Rocky Hill, CT (May 11, 2021) – The Connecticut Green Bank has announced that the state’s Commercial Property Assessed Clean Energy (C-PACE) program surpassed $200 million in clean energy investment in local businesses. C-PACE is an innovative program that helps commercial, industrial and multifamily property owners access affordable, long-term financing to make smart energy upgrades to their buildings that can create immediate savings.
According to PACENation, the non-profit industry group that promotes Property Assessed Clean Energy (PACE) financing, Connecticut’s C-PACE program is the most successful in per capita deployment when compared to other state programs.
“Connecticut’s C-PACE program has achieved yet another significant milestone, having now deployed more than $200 million into commercial and industrial clean energy projects,” said Colin Bishopp, PACENation’s Executive Director. “The state continues to lead at a time when local business owners need access to capital to make their buildings more efficient and their businesses more competitive. These are the types of investments that strengthen our economy.”
This $200 million supported nearly 340 closed projects, which will provide an estimated lifetime energy cost savings of $300 million, and reducing energy usage by over 5 million MMBTUs through efficiency upgrades and renewables, which resulted in over 42 megawatts of installed solar PV capacity. The implementation of these projects also created more than 2,000 direct and indirect job years. The lifetime energy savings of these projects is equal to the home energy use of 88,000 homes, or the avoidance of the use of 86 million gallons of gasoline for automobiles.
“The continued growth of C-PACE, particularly during the unique challenges created by the global COVID-19 pandemic, is a testament to many stakeholders working together to help property owners take advantage of a financing tool that helps them become more energy efficient and save money. With many businesses struggling, finding new ways of reducing expenses and becoming more sustainable was a top priority,” said Bryan Garcia, President and CEO of the Green Bank. “We know that businesses and nonprofits that lower their energy burden are better equipped to face ongoing challenges and help us transition into a greener, more prosperous future.”
For more information on C-PACE, please visit www.cpace.com.