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.

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.

 

CastleGreen Finance Closes the Largest C-PACE Project in Connecticut

IRVINGTON, N.Y. — CastleGreen Finance is pleased to announce the closing of One Park Road, West Hartford, CT, a $13,767,000 Commercial Property Assessed Clean Energy (C-PACE) transaction. In partnership with Lexington Partners LLC, the property developer, and the Connecticut Green Bank, the program administrator for the state of Connecticut C-PACE program, CastleGreen Finance is delighted to be part of the largest C-PACE transaction to date in Connecticut.

Project Overview

For 135 years, the Sisters of St. Joseph of Chambéry have occupied a convent on Park Road in West Hartford, Connecticut. One Park Road is the redevelopment of this iconic property which will add a 292-unit multi-family housing complex on the 22-acre property while maintaining much of the greenspace and preserving the Sisters’ history and ensuring their retirement security at the property.

One wing of the historic convent will continue to be owned and occupied by the Sisters. The remaining 111,000 square feet of the Colonial Revival-style convent is undergoing renovation into a mix of studio, one-, two- and three-bedroom apartments.

A new 230,000 square foot four-story building over a one-story parking deck, will be connected to the existing structures and is designed to look like a series of separate buildings while providing a neighborhood feel.

The long-discussed redevelopment of this iconic property is the result of the partnership between the Sisters of St. Joseph, Lexington Partners, and the Town of West Hartford, and it will bring new rental housing to the fast-growing Park Road/West Hartford area. Construction on the $70 million project is scheduled to begin in mid-2021, with completion expected in the spring/summer of 2023.

CastleGreen Finance has facilitated approval of the $13.7 million C-PACE project through the Connecticut Green Bank’s C-PACE program. The project provides the project developer with access to affordable, long term financing for qualifying clean energy and energy efficiency upgrades that lower energy costs.

Martin J. Kenny, president of Lexington Partners, states, “We feel the Park Road business district is to West Hartford as Brooklyn is to New York City. The project will serve to strengthen the Park Road business district and provide a gateway to and combine with what is going on in Parkville. We needed creative financing in our capital stack to help bring this project to fruition. The CastleGreen team presented a compelling financing solution and delivered on time and as promised.”

C-PACE financing of clean, sustainable energy efficiency projects embraces the collaboration of public/private financing of energy improvements for the redevelopment of this iconic property.

Sal Tarsia, Managing Partner of CastleGreen Finance states, “Lexington Partners is a key player in the revitalization of the Park Road business district, creatively utilizing C-PACE financing for its ESG initiatives. It was a pleasure working with the Lexington team on a redevelopment which exemplifies the original purpose of what C-PACE was created for, but also respects and preserves the history of the property.”

“We are excited to see CastleGreen Finance closing their first project in Connecticut; the largest C-PACE project to date, in the state. This project is an excellent example of private capital working in the state’s open market for C-PACE financing,” said Bryan Garcia, President and CEO of Connecticut Green Bank. “The redevelopment at the Sisters of St. Joseph’s convent will not only make energy usage at the property more efficient and affordable, it will create housing opportunities and continue to support the Sisters, who strive to serve all people, especially those in need. This project will make a positive impact in West Hartford and exemplifies the Green Bank’s vision of a planet protected by the love of humanity.”

About CastleGreen Finance – www.CastleGreenfinance.com

CastleGreen Finance, in partnership with X-Caliber Capital, is a private capital source focused on Commercial PACE (Property Assessed Clean Energy) financing. CastleGreen Finance brings extensive experience in commercial real estate across a broad range of financial disciplines. The extensive real estate experience of the CastleGreen team, combined with its core C-PACE capabilities, provides our clients with the knowledge and resources to create a superior capital stack that meets all its needs and helps to unlock the potential of their commercial real estate. We understand that the most important part of any real estate transaction is showing up with the capital at closing. Our team focuses on the details of every deal to ensure we can get our clients to the finish line.

Running Brook Farms Adds Solar System to Power Their Business

Using a Rural Energy for America Program grant and C-PACE financing through the Connecticut Green Bank, the Killingworth business will save on their electricity costs

Hartford, CT (June 21, 2021) – The Connecticut Green Bank and Running Brook Farms in Killingworth are proud to announce the closing of Commercial Property Assessed Clean Energy (C-PACE) financing for the installation of a rooftop solar photovoltaic system at the property at 219 Route 80. The garden center and landscaping business has been in Killingworth for more than 50 years. In addition to a nursery and greenhouses, Running Brook Farms offers a complete range of landscaping services from design to construction. In 2019, Running Brook Farms became one of the first farms in Connecticut to grow hemp for the production of medicinal CBD oil.

“We have chosen to invest in solar technology simply because it is the right thing to do both for our business and the environment. We feel that is our responsibility to adopt more sustainable agricultural practices. In particular given the intense energy demands associated with indoor cannabis production, solar technology should be part of every growers’ sustainability plan!” said Scott Papoosha, owner of Running Brook Farms.

Running Brook Farms in Killingworth

The 47.52 kW solar system will be installed by Waldo Renewable Electric of Old Lyme, a solar contractor using the C-PACE program for the first time. The system is projected to produce energy savings equal to carbon sequestered by 450 tree seedlings grown for 10 years and gross total cost savings of more than $570,000 over the 25-year effective useful life of the panels.

Running Brook Farms was able to secure a Rural Energy for America Program (REAP) grant that covered 25% of the total project cost, with C-PACE financing covering the remainder. The Connecticut Resource Conservation & Development’s CT Farm Energy Program (CFEP) helped Running Brook Farms with one-on-one assistance in applying for the REAP grant. Since 2010 CFEP has assisted with the implementation of over $24 million dollars in energy projects in the state which equates to just under $5 million in REAP grants secured.

“Making farms resilient is more important than ever. Farms are not only stewards of the land but also providers of our food,” said Amanda Fargo-Johnson, CT Farm Energy Program (CFEP) Director. “Assistance from CFEP can help a farm create a sustainable plan for their energy needs, whether through energy efficiency upgrades or generating their own renewable energy. For some farms it’s one project for other farms it may mean multiple projects in phases to help them attain energy resilience.”

This project is also credited as the one that recently propelled Connecticut’s C-PACE program Commercial Property Assessed Clean Energy (C-PACE) program over the $200 million in clean energy investment milestone.

“I’m excited that Running Brook Farms is able to move forward with this solar project, and that they helped the program reach this milestone. Connecticut’s C-PACE program is the most successful in per capita deployment when compared to other state programs,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “It takes a strong network of contractors, lenders, and building owners working together towards the goal of reducing building level emissions to make this happen.”

For more information on Running Brook Farms please visit https://runningbrookfarms.com/, or for information on their CBD products, visit https://runningbrookhempco.com/. Information on C-PACE can be found at www.cpace.com.

Statement on the Passage of House Bill 6441

As we approach our 10th anniversary on July 1, 2021, the Connecticut Green Bank is incredibly excited that Governor Lamont’s House Bill 6441, with bipartisan support, will advance the green bank model that we have pioneered to extend beyond clean energy to now include environmental infrastructure. This increased scope will encompass structures, facilities, systems, services, and improvement projects related to water, waste and recycling, climate adaptation and resiliency, agriculture, land conservation, parks and recreation, and environmental markets such as carbon offsets and ecosystem services.

We extend our gratitude to state policymakers for expanding the Green Bank’s mission to confront climate change beyond the clean energy sector. We want to thank many key parties for their leadership and support of this scope expansion:

  • The Governor’s Office and the Governor’s Council on Climate Change (GC3), for their extensive work and community building on this important topic.
  • The Department of Energy and Environmental Protection, especially Commissioner Katie Dykes and Dr. Rebecca French, Director, Office of Climate Planning, who have been leading a stakeholder and public engagement process to support Connecticut’s efforts to confront climate change.
  • The Office of Policy and Management (OPM), specifically Secretary Melissa McCaw and Claire Coleman, Undersecretary for Legal Affairs, who brought the GC3 proposal into a Governor’s bill on climate change.
  • Senator Christine Cohen and Representative Joseph Gresko for their leadership on the Environment Committee.
  • Leaders of the Banking Committee, who championed a similar proposal in 2019, and the Energy and Technology Committee, who have been steadfast partners in their support for the Green Bank’s mission over the last decade.
  • Many mission-aligned groups in Connecticut, including the Audubon Connecticut, The Nature Conservancy, CT Land Conservation Council, Save the Sound, CT Forest and Park Association, CT Conservation Districts, CT Conference of Municipalities, and the CT Council of Small Towns, who were partners in advocating passage of this legislation.

In addition to the scope expansion, this passage creates an Environmental Infrastructure Fund within the Green Bank; increases bonding terms for clean energy and environmental infrastructure projects; and increases, from 80% to 100%, the amount of financing Green Bank and other non-equity financing sources can provide to projects.

Upon Governor Lamont’s final approval of this legislation, we look forward to building upon our last 10 years of success by implementing this policy and by meeting its promise in helping Connecticut mitigate and adapt to climate change.

Barker Specialty, Premium Promotional Product Provider, Goes Solar

Barker Specialty in Cheshire brings solar to 55 Realty Drive property through C-PACE financing

 

Hartford, CT (May 5, 2021) – The Connecticut Green Bank proudly announces that 55 Realty Drive in Cheshire has closed on Commercial Property Assessed Clean Energy (C-PACE) financing for the installation of a rooftop solar photovoltaic system. The 26,458-square foot office building is owned by sibling partners Amy, Gerald, Adrienne and Steven Barker, and is home to six tenants, including Barker Specialty Advertising Co. Inc.

“Barker Specialty is committed to help build a sustainable future for our community and planet. We mitigate our carbon footprint through environmentally conscious actions, and partner with suppliers who responsibly source products and materials,” said Gerry Barker, President of Barker Specialty. “Adding solar to our property helps us take another step to our goals.”

The 102.4 kW solar system will be installed by Verogy, a solar developer headquartered in Hartford. The system is projected to produce energy savings equal to the energy used by 212 homes in a year and gross total cost savings of more than $730,000 over the 25-year effective useful life of the panels.

“To reach our goal of continuous reduction of our carbon footprint, we have looked inward to what we could control through business operations and culture. This project is a giant leap towards showing how our buildings can also be a part of the solution,” said Jane Leukart, Director of Sustainability at Barker Specialty.

Barker Specialty has been the one-stop source for all promotional and marketing needs for over 70 years. Barker is a service oriented, innovative promotional marketing agency, specializing in promotional products, logoed merchandise, apparel, premium gifts, awards, tradeshow displays and signage.

“We are always excited to see businesses using C-PACE financing to advance their sustainability plans,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “The installation of solar systems is a great way to reduce costs and improve the environmental footprint of a building.”

For more information on C-PACE please visit www.cpace.com.

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Green Liberty Bonds $25 Million Second Issuance Sells Out

Connecticut Green Bank’s lower-dollar denomination bond received strong support from individual buyers in Connecticut and across the country as well as from institutional buyers

 

Hartford, CT (April 23, 2021) – In celebration of the 51st Earth Day, the Connecticut Green Bank issued its second Green Liberty Bonds to retail and institutional investors, and sold out of nearly $25 million in bonds over two days. This builds upon a successful, award-winning 2020 issuance which sold nearly $17 million of bonds last July. With nearly $100 million in orders, demand this year was again greater than the supply of bonds could satisfy, showing the high-level of interest in supporting investment to confront climate change in Connecticut.

Retail investors were given priority during a one-day retail order period on Wednesday, April 21. Total retail orders received during this order period surpassed $20 million. With first priority given to Connecticut citizen investors, their orders for nearly $12 million of bonds were filled before approximately $9 million from national orders.  Institutional orders topped $77 million.

“The demand for the Earth Day 2021 issuance of the Green Liberty Bonds was so strong, that we had nearly four times as much demand as we had available. We saw incredible demand from retail investors in Connecticut and across the country, and enthusiastic institutional investors seeking to invest in confronting climate change in Connecticut,” said Bryan Garcia, President and CEO of the Green Bank.

Individuals accounted for 57% of the retail orders with the balance from professionally managed retail accounts such as private wealth managers and bank trusts.

Institutional investors were able to place orders on April 22, and there was strong interest from a variety of traditional municipal investors and Environmental, Social, and Governance (ESG) investors attracted by the issuance’s strong climate bonds certification standards. The overall interest cost dropped to 2.42% from the 2.61% achieved for the inaugural bonds issued last July, notwithstanding a significant rise in longer term interest rates.

“In two years, the Green Bank has issued more than $80 million in verified climate bonds to support residential solar PV and energy efficiency in Connecticut. The overwhelming response by investors to our latest bond offering as well as the pricing achieved signifies broad acceptance of the Connecticut Green Bank as an issuer,” noted Bert Hunter, the Green Bank’s Chief Investment Officer.

The use of proceeds from this issuance supports incentives for nearly 7,000 households and 60 megawatts of residential solar photovoltaic systems, totaling nearly $220 million of investment in projects in 165 cities and towns across the state, which created over 2,100 jobs.

The Green Liberty Bonds were created in honor of the 50th anniversary of Earth Day – a type of green bond whose proceeds are used to invest in projects that confront climate change in Connecticut. Modelled after the Series-E War Bonds of the 1940s, the bonds must be able to be purchased by everyday citizens through lower-dollar denominations (no more than $1,000), enabling them to invest in green projects in their community and to save for the planet.

To offer the Green Liberty Bonds, the Green Bank worked with Stifel, Nicolaus & Company, Inc. as lead underwriter, Ramirez & Co., Inc. as co-underwriter, Shipman & Goodwin LLP as bond counsel, Lamont Financial Services Corporation as financial advisor, and Bank of New York Mellon Trust Company, N.A. as trustee. The Green Liberty Bonds, state supported using a special capital reserve fund, received an A rating from Standard and Poor’s. They were labeled as “Certified Climate Bonds” by the Climate Bonds Initiative, and compliance of the bond’s issuance with the Climate Bonds Standards was verified by Kestrel Verifiers. Support from the staffs of the Office of the State Treasurer and of the Office of Policy and Management was also instrumental.

“The Green Liberty Bonds were a huge success with the investor community. Investors liked the credit and were also attracted by the opportunity to invest in Certified Climate Bonds,” said Eric McKean, Managing Director of Stifel.

Encouraged by these first two issuances, the Green Bank anticipates offering Green Liberty Bonds annually around Earth Day. To stay informed about future issuances, please sign up for notifications at www.greenlibertybonds.com.

 

 

Disclaimer

This press release does not constitute a recommendation or an offer or solicitation for the purchase or sale of any security or other financial instrument, including Green Liberty Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to Green Liberty Bonds will be made solely by means of the Preliminary Official Statement and Official Statement, which will describe the actual terms and conditions of the Green Liberty Bonds. The information provided is subject in all respects to the information presented in the complete Preliminary Official Statement prepared in connection with Green Liberty Bonds. Any investment decisions regarding any of the Green Liberty Bonds should only be made after a careful review of the complete Preliminary Official Statement.

 

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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.

 

Communications Tower in Bolton First Known in U.S. to Use C-PACE Financing to Install Solar Array

Environmentally-conscious tower owner Marcus Communications will benefit from significant energy savings

Rocky Hill, CT (Dec. 14, 2020) – The Connecticut Green Bank is pleased to announce the closing of Commercial Property Assessed Clean Energy (C-PACE) financing for the installation of a ground-mounted solar photovoltaic (PV) system at a 450-foot telecommunications tower owned by Marcus Communications LLC. Located in Bolton, the tower and support equipment provide communication services, including emergency services, to a wide array 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

“As the first use of PACE on a communications tower, this innovative project is a model for how PACE can be used to increase the sustainability of our critical infrastructure. We applaud the work of the Green Bank in completing this project and look forward to seeing more deals like this one,” said Colin Bishopp, Executive Director of PACENation.

The tower was originally constructed in 1995 and extended in 2005, going from a 300-ft to 450-ft, to become the tallest tower in Eastern Connecticut. In recent years, leaders at Marcus Communications have begun an initiative at their office to minimize the company’s impact on the environment through improvements such as installing energy efficient lighting, solar panels, heating and cooling systems, and by providing free electric vehicle charging to employees, vendors and customers.

“We continue to be proactive in our efforts to be environmentally responsible and actively pursue solutions and enhancements that support that vision,” said Bruce Marcus, CTO, Marcus Communications LLC. “This solar project is a great example. We are proud of the work we are doing to move the world towards renewable energy.”

The 76 kW-AC solar PV system will be installed by Marcus Communications with guidance from Harness the Sun LLC of Lebanon. The project is estimated to save the company more than $740,000, over the 25-year effective useful life of the panels. The total project cost is approximately $250,000.

“It’s exciting to see new types of properties taking advantage of C-PACE financing to improve their energy efficiency or add renewables,” said Mackey Dykes, Vice President of Financing Programs at the Connecticut Green Bank. “We hope that other communications companies follow the example that the team at Marcus has set.”

To see a video of the installation, please visit https://youtu.be/AXQT–XNxec

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 Marcus Communications

Marcus Communications was founded in 1969 in Connecticut by owner, CTO, and LMR industry innovator Bruce Marcus. While the technology from 1969 to today has changed completely, our core mission remains the same. We manage your communications with an innovative array of technical solutions. Over the years, we’ve helped thousands of customers achieve better safety and efficiency by supercharging their communications. When you choose Marcus, you’re not choosing just any communications company. Your choosing the premiere leader in communications. Your choosing a company that hires veterans and gives back to the community, supporting events like the Hartford Marathon or the Special Olympics. You’re choosing the leaders who work tirelessly to research and develop cutting-edge solutions for its customers. To learn more, please visit https://www.marcuscommunications.com/.