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July 2023 Newsletter

Spotlight on Residential Solar in Connecticut Webinar Series: Focus on CT Solar Lease and Solar for All

Join us on August 3 at 12 pm EDT for the third webinar in our Spotlight on Residential Solar. This presentation will focus on two lease products: the CT Solar Lease and Solar for All. Through the leveraging of ARRA funds as credit enhancements, the Connecticut Green Bank provided access to lease financing for local contractors, in partnership with a syndicate of local lenders and tax equity providers. In recognition of the need to provide access to capital to low-income and vulnerable communities, in partnership with PosiGen, the Green Bank launched the Solar for All solar and energy efficiency lease product. This session will look at the structure of these lease financing products, including the various benefits that result from increasing easy and affordable access to residential solar, especially for vulnerable communities.

Smart-E Maximum Loan Amount Increased Due to Rise in Demand

Earlier this month, the Green Bank announced updates to its Smart-E loan program that will soon allow more homeowners take advantage of low-interest financing to access energy-saving technologies. The loan’s maximum amount will increase from a $40,000 limit to a $50,000 standard maximum, and with exception approval from the lending partner, up to $75,000. This increase will allow for the installation of more comprehensive, higher-cost home improvements such as geothermal heat pumps and solar photovoltaic systems with battery storage.

Through another program update, Smart-E loan lenders will now have the ability to lend to a 580 FICO score, which is down from the 640 minimum previously established. This will help extend the program to homeowners with lower credit scores.

Learn more about Smart-E and about the program updates here.

Second Solar Project Completed at Barker Specialty

Barker Specialty Advertising Co. has now installed a second rooftop solar PV projects on their properties on Realty Drive in Cheshire. Both projects were financed through C-PACE. The family business is a leader in the promotional products industry for more than 70 years. In total, both systems are projected to produce energy savings equal to the energy used by 425 homes in a year and gross total savings of more than $1.5 million over the 25-year effective useful life of the panels.

Learn more about Barker’s solar projects here.

Seventh Green Liberty Notes Investment Offering is Now Open

CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, has opened their seventh Green Liberty offering, a crowdfunding campaign made possible in partnership with Raise Green, a social and environmental marketplace for impact investing. Through this offering, Connecticut residents and citizens nationwide can invest as little as $100 to support small businesses improving their energy efficiency and reducing energy costs.

Learn more about the investment opportunity here.

Enko Chem’s Energy Projects Will Create Significant Savings

Using Green Bank financing, Enko Chem, Inc. has embarked on a robust clean energy program at its facility on Maritime Drive in Mystic. The projected energy savings over 20 years are upwards of $10 million, including utility incentives, tax credits, and operational energy savings.

The clean energy upgrades began with the installation of energy-efficient lighting on two floors of interior office, lab, and greenhouse space, and will continue with upgrades to the facilities’ HVAC systems and the installation of solar.

Learn more about the project at Enko here.

Clean Energy Industry Report Heralds Positive Employment Growth for State

Employment growth in Connecticut’s clean energy industry in 2021 experienced the single highest increase in the past five years, according to the 2022 Connecticut Clean Energy Industry Report, which was released earlier this year. Overall, there are many signs of positive momentum in the sector as it continues to recover from the impact of the COVID-19 pandemic. Total clean energy contributions to statewide Gross Regional Product (GRP) also increased by nearly seven percent and by 21 percent since 2017 to $7.07 billion.

Read the full report here.

PosiGen Customers Share their Solar For All Experience

Connecticut Green Bank Subsidiary’s Sixth Investment Offering Surpasses Maximum Raise

In late May, CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, closed their sixth Green Liberty offering, which surpassed its maximum raise amount. This is the fourth consecutive offering to exceed the maximum. In total, more than $1.25 million has been raised from Connecticut citizens and nationwide investors in support of small businesses improving their energy efficiency and reducing their energy costs. The crowdfunding campaign is made possible in partnership with Raise Green, an award-winning online marketplace for impact investing.

More information about Green Liberty investments can be found at www.greenlibertybonds.com.

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