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

Bloomfield Manufacturing Company will save money by going solar

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

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

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

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

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

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

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

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

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

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

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

Quotes from Local Legislators:

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

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About the Connecticut Green Bank

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

About Lesro Industries Inc.

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

About C-TEC Solar

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

FOR IMMEDIATE RELEASE
For More Information, Contact:

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

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

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

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

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

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

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

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

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

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

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

About the Connecticut Green Bank

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

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

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

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

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

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

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

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

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

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

 

About the Connecticut Green Bank

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

 

About the Department of Economic and Community Development

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

 

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Green Bank and Hannon Armstrong Partner for Commercial Clean Energy Financing

Up to $100M in New Lending Power Will Improve Access to Project Capital

 

Dec. 17, 2015 – (Rocky Hill, CT and Annapolis, MD) – The Connecticut Green Bank (“Green Bank”) and Hannon Armstrong (NYSE: HASI) have reached an agreement that will increase the deployment of energy efficiency, solar and other clean energy projects throughout the Connecticut commercial and industrial sector.

Under the terms of the agreement, Hannon Armstrong will provide access to up to $100 million in funding for green energy projects for commercial and industrial buildings and businesses. The agreement supports the Green Bank’s successful C-PACE (Commercial Property Assessed Clean Energy) program. The innovative financing structure allows the Green Bank to effectively leverage private capital while providing Hannon Armstrong with the ability to access a high quality, rapidly growing class of assets.

The agreement between the Green Bank and Hannon Armstrong will streamline the process building owners currently undergo to source competitive financing for comprehensive energy projects. Hannon Armstrong brings its expertise in programmatic financing and risk assessment, as well as predictability in execution, while the improved access to financing will enable Connecticut businesses to achieve even more meaningful energy savings with zero upfront costs.

The agreement also helps the Green Bank expand C-PACE, the very successful commercial green energy financing program. C-PACE provides commercial, industrial, nonprofit and multi-family property owners access to affordable, long-term financing for meaningful energy upgrades to their buildings. By enabling building owners to finance qualifying energy efficiency and clean energy improvements through a voluntary assessment on their property tax bill, more comprehensive energy improvements that would otherwise be difficult to afford are made possible. With 100% financing offered over a term of up to 20 years, building owners are able to complete projects that not only significantly lower energy costs but also increase their bottom lines while being cash flow positive from day one. While each project will be individually reviewed and underwritten, capital provided under the program is secured by a lien on the property, which greatly reduces the investment risk and associated cost of capital. The Green Bank has already closed over $50M in C-PACE projects, and has a growing pipeline that represents nearly $50 million more in already approved projects. Demand is on a rapid growth trajectory, creating the need for more capital to support the program.

“This agreement will help us streamline the approval process for commercial loans and ensure a reliable source of capital for our businesses and institutions,” said Bryan Garcia, the President and CEO of Connecticut Green Bank. “But more importantly, this transaction demonstrates that private investors are ready to put their capital behind green energy projects in the commercial sector. The Green Bank can leverage this infusion of private capital to accelerate the growth of green energy, while putting fewer ratepayer dollars at risk. That establishes a marketplace where Connecticut businesses can thrive and allows the Green Bank to further leverage its assets.”

“Investing in energy efficiency and clean energy projects through the Connecticut Green Bank’s C-PACE program provides Hannon Armstrong a new scalable channel partner to cost effectively deploy capital,” said Jeffrey Eckel, President & CEO of Hannon Armstrong. “We applaud the Green Bank’s leadership in developing this market.”

“We in Connecticut have been innovators with our first-in-the-nation Green Bank. We’ve shown that we can tackle global warming with smart, private-sector solutions and by leveraging private dollars to incentivize a shift to green technologies. Agreements like these are what’s making Connecticut a national leader,” Governor Dannel P. Malloy said. “We are reducing carbon emissions like never before as the world works together to mitigate climate change. This agreement is yet another positive step towards our goals of making the world a greener place for generations to come.”

Garcia noted that The Alliance to Save Energy’s CarbonCountTM metric will be used to provide third party certification of reductions in greenhouse gases resulting from investments made through this agreement. “The CarbonCountTM certification brings an important and independent assessment of a project’s integrity. It carries a distinction that will help encourage the market alongside the State of Connecticut to further invest in decreasing greenhouse gas emissions,” continued Garcia.

The agreement with Hannon Armstrong is the largest facility ever with a state green bank. Since its creation in 2011, the Green Bank has been a leader in the movement toward green energy solutions and has been cited as an example of “best practices” in other states.

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

August 26, 2015

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

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

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

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

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

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

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

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

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

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

About Greenworks Lending

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

About the Connecticut Green Bank

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

 

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Contact: 

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

 

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

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

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

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

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

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

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For More Information, Contact:

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

Rebecca Brockway
McDowell Jewett Communications
(860)604-6653 (c)
[email protected]

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

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

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

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

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

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

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

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

Two-Year Milestones

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

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

Two other noteworthy accomplishments showcase national recognition:

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

Solar Trend Is a Driver

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

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

About C-PACE

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

About The Connecticut Green Bank (formerly CEFIA)

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

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Contact:
Deborah Burns, 203.257.3163
[email protected]

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