Charge Up CT Buildings campaign pairs growing EV demand with need for property efficiency
Rocky Hill, Conn. (September 15, 2020) – The Connecticut Green Bank is pleased to announce the relaunch of its Charge Up CT Buildings program, an initiative originally launched in January that offers free electric vehicle (EV) charging stations to commercial property owners who use Connecticut Green Bank C-PACE financing . The initiative was put on hold in March due to COVID-19 restrictions.
C-PACE (Commercial Property Assessed Clean Energy) is an innovative financing tool that provides building owners with access to 100% financing for energy improvements, realize positive cash flow immediately, and create more comfortable, efficient buildings. C-PACE can also support building owners in reducing operating expenses and increasing cash flow, providing a vital lifeline to help businesses get through tough economic times. Plus, the Green Bank is currently offering flexible payment options for new borrowers that let them choose to defer or pay interest-only on initial payments, offering borrowers ways to improve their building and save energy while freeing up cash and receiving immediate financial relief.
“The Green Bank is enabling building owners to take control of their energy costs and save money by using C-PACE, which could provide many borrowers the breathing room they need while the economy recovers and things get back to ‘normal,’” said Mackey Dykes, Vice President, Financing Programs at Connecticut Green Bank. “But with C-PACE and Charge Up CT Buildings, we’re also helping borrowers to position their properties and businesses – and our community – for future success, and a better, new ‘normal.’ Borrowers will not only make their buildings more modern and attractive, but their customers, tenants, and employees will be able to charge up and enjoy the benefits of electric vehicles.”
The addition of free EV charging equipment means property owners leveraging C-PACE won’t just be using the clean energy financing mechanism as a tool to improve their financial position in the near term, but also to modernize their buildings and position them more competitively in the future. Whether building tenants are commercial or residential, as the EV market continues to grow, properties with charging stations can lead the way.
To qualify for a free EV charging station, energy saving projects must utilize at least $150,000 in Green Bank C-PACE financing with at least 20% of the total project costs going toward non-renewable measures. Larger projects may be eligible to receive up to three electric vehicle charging stations. Connecticut Green Bank’s C-PACE team will work with building owners to determine if their project is eligible for the C-PACE program and Charge Up CT Buildings incentive.
Property owners will now have until December 18, 2020 to apply for C-PACE financing in order to be eligible for this limited time promotion. Property owners are encouraged to contact the Green Bank early to start the application process.
For more information about the initiative, please visit chargeupct.com or call 866-324-0099.