C-PACE New Construction Pilot Program Launched

New program makes long-term and affordable financing available for higher performance new and redeveloped buildings

 

Rocky Hill, CT (June 15, 2018) – The Connecticut Green Bank is proud to announce a pilot program that will make Commercial Property Assessed Clean Energy (C-PACE) financing available for new construction in Connecticut. The C-PACE New Construction Pilot will provide property developers and owners with long-term, affordable and non-recourse financing to help them design and construct buildings that achieve a higher level of energy performance and reduced operating costs.

C-PACE New Construction can fill gaps in the capital stack needed for a new construction project, lower the overall cost of financing, or both. New commercial and industrial buildings designed and built to exceed what is required by Connecticut building and energy codes will be eligible to receive C-PACE financing for a portion of their overall eligible construction cost. C-PACE New Construction can be applied for a wide range of property types, including major redevelopment of existing and historic sites.

“Connecticut’s C-PACE program has already been very successful, providing more than 200 projects with $114 million in financing,” said David Gabrielson, Executive Director of PACENation, an industry group promoting Property Assessed Clean Energy (PACE) financing, “This New Construction Pilot expands C-PACE into an untapped market in the state by offering innovative financing to developers who can more affordably build to higher energy standards.”

When applying for C-PACE financing in the C-PACE New Construction Pilot, applicants will use whole building energy modeling to demonstrate that their project’s energy performance will exceed a code-compliant baseline. An eligible finance amount will be determined based on the performance beyond the baseline up to a maximum 20 percent of the total eligible construction cost.

“C-PACE for new construction opens many new opportunities in Connecticut,” said Mackey Dykes, Vice President of Commercial, Industrial, and Institutional Programs at the Green Bank. “By expanding the reach of C-PACE beyond building retrofits, C-PACE New Construction provides another financing option for developers. Other lenders view C-PACE more like equity than debt, which can help developers with overall project financing.  New buildings in Connecticut will serve our residents for 50 years or more, and we want to help get them right from the start.”

Financing through the C-PACE New Construction Pilot will be able to include costs directly related to the building’s design and construction, for example:

  • Engineering and design expenses;
  • Energy modeling expenses;
  • Building core and shell;
  • Energy consuming equipment and energy saving measures (HVAC, lighting, elevators, controls, windows, green or cool roofs, meters, etc.); and
  • Clean energy generation.

Applicants seeking funding through the C-PACE New Construction Pilot should discuss and review their projects with the Green Bank before submitting a financing application. This engagement ahead of application submission will help ensure that projects meet the requirements of the C-PACE New Construction Pilot.

Connecticut Green Bank will be hosting a launch event for the C-PACE New Construction Pilot on Wednesday, June 20 from 1:00 PM to 2:30 PM at the Energize CT Center, 122 Universal Drive N, North Haven, CT. For more information and to register to attend the event, please visit ctgreenbank.com/event/c-pace-new-construction-launch-event/

Learn more about the Pilot at http://www.cpace.com/newconstruction.

 

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Connecticut Green Bank to Participate in Solar Energy Innovation Network Project

The Green Bank is partnering with the Clean Energy States Alliance on a multi-state initiative to identify locations for distributed energy resources that provide benefits to the grid.

 

Rocky Hill, Connecticut (May 1, 2018) – The Connecticut Green Bank is participating in a multistate initiative that was selected by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) to participate in a collaborative research effort to explore new ways solar energy can improve the affordability, reliability, and resiliency of the nation’s electric grid.

The multistate initiative is being led by the Clean Energy States Alliance (CESA), a national nonprofit coalition of public agencies and organizations working together to advance clean energy. The Green Bank will work with CESA and five other state partners to identify locations for distributed energy resources (DER) that provide benefits to the grid. The Green Bank’s work will focus on strategies for achieving customer adoption of DERs in high-value locations and measuring the impact these resources have on the electric distribution system.

The other agencies CESA is partnering with on this initiative are:

  • Office of the People’s Counsel for the District of Columbia
  • New Hampshire Public Utilities Commission – Sustainable Energy Division
  • Rhode Island Office of Energy Resources
  • Washington Department of Commerce – State Energy Office
  • Wisconsin Office of Energy Innovation

The multistate initiative is one of just nine teams selected to join the program, which is known as the Solar Energy Innovation Network.

“We selected teams that are experimenting with promising ideas to use solar power to improve the future of grid security and reliability in their communities,” said Kristen Ardani, who leads the Innovation Network at NREL.

The Green Bank will receive financial, analytical, and facilitation support as it works to anticipate and address new challenges and opportunities stemming from solar energy and other distributed energy technologies. The solutions developed and demonstrated by this multistate initiative will serve as a blueprint for other communities facing similar challenges and opportunities.

Distributed solar and other distributed energy resources are playing an increasingly important role in electricity systems across the United States. “When distributed energy is deployed optimally, it can offer benefits to the customer, to the grid, and to the other ratepayers,” says CESA Executive Director Warren Leon. “Well-sited DER can provide resiliency benefits, reduce grid congestion, and help defer or avoid distribution system upgrade costs.”

“Determining how we can extract the most value from distributed energy resources is critical to the sustained orderly development of the local clean energy industry,” says Bryan Garcia, President and CEO of the Connecticut Green Bank. “This project will help Connecticut and our partners identify areas where DERs can play a role in grid modernization and develop deployment strategies with utilities to capture these additional benefits.”

NREL is operating the Solar Energy Innovation Network with funding from the U.S. Department of Energy Solar Energy Technologies Office. NREL pursues fundamental research and development of renewable energy and energy efficiency technologies to transform the way we use energy.

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Multifamily Pre-Development Loan & Permanent Financing Together

The Community Preservation Corporation (CPC) and the Connecticut Green Bank are now working together to offer you a simple way to improve the energy efficiency, cost savings, comfort, safety and attractiveness of your multifamily property. This joint effort combines a Navigator Pre-Development Energy Loan with a HUD 223(f) loan or a Freddie Mac Small Business Loan (SBL) offering.

The unsecured Navigator loan funds customized analysis and design of energy improvements for multifamily properties using owner-selected and managed technical service providers.

Eligible Costs include:

  • Energy benchmarking, opportunity assessments, audits
  • Assessments of energy-related health and safety issues
  • Design, engineering and bidding of work
  • Costs to secure project financing for energy upgrades
  • Green charrettes and green physical needs assessments
  • Other reasonable energy-related expenses needed to design and fund your project
Read more about how a Navigator Loan with HUD/FHA or Freddie Mac financing works.

Ask your mortgage officer how we can help tailor a lending solution to fit your needs, and find out if we can underwrite to savings for sustainability improvements.

For more information about CPC, please contact Michael Staton or Timothy Deegan.

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Middlesex Chamber Announces Joint Energy Saving Effort with Connecticut Green Bank

Program will help local businesses save energy and money 

Middletown, CT – March 2018 – The Middlesex County Chamber of Commerce announced a new initiative to help local businesses afford renewable energy and energy efficiency upgrades. The effort is a collaboration between the Chamber, the Connecticut Green Bank, and Chambers for Innovation and Clean Energy. The team will help local businesses take advantage of C-PACE (Commercial Property Assessed Clean Energy), an innovative financing program for green energy upgrades. C-PACE offers long-term financing for projects that lower energy costs and generate positive cash flow.

The initiative’s official announcement was made at the Chamber’s Member Breakfast Meeting on February 26, 2018. Pictured, from left to right, are: Larry McHugh, President, Middlesex County Chamber of Commerce; Mackey Dykes, Vice President of Commercial and Industrial Programs, Connecticut Green Bank; Robert Schmitt, Associate Manager, Marketing, Connecticut Green Bank; and Jeff Pugliese, Vice President, Middlesex County Chamber of Commerce.

“This initiative is meant to help connect local business owners to financing that will help them afford recommended energy and renewable upgrades to their buildings” said Jeff Pugliese, Vice President of the Middlesex County Chamber of Commerce. “The idea is to help our members cut down on energy usage so that they can reinvest the savings back into the business.”

The Middlesex County Chamber of Commerce is a dynamic business organization with over 2,125 members that employ over 50,000 people in and around its service area. The chamber represents businesses from all industry sectors and of all sizes, from Fortune 500 companies, to micro businesses.

The team will reach out to the business community in a variety of strategic ways, and will highlight local businesses who have saved through the program.

“We are excited to be working directly with the Middlesex County Chamber of Commerce to promote C-PACE,” said Mackey Dykes, Vice President of Commercial and Industrial Programs, Connecticut Green Bank. “C-PACE is a proven tool for businesses to modernize their buildings, save energy, and increase their bottom line – but it is also a powerful economic development tool. The Middlesex Chamber is a valuable partner, and we look forward to working with them to build an even more resilient business community with C-PACE.”

The initiative will target all eligible local businesses including manufacturers, offices, retail establishments, business in mixed use spaces, and non-profits.

To learn more about the collaboration, please visit middlesexchamber.com or cpace.com.  

 

 About Middlesex County Chamber of Commerce

 The Middlesex County Chamber of Commerce is a dynamic business organization with over 2,125 members that employ over 50,000 people in and around its service area. The chamber represents businesses from all industry sectors and of all sizes, from Fortune 500 companies, to micro businesses. It has 12 county based divisions, and over 30 industry based committees and councils that focus on issues of importance to the business community. The Middlesex County Chamber of Commerce has been honored with the Governor’s Laurel Award for Responsible Social Involvement, The President’s White House Citation for Private Sector Initiatives, the U.S. Department of Labor’s LIFT America Award, Connecticut Small Business Advocate Award, Vision 2000 Excellence Award, and the NAACP Business Award.

 Please visit www.middlesexchamber.com for more information.

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Connecticut Green Bank Closes 200th C-PACE Project

Rocky Hill, CT (Jan. 30, 2018) – The Connecticut Green Bank announces that the state’s Commercial Property Assessed Clean Energy (C-PACE) program has surpassed 200 closed projects totaling more than $114 million in clean energy investment in businesses. C-PACE is an innovative program that is helping commercial, industrial and multi-family property owners access affordable, long-term financing to save money and make smart energy upgrades to their buildings.

According to PACENation, an industry group promoting Property Assessed Clean Energy (PACE) financing, Connecticut is second only to California in total dollars financed through C-PACE.

“Again, Connecticut leads the C-PACE market it helped pioneer, topping 200 projects”, said David Gabrielson, PACENation’s Executive Director. “The Green Bank team has built a very effective program centered on high standards, great marketing, and an open market approach that encourages private sector engagement and investment in improving buildings throughout the state.”

The Connecticut Green Bank, the nation’s first full-scale green bank, leverages limited public dollars to attract private investments that scale-up renewable energy deployment and energy efficiency projects across the state. Of the capital deployed through the Green Bank’s C-PACE program 70 percent comes from private investors, including from a $100 million facility established with a private sector investor, and C-PACE projects originated and financed through other capital providers. The Green Bank has also securitized and sold C-PACE transactions in the past. The Green Bank’s administration of the program ensures that investors are confident using their capital to finance C-PACE projects.

In 2017, 50 projects closed on financing through the Green Bank’s C-PACE program – these projects will provide an estimated cost savings of $8.6 million, create 119 job years and will result in 6,653 kW of installed solar PV capacity. Cumulative program total for installed capacity is now nearly 25,000 kW and total job years now exceeds 1,300. In total, Connecticut’s C-PACE projects will produce an estimated $204.5 million in energy cost savings reducing the burden of energy costs on businesses and non-profit organizations across the state.

“While the majority of C-PACE projects are in industrial, retail or office buildings, we are seeing building owners and tenants in other sectors, such as houses of worship, non-profits, and educational facilities, taking advantage of C-PACE financing,” said Mackey Dykes, Vice President of Commercial, Industrial and Institutional Programs at the Green Bank. “C-PACE can help modernize and improve the efficiency of almost any type of commercial building, while lowering energy costs and increasing the value of the property, making it easy to understand why C-PACE has been so successful. Connecticut’s C-PACE program has a strong growth trajectory thanks to an engaged community of contractors, municipal officials, capital providers, building owners and other stakeholders that support C-PACE.”

“By attracting private investment into Connecticut to finance the deployment of clean energy in our communities, together we are reducing the burden of energy costs on our businesses and non-profit organizations,” stated Bryan Garcia, President and CEO of the Connecticut Green Bank.  “We are enabling businesses to be more competitive and helping our non-profit organizations better serve their missions by reducing energy costs.”

The Green Bank also reports that Q3 and Q4 of calendar year 2017 were the best back-to-back quarters in number of closed projects (36) since the C-PACE program’s inception in 2013.

Click here to read more about the 200th project.

For more information on C-PACE, please visit http://www.cpace.com.

 

 

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Greenworks Lending, the Connecticut Green Bank, State and Local Legislators Discuss Growth of Clean Energy & Energy Efficiency Investment Industry in Connecticut

State’s C-PACE program helps commercial property owners improve cash flows, reduce energy costs and enhance building stock

Pictured are: (front row, L-R) Carlo Leone, CT State Senator; Pamela Sparkman, Board of Selectmen, Darien; Bob Duff, CT State Senate Majority Leader; Alexandra Cooley, CFO & Co-founder Greenworks Lending; Jessica Bailey CEO & Co-founder, Greenworks Lending; Jayme Stevenson, First Selectman, Darien; Mackey Dykes, Vice President Commercial and Industrial Programs, Connecticut Green Bank. Second Row (L-R) Matt Macunas, Senior Marketing Manager, Connecticut Green Bank; and Bryan Garcia, President and CEO, Connecticut Green Bank.

Darien, CT (December 6, 2017) – Greenworks Lending, a Darien-based specialty finance firm that deploys private capital in support of energy efficient and renewable energy investments made by commercial properties, brought local and state legislators together with Connecticut Green Bank leaders to discuss the firm’s growth and economic development in the clean energy investment industry via an effective public-private partnership and public policy.

Senate Majority Leader Bob Duff, Senator Carlo Leone, Darien First Selectman Jayme Stevenson and Selectman Pamela Sparkman were in attendance.

Using the Commercial Property Assessed Clean Energy (C-PACE) program, Greenworks financed projects to date will reduce carbon dioxide output equivalent to transforming all of Darien north of I-95 (roughly 16 square miles) into a forest for 20 years.

“We are thankful for the Connecticut Green Bank bringing our work to the attention of legislators as an example of what can originate from effective public-private partnerships,” stated Jessica Bailey, CEO and co-founder of Greenworks Lending. “It was inspiring to discuss the role of private capital in economic development and to see the interest of legislators in both the environmental and commercial real estate development aspects of the C-PACE program.”

“Greenworks is showing how to mobilize private investment to meet state policy goals,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “This is driving economic growth and job creation in our communities, all while lowering the energy burden on businesses by creating clean energy property improvements.”

Greenworks Lending is a woman-owned enterprise founded by two former directors from the state’s Connecticut Green Bank. This clean energy and energy efficiency finance company is the fastest-growing firm in Connecticut by percentage growth, and recently closed an industry-first $75 million AA-rated securitization transaction. They are helping to scale the market for private investment in energy-saving commercial property improvements with the state’s C-PACE program. This helps commercial property owners and tenants save money and improve cash flow, while supporting jobs in the growing clean energy and energy efficiency industries.

For more information on Greenworks, please visit https://www.greenworkslending.com/. For more on C-PACE, please visit www.cpace.com.

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SunShot Prize Competition Ends with Connecticut Team as One of Final Two

Impressive results earned team an award of distinction, highlight path to continued success

 

Rocky Hill, CT (Nov. 2, 2017) – The U.S. Department of Energy’s SunShot Prize: Race to 7-Day Solar, a national competition intended to reduce the time it takes to “go solar” across the country, has ended, and the Connecticut Permit to Plug-in Challenge team was among the two final participants. While neither team was eligible for the grand prize, both teams made impressive progress and were given an award of distinction for their efforts.

The SunShot competition began in September 2015 with five competing teams across the country and concluded in March 2017. During the competition, three teams — Northern and Central California SunShot Alliance, Sunrun, and the Connecticut Permit to Plug-in Challenge — reached a major milestone in the competition and were each awarded $100,000 in seed prizes and received the title “SunShot Prize Change Champion.”

The Connecticut Permit to Plug-in Challenge team was comprised of the Connecticut Green Bank, and the state’s investor-owned utilities, Eversource Energy and the United Illuminating Company, as well as solar installers representing nearly 60% of the state’s solar market, and many municipalities. Working together, they created a multi-pronged strategic approach to reducing solar installation times, and relied on detailed project tracking and evaluation, which enabled them to inform and replicate strategies that positively impacted project completion times.

According to the challenge’s criteria, to win the competition’s $3 million grand prize, teams needed to get a minimum of 2,250 points and complete 85% of its total installed capacity in 56 days or less. The Connecticut Permit to Plug-in Challenge team reported the installation of 1,501 systems in 49 participating municipalities covering 141 different zip codes. The systems that were installed averaged 8.74 kW, resulting in 13.03 MW of total installed solar capacity. The median total time, from permit to plug-in was 89 days and 78.6% of its total installed capacity was completed in 56 days or less.

To attain this success, the team worked closely to identify and implement process improvements for solar installations across the value chain. The competition enabled the team to create resources that walk residents through the permit to plug-in process, standardize aspects of municipal solar permitting processes, and implement improvements to the utility interconnection process for solar PV.

“While there was no winning team, it’s clear that the residents of Connecticut are the winners here,” said Connecticut Green Bank President and CEO Bryan Garcia. “Residents will continue to benefit from the lessons learned from the interaction between the utilities, solar contractors, municipalities and the Green Bank. We are proud to have been one of the final two teams striving towards such an important goal for the adoption of residential solar PV.”

The other final team was the Northern and Central California SunShot Alliance, who completed 80% of their total installed capacity in 56 days or less.  While California was not able to meet the minimum point threshold for a grand prize, they completed the competition with 1,780 points – only 10 points more than Connecticut.

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CURE Innovation Commons to save energy costs through C-PACE program

Groton, CT (August 14, 2017) –  Using the Connecticut Green Bank’s innovative Commercial Property Assessed Clean Energy (C-PACE) program, CURE Innovation Commons (“The Commons”) has financed energy improvements that will save the laboratory incubator more than $1.7 million in energy costs over the 17-year life of the loan term.

The project at The Commons is a perfect example of how support from Connecticut Green Bank can advance green energy goals and expand our economy by investing in the jobs and technologies of the future.

“This green energy project is very important to us from a bottom line perspective, because of the long-term cost savings, but it is also vital in terms of our role in the community,” said Susan Froshauer PhD, President and CEO of CURE. “We are in the business of science and research, and we strive to lead by example when it comes to using the latest technology to improve the quality of life for those who work at our facilities and our neighbors in Groton.”

The Commons is one of Connecticut’s newest science and technology incubators for entrepreneurs, professionals, scientists, start-ups and growing companies to develop ideas and build businesses in a collaborative community setting. In addition to funds provided for renovations by the Connecticut Department of Economic and Community Development (DECD), The Commons used C-PACE to fund energy efficiency upgrades including the installation of new HVAC equipment and a high efficiency generator.

“We are committed to making green energy accessible to businesses throughout the state,” said Mackey Dykes, vice president of commercial, industrial and institutional programs at Connecticut Green Bank. “C-PACE allows nonprofit, commercial and industrial property owners to access financing for green energy projects and to pay off projects through a property assessment. Financial innovations like these make projects possible at properties like The Commons, where new ideas and innovations in science and technology are being incubated – creating an opportunity for new jobs and economic growth in the community.”

Since its creation in 2011, the Connecticut Green Bank has deployed more than $1 billion in capital to fund green energy projects in Connecticut. This investment helps Connecticut create jobs, meet carbon reduction goals and improve the state’s energy security.

 

 

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Ferazzoli Imports of New England (Galleria Stone) Adds Solar through C-PACE

Galleria Stone will reduce operating expenses and increase efficiency

 

Middletown, CT (August 1, 2017) – Ferazzoli Imports of New England, Inc., which conducts business as Galleria Stone, an importer, distributor and fabricator of tile and natural stone, is the most recent business to reduce their energy burden by installing a renewable energy source on their building through Connecticut Green Bank’s Commercial Property Assessed Clean Energy (C-PACE), an innovative program that helps property owners access affordable, long-term financing for smart energy upgrades to their buildings.

Northeast Smart Energy LLC of Hartford will install a 125 kW solar photovoltaic (PV) system to the roof of the Galleria Design Center, located at 234 Middle Street in Middletown. The estimated annual energy cost savings exceeds $37,000.

“The C-PACE financing program is the smartest long-term solution for achieving our clean energy demands,” said Jerry Martorelli, owner of Galleria Design Center. “With C-PACE, we are able to reduce operation expenses and increase efficiency, all while making a measurable impact on the environment and surrounding community.”

Through C-PACE, a building owner can pay for green energy improvements over terms up to 25 years through a voluntary benefit assessment on their property tax bill. Building owners can secure long-term, low-interest capital to fund these energy improvements, with no up-front costs required. The program is structured so that the energy savings offset the benefit assessment – meaning positive cash flow for the business – and includes a technical review process that leaves building owners feeling confident in the predicted energy savings of their project.

This project is part of Connecticut Green Bank’s Energy on the Line program, funded through the Connecticut Department of Economic and Community Development’s Manufacturing Innovation Fund. Energy on the Line provides supplemental funds to eligible manufacturers who complete a qualifying green energy project using the C-PACE program.

“Manufacturers, who feel the burden of energy costs more than anyone, can realize substantial benefits from green energy projects,” said Mackey Dykes, vice president of commercial, industrial and institutional programs at Connecticut Green Bank. “C-PACE is a perfect fit for manufacturers, allowing them to take control of their energy costs and realize predictable positive cashflow. The solar project at Ferazzoli Imports is an excellent example of how green energy and C-PACE can improve a manufacture’s bottom line.”

For more information on Galleria Stone, please visit www.galleriastone.com, and for more information the Connecticut Green Bank, please visit www.ctgreenbank.com.

 

About Ferazzoli Imports

Ferazzoli Imports of New England Inc., now doing business as Galleria Stone, was incorporated in 1988 as an importer, distributor and fabricator of tile and natural stone. Originally located in North Haven, Connecticut, Galleria Stone relocated its corporate headquarters in June 2002 to the 100,000 square foot Galleria Design Center in Middletown, CT. The Galleria Design Center includes an expansive 30,000 square foot showroom, indoor natural stone gallery and a state-of-the-art fabrication plant that helps Galleria Stone continue the tradition of elegance, craftsmanship and efficiency for which it is best known.

 

About Northeast Smart Energy

Northeast Smart Energy was established in May of 2007 by its founders whose vision is rooted in their love for our planet. Northeast Smart Energy’s primary focus is to provide people with renewable and cost effective energy solutions that reduce our dependence on polluting sources of energy. Northeast Smart Energy is ready to help you do your part by reducing your environmental impact and leaving our planet in a condition of which our children would be proud.

 

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Connecticut Green Bank’s C-PACE Program Reaches $100 Million Milestone

State’s Commercial Property Assessed Clean Energy program continues to be an economic development tool for Connecticut businesses

 

Rocky Hill, CT (July 24, 2017) – The Connecticut Green Bank announced its C-PACE (Commercial Property Assessed Clean Energy) program has reached the milestone of $100 million in total closed project financing. The solar photovoltaic (PV) and energy efficiency projects, which vary in size and scope, are saving more than $9.29 million annually in energy costs for nearly 170 building owners across multiple sectors.

The Green Bank, which administers the C-PACE program, seeks to make green energy more accessible and affordable to commercial and industrial property owners by providing no money down long-term financing for meaningful energy upgrades to their buildings. C-PACE enables building owners to finance qualifying energy efficiency and renewable energy improvements through a voluntary assessment on their property tax bill. As the program grows, more Connecticut businesses can achieve lower energy costs. 

Reaching $100 million in closed project financing positions Connecticut’s program as a national leader. According to market data from PACENation, an industry group promoting Property Assessed Clean Energy, California is the only state to have closed a larger total sum of project financing for commercial PACE projects.

“Connecticut’s Green Bank has really been the national leader for C-PACE,” said David Gabrielson, the Executive Director of PACENation, the national non-profit that supports development of PACE programs nationwide. “The way they administer their program has really served as a great example for other program administrators throughout the U.S., and we congratulate the entire Green Bank team on this impressive milestone.”

The project that propelled the Green Bank over this milestone will be installed at Farmington Sports Arena (FSA). FSA is a 130,000-square foot modern indoor sports facility that is home to four indoor and three outdoor artificial turf fields as well as four natural grass outdoor fields. The project, which will be installed by 64 Solar, consists of two solar PV systems (170 kW total).

Since its inception in 2011, 166 C-PACE projects have been closed in 69 of the 128 municipalities that have opted-into the program. C-PACE funds have been used in manufacturing facilities, non-profits, houses of worship, retail establishments, office buildings, and other business entities.  The projects consist of solar installations, new boilers, energy efficiency lighting measures, HVAC systems, and other energy improvements that help building owners to take control of their energy costs. Connecticut’s C-PACE program maintains an open market approach, allowing private capital providers to finance projects for building owners, and, in 2015, the Green Bank reached an agreement that provided it access to up to $100 million in private funding for C-PACE projects. Today, nearly 70% of the funding in the program consists of private capital.

“The Connecticut Green Bank’s C-PACE program reaching the $100 million in closed project financing milestone is significant,” said Governor Dannel P. Malloy. “This achievement shows our state’s continued leadership in combating climate change while simultaneously supporting the business and non-profit sectors.”

This milestone was achieved through the efforts of many key stakeholders.

“The Connecticut Green Bank is a leader in the green energy movement, but the rapid growth of C-PACE wouldn’t be possible without the support of our contractors, capital providers, municipal officials, and other stakeholders who have contributed to the C-PACE movement,” said Mackey Dykes, Vice President of Commercial, Industrial and Institutional programs at the Connecticut Green Bank. “There is still significant potential for energy improvements for Connecticut businesses and non-profits, and we look forward to bringing cleaner and cheaper energy to more building owners across the state.”

The Connecticut Green Bank’s success, and that of the C-PACE program, has led to the Green Bank being used as a model for other states.

 

 

 

 

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