Hunter, Executive Vice President and Chief Investment Officer of the Green Bank

Green Liberty Notes support Eversource’s Small Business Energy Advantage (SBEA) program, administered through the Conservation and Load Management Plan. As a result of the climate benefits associated with this program, the offering has been reviewed and verified for its environmental attributes by Kestrel Verifiers.

To sign up for notifications about future offerings, please visit invest.ctgreenbank.com.

###

 

Connecticut’s Clean Energy Industry More Resilient During Pandemic Than That of Other States in Region, Nation

Industry is well-positioned for growth, according to state’s second Clean Energy Industry Report from the Joint Committee of the Energy Efficiency Board and the Connecticut Green Bank Board of Directors

Hartford, CT (Jan. 24, 2022) – Connecticut’s clean energy industry has remained resilient and is positioned for future growth, despite the continued impact of the COVID-19 pandemic, according to the recently released 2021 Connecticut Clean Energy Industry Report. This report highlights that Connecticut’s clean energy economy was more resilient than other states in the region and the nation overall. Total clean energy employment in Connecticut declined by only six percent in 2020 to 41,488 jobs; compared to a nationwide energy employment decrease of nine percent and neighboring state declines ranging from seven to 16 percent.

A webinar presenting the report’s findings to press, industry partners, and other stakeholders will be held on Wednesday, Feb. 2, from 12 to 1 pm. To register for the webinar, visit https://attendee.gotowebinar.com/register/1737419007598298123.

“The pandemic required the energy efficiency industry to reimagine how to conduct business safely in Connecticut. I am proud of the quick and meaningful actions taken by DEEP, DECD, the Connecticut Green Bank, the Energy Efficiency Board, our clean energy contractors, and our utility program administrators, in close collaboration, placing Connecticut at the top of the pack regionally and nationally in preserving our critical clean energy workforce,” said Governor Ned Lamont.

“At a time when good paying jobs in a growth industry and continued efforts to combat the climate crisis are essential, this report demonstrates the resilience of our clean energy industry, supported by state initiatives such as EnergizeCT and CareerConneCT, and the potential to leverage federal ARPA and Bipartisan Infrastructure Act funding for further growth.”

With the majority of COVID-19 related job losses incurred in March through May 2020, the industry in Connecticut had steady, modest growth from June through December. Clean energy contributions to statewide Gross Regional Product (GRP) increased by two percent between 2019 and 2020, an overall increase of 14 percent since 2017. These GRP contributions totaled nearly $6.64 billion, almost three percent of the state’s GRP.

This is the second industry study produced by the Connecticut Green Bank, Department of Energy and Environmental Protection, Eversource, and United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas, subsidiaries of AVANGRID Inc., operating through the Joint Committee of the Energy Efficiency Board (EEB) and the Connecticut Green Bank Board of Directors.

“Reducing the negative impact of the pandemic on our clean energy industry required significant collaboration between government, industry and key stakeholders,” said Neil Beup, EEB chair. “Through these conversations and efforts, Connecticut was able to preserve much of the progress made by the clean energy sector over the last decade while maintaining a positive outlook for the future.”

Based on analysis from BW Research, employment in this report is broken out into five major technology sectors and clean energy-specific sub-technologies. The major clean energy sectors are: energy efficiency; clean energy generation; alternative transportation; clean grid and storage; and clean fuels.

Some other highlights include:

  • Throughout 2020, clean energy employment losses in Connecticut were lower compared to the overall statewide economy, the national clean energy labor market, and other clean energy economies in the Northeast, like Massachusetts and Rhode Island.
  • The number of firms conducting alternative transportation and clean grid and storage work increased between 2019 and 2020.
  • Alternative transportation firms grew in 2020 by nearly seven percent, led by job growth in the hybrid electric and electric vehicle sub-sectors.
  • Finding qualified workers continued to be an obstacle for firms in 2020, with fewer firms hiring, and more firms indicating difficulty hiring.
  • The clean energy workforce became more diverse in 2020, as the proportion of Hispanic/Latinx and Black/African American workers grew.

“This report delivers the good news that Connecticut is providing Clean Energy companies with the encouragement they need to remain robust and resilient through tough times. Despite the downturn triggered by the pandemic, Connecticut’s clean energy industry is suffering fewer job loses than the national average and their business leadership is staying positive and innovative,” said Lonnie Reed, Chair of the Connecticut Green Bank. “Continued support from state leaders combined with new policies and programs launching in 2022 will help grow the industry, reduce the energy burden on vulnerable communities and strengthen our ability to confront climate change.” 

The report also highlighted the ongoing need for more workers in the industry.

“While many firms were not hiring, those that were faced difficulty filling open positions,” said Brenda Watson, Chair of the Joint Committee of the Energy Efficiency Board and the Connecticut Green Bank and Executive Director of Operation Fuel. “The clean energy industry is helping our families and businesses reduce energy costs while creating well-paying jobs. We must work with many community-based organizations, to not only widen the jobs funnel, but develop a clear pathway for Hispanic, Black and women workers to increase their presence in the industry.”

To access the full report, please www.ctgreenbank.com/2021-CT-Clean-Energy-Industry-Report. To register for the webinar presenting the report’s findings on Wednesday, Feb. 2, from 12 to 1 pm, visit https://attendee.gotowebinar.com/register/1737419007598298123.

 

About Energize CT and the Joint Committee:

Energize CT is an initiative of the Energy Efficiency Fund, the Connecticut Green Bank, the Connecticut Department of Energy and Environmental Protection (DEEP), United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas, subsidiaries of AVANGRID Inc., and Eversource, with funding from a charge on customer energy bills. Learn more at www.energizect.com.

Joint Committee

Pursuant to Section 16-245m(d)(2) of the Connecticut General Statutes, the Joint Committee shall examine opportunities to coordinate programs and activities contained in the plan developed under Section 16-245n(c) (i.e., Comprehensive Plan of the Green Bank) with the programs and activities contained in the plan developed under Section 16-245m(d)(1) (i.e., Conservation and Load Management Plan), and to provide financing to increase the benefits of programs funded by the plan developed under Section 16-245m(d)(1) so as to reduce the long-term cost, environmental impacts, and security risks of energy in the state.

To support the Joint Committee, the following is a principal statement to guide its activities: The Energy Efficiency Board and the Connecticut Green Bank have a shared goal to implement state energy policy throughout all sectors and populations of Connecticut with continuous innovation towards greater leveraging of ratepayer funds and a uniformly positive customer experience.

###

Connecticut Launches Statewide Battery Storage Program with Green Bank and Utilities to Jointly Administer Incentives to Improve Resilience and Benefit Ratepayers

Customer Incentives Now Available, Additional Incentives for Underserved Communities and Customers Hardest Hit by Severe Weather
 
(New Britain, CT – Jan. 18, 2022) – Connecticut’s Public Utilities Regulatory Authority (PURA) launches Energy Storage Solutions, a statewide electric storage program for all Eversource and United Illuminating (UI) residential, commercial, and industrial customers in an effort to foster a more reliable and resilient electric distribution system, especially for vulnerable communities.

Energy Storage Solutions will be administered by the Connecticut Green Bank, along with Eversource and UI. The nine-year program officially launched on January 1, 2022, and will continue through at least December 31, 2030.

Average upfront incentives for residential customers will initially be around $200 per kilowatt-hour (kWh), with a maximum per project incentive of $7,500. Commercial and industrial customers will also be eligible for upfront incentives, with a maximum incentive of 50% of the project cost. Residential, commercial, and industrial customers will all be eligible for performance incentive payments based on the average power an electric storage project contributes to the grid during critical periods.

Additional incentives will be available for those who would most benefit from increased resilience measures, such as low-income customers, customers in underserved communities, small businesses, and customers who historically experience the most frequent and longest duration storm-related outages.

“We are combatting the climate crisis and building our economy by making investments that promote environmental justice, healthier communities, affordable energy, and expanded jobs and opportunity. Adding a statewide electric storage program to our toolkit will play a vital role in these efforts and I thank the entire PURA team and our legislative partners for their leadership on this initiative,” said Governor Ned Lamont.

Development of the Energy Storage Solutions was informed by objectives outlined in Public Act (PA) 21-53, which establishes a statewide goal of deploying 1,000 megawatts (MW) of energy storage by year-end 2030. Governor Ned Lamont signed the unanimously bipartisan-supported legislation into law in June, making Connecticut the eighth U.S. state to issue an energy storage deployment target.

“Public Act 21-53 put Connecticut on the map as a potential leader in realizing the benefits of energy storage. The launch of Energy Storage Solutions builds on that vision by establishing a statewide comprehensive program that not only incorporates different applications and types of electric storage, but ensures the state is on a path to achieving 1,000 MW by 2030,” said PURA Chairman Marissa P. Gillett. “The Green Bank, working in collaboration with the utilities, will help ensure that our families and businesses, especially those within vulnerable communities, access the important benefits that electric storage provides in terms of resilience and modernizing the grid.”

“The strategic deployment of energy storage is a critical element in our planned transition to a more renewable energy future,” said Senate Chair of the Energy & Technology Committee Norm Needleman (D-Essex). “I am very pleased that the launch of the Energy Storage Solutions program capitalizes on the momentum generated by last year’s bipartisan legislation and I look forward to the resilience benefits it will bring to our communities.”

“The launch of this program is a step forward to achieving the long-term goal of strengthening our grid reliability and greenhouse gas reduction targets,” said House Chair of the Energy & Technology Committee David Arconti (D-Danbury).  “When there is more energy storage powered by renewables, fewer fossil fuel units will be needed for grid reliability, and that certainly is a great start.”

The Green Bank, Eversource Energy, and United Illuminating are partnering to bring customers Energy Storage Solutions overseen by PURA and paid for by electric ratepayers. Customers interested in learning more should visit www.energystoragect.com.

 

 

About PURA

The Public Utilities Regulatory Authority (PURA) is statutorily charged with regulating the rates and services of Connecticut’s investor owned electricity, natural gas, water and telecommunication companies and is the franchising authority for the state’s cable television companies.  In the industries that are still wholly regulated, PURA balances the public’s right to safe, adequate and reliable utility service at reasonable rates with the provider’s right to a reasonable return on its investment. PURA also keeps watch over competitive utility services to promote equity among the competitors while customers reap the price and quality benefits of competition and are protected from unfair business practices.

 

About the Green Bank

The Connecticut Green Bank is the nation’s first green bank. Its mission is to confront climate change and provide all of society a healthier and more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy.

 

About Eversource

Eversource (NYSE: ES), celebrated as a national leader for its corporate citizenship, is the #1 energy company in Newsweek’s list of America’s Most Responsible Companies for 2021 and recognized as one of America’s Most JUST Companies. Eversource transmits and delivers electricity to 1.27 million customers in 149 cities and towns, provides natural gas to 246,000 customers in 74 communities, and supplies water to approximately 216,000 customers in 52 communities across Connecticut. Eversource harnesses the commitment of approximately 9,300 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The #1 energy efficiency provider in the nation, the company is empowering a clean energy future in the Northeast, with nationally-recognized energy efficiency solutions and successful programs to integrate new clean energy resources like solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit Eversource.com, and follow us on Twitter, Facebook, Instagram, and LinkedIn. For more information on our water services, visit Aquarionwater.com.

 

About UI

United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas, subsidiaries of AVANGRID Inc. is a leading, sustainable energy company with $32 billion in assets and operations in 24 U.S. states. AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving 3.2 million customers in New York and New England.