Fiscal Year 2022 Annual Report Highlights Most Recent Successes Reducing Energy Cost Burdens on Families and Businesses
Based on 11 years of programs designed to benefit residents, state’s Green Bank now serves as model for the nation
Hartford, CT (Jan. 23, 2023) – More than 66,500 families and businesses have been able to reduce the burden of energy costs in their homes and buildings since 2011 through programs offered by the Connecticut Green Bank, according to the recently released annual report for fiscal year 2022. In total, the Green Bank has mobilized nearly $2.3 billion into the state’s economy by leveraging public funds (roughly 70 cents a month from the typical household) to attract multiples of private investment at a seven-to-one ratio.
This investment has helped create over 26,000 thousand job-years, generated millions of dollars in tax revenues, and limited greenhouse gas emissions that harm public health. The Green Bank measures its impact in terms of economic development, energy, environmental protection, and equity (E4 metrics). These statistics can be found in the annual report.
“Our E4 metrics includes a goal of directing no less than 40 percent of investment and benefits from our programs into vulnerable communities that are disproportionately impacted by the effects of climate change by 2025. We do this because our vision for a planet protected by the love of humanity reflects an unwavering commitment to and incessant hope for the betterment of our communities and country,” said Bryan Garcia, President and CEO of the Green Bank. “Through our annual report and our annual Comprehensive Financial Report, we demonstrate our data-driven, transparent approach to sharing our progress so that residents and state leaders can proudly tell the story of what we are achieving together in helping families and businesses reduce energy costs by installing clean energy in their homes and buildings.”
Some highlights of the fiscal year 2022 include:
- Passage of the Inflation Reduction Act (IRA) and inclusion of National Climate Bank (NCB). In August, the U.S. Congress passed and President Biden signed the historic IRA, which included billions of dollars in investments to advance the country’s clean energy transition and fight climate change. The Green Bank was the model for its Greenhouse Gas Reduction Fund (a.k.a., National Climate Bank), and is making plans to leverage these funds to increase and accelerate investment into Connecticut that will further reduce energy burdens on families and businesses, especially those in vulnerable communities.
- Energy Storage Solutions launched. In January, the Energy Storage Solutions program was launched through the leadership of the Public Utilities Regulatory Authority (PURA), with the Green Bank as a co-administrator. This incentive program will reduce peak demand (lowering electric rates for everyone) while providing an opportunity to increase resiliency in the face of grid disruptions, particularly for those in low-income and distressed communities.
- Successful solar program reaches goals. The Residential Solar Investment Program (RSIP) officially achieved its 350 MW public policy deployment target, helping install solar at more than 46,000 households. RSIP made Connecticut the most successful residential solar PV deployment market in the entire Northeast on a watts per capita basis, and most likely at the lowest level of ratepayer incentives. As electric rates increase, families that are installing solar PV on their roofs, especially those in vulnerable communities, are seeing their savings increase.
- Green Liberty Notes attract local investors. Offered through a Green Bank subsidiary, Green Liberty Notes are one-year term verified green bonds that allow anyone to invest with as little as $100. Through four offerings, more than $800,000 was raised nationwide with more than half of these dollars coming from Connecticut residents who were excited to support energy efficiency improvement projects at local small businesses.
To access the FY22 report, please visit https://www.ctgreenbank.com/strategy-impact/reporting-and-transparency/.