Connecticut Green Bank Welcomes EPA Announcement of Notice of Funding Opportunities for Greenhouse Gas Reduction Fund Programs

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As the first state level green bank, Connecticut’s model has mobilized more than $2 billion in private investment in the green economy – reducing energy costs for families and businesses, especially those in vulnerable communities, and avoiding greenhouse gas emissions.

 

HARTFORD, Conn (July 14, 2023) – The Connecticut Green Bank is excited by the U.S. Environmental Protection Agency’s (EPA) announcement today regarding the launch of two Notices of Funding Opportunity (NOFOs) under the $27 billion Greenhouse Gas Reduction Fund: the $14 billion National Clean Investment Fund (NCIF) and the $6 billion Clean Communities Investment Accelerator (CCIA).

The NCIF will make two to three awards to national nonprofits that will provide financing to businesses, communities, community lenders and others to deploy low- and zero-emission projects with at least 40 percent of investments benefitting low-income and disadvantaged communities.

The CCIA will make two to seven awards to hub nonprofits that will expand the clean finance ecosystem by providing funds to experienced community lenders to rapidly deploy capital in underserved markets. The entire CCIA is dedicated to projects that benefit low-income and disadvantaged communities.

Both NCIF and CCIA projects will target the decarbonization of existing buildings, the decarbonization of transportation, and distributed power generation.

“We know that the benefits of clean energy can have a profound impact on the lives of families in low-to-moderate income communities by reducing their energy burden and improving air quality,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “We have begun to see this impact in Connecticut, and we are excited that these NOFOs will help us further mobilize private investment to increase access to clean energy to reach more of those who need it most.”

“Connecticut has long positioned itself as a leader in clean energy deployment through bipartisan policies and actions that include creating the first state-level Green Bank in 2011,” said Lonnie Reed, Chair of the Connecticut Green Bank. “Along with our partners, we stand ready to ensure that our disadvantaged communities gain access to these historical funds and benefit from much healthier environments.”

Since 2011, the Connecticut Green Bank has been positioned between the state’s strong public policy goals and the private market, leveraging public dollars to mobilize multiples of private investment to confront climate change by avoiding the emissions of greenhouse gases and local air pollution.

This increased investment has led to the deployment of clean energy for families and businesses – especially those in vulnerable communities – helping them reduce energy costs, create jobs, and improve public health. Through innovative partnerships with local banks, credit unions, and community development financial institutions, the Green Bank strives to ensure that no less than 40 percent of investment benefits vulnerable communities, including low-and-moderate income households, Community Reinvestment Act eligible communities, and environmental justice communities.

Learn more about the Connecticut Green Bank at www.ctgreenbank.com. Learn more about the green bank model at www.ctgreenbank.com/strategy-impact/societal-impact/. Learn more about our impact (click here), including in vulnerable communities (click here).

 

Connecticut Green Bank Announces Seventh Investment Offering for Citizens Across the Nation to Help Tackle Climate Change  

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Through Raise Green’s award-winning online platform, anyone can invest as low as $100 to help combat climate change and support small business energy efficiency upgrades  

 

Hartford, CT (June 27, 2023) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly launches its seventh Green Liberty offering today. The crowdfunding campaign is made possible in partnership with Raise Green, an award-winning online marketplace for impact investing. Through this offering, Connecticut residents and citizens nationwide can invest as little as $100 to support small businesses in improving their energy efficiency and reducing energy costs.  

“We are pleased to see demand for these offers increasing, as shown by our new and continuing investors, most of whom are from our home state of Connecticut. Through our six offerings, we’ve raised $1.25 million, which help small businesses lower their energy costs and allow our investors to earn a competitive return while combating climate change,” said Bryan Garcia, President and CEO of the Connecticut Green Bank.  

Notes may be purchased through the online platform without a broker, with a $100 minimum. The previous Green Liberty offering was the fourth consecutive offer to surpass its maximum raised amount, so interested investors are encouraged to act quickly. To date, 67% of investments have been $1,000 or less, with buyers from 35 states nationwide, and more than half of the investors have been Connecticut residents.  

Investors from the third round of Green Liberty Notes in July 2022 can reinvest their principal and interest in this latest offering. Anyone who invested in the third round and invests in this offering, either by reinvesting their principal and interest or by investing a different amount, will receive an interest rate increase as a thank-you for their early support of the Green Liberty Notes. 

Investments in the Green Liberty offering support Eversource’s Small Business Energy Advantage (SBEA) program, which enables small businesses in Connecticut to reduce their energy costs through efficiency upgrades and zero-interest loans.  

As a result of the climate benefits associated with the SBEA program, this Green Liberty offering has been reviewed and verified for its environmental attributes by Kestrel. 

For more information about the investment opportunity, please visit invest.ctgreenbank.com.  

 

Second Solar Project Completed at Barker Specialty

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New solar installation brings even more sustainable savings to Barker family through C-PACE financing 

 

Hartford, CT (June 20, 2023) – The Connecticut Green Bank proudly announces that 27 Realty Drive in Cheshire has completed a second rooftop solar photovoltaic system installation financed by Commercial Property Assessed Clean Energy (C-PACE). The property serves as the headquarters for Barker Specialty Advertising Co. Inc., a family business and leader in the promotional products industry for more than 70 years.  The first solar project was installed in 2021 at 55 Realty Drive. 

“I believe we all understand the benefits of using solar energy for both cost and sustainability purposes. However, the difficult part for most businesses is navigating the implementation and financing.  This is where the Connecticut Green Bank and a vendor-partner such as Verogy are of tremendous value. I would encourage businesses to work with these companies to understand the benefits of a transition to solar energy,” said Gerry Barker, President of Barker Specialty.  

This new 135 kW solar system was installed by Verogy, a solar developer headquartered in Hartford, who installed the other system. 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.  

Barker Specialty is a one-stop source for all promotional and marketing needs, including logoed merchandise, apparel, premium gifts, awards, tradeshow displays, and signage. They have a 6,000-square-foot showroom for clients to visit. Barker has earned many industry awards and recognition for being a great family business and employer.  

“We were excited in 2021 when the first solar project was completed, and even more so when the Barker team approached us for this larger second project,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “Not only does this speak to Barker’s continued commitment to sustainability and cost reduction, but this repeat usage of C-PACE financing is a great testament to the value the program brings to building owners.”  

Click here for more information on C-PACE. A case study of this project can at https://www.ctgreenbank.com/barker-specialty-solar.  

Connecticut Green Bank Seeks Qualified Vendors to Provide Services Related to Energy and Environmental Areas  

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Recently released request for qualifications aimed at vendors with specialized capabilities to support key Green Bank initiatives

 

HARTFORD, Conn. (June 12, 2023) – The Connecticut Green Bank is pleased to announce the release of a Request for Qualifications (RFQ) to establish a pool of qualified vendors (consultants, technical professionals, engineers, and others), including women and minority owned businesses and led organizations, to provide the Green Bank with diverse technical, energy, environmental, and financial services. The selected firms may be invited to support any new or existing Green Bank programs and help support efforts to stimulate the growth and development of clean energy and environmental infrastructure investment in Connecticut.

The Green Bank has broadly defined its needs across the following support areas: energy generation technology; utility-scale resources; transportation; environmental infrastructure; hydrogen; novel solutions; and climate change impacts, resilience, and adaptation analysis.

The qualified vendors could be called upon to assist with tasks including life cycle assessments; macroeconomic analysis and modeling; forecasting of energy use, prices and greenhouse gas emissions; health and environmental impacts; environmental infrastructure support; policy analysis; technology assessment; program development; and facilitation services.

The solicitation period closes on June 30, 2023. The RFQ can be found at https://www.ctgreenbank.com/about-us/rfps/.

 

Smart-E Loan Increases its Maximum Loan Amount to Accommodate Increased Homeowner Demand

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Connecticut Green Bank loan program changes aim to provide low-interest financing for more expensive technologies like geothermal heat pumps and solar plus storage systems

 

HARTFORD, Conn. (June 2, 2023) – The Connecticut Green Bank is pleased to announce updates to its Smart-E loan program designed to help 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.

Celebrating its tenth anniversary in 2023, the Smart-E loan program has helped more than 7,000 families and deployed more than $110 million in loans.

“We are seeing the average loan amount in the Smart-E portfolio increase in recent years, as homeowners seek comprehensive projects and with higher installation costs due to inflation, supply chain, and labor issues,” said Bryan Garcia, President and CEO of the Green Bank. “The change to the maximum loan amount provides greater access to low interest rate financing for these energy-saving projects.”

Smart-E loans are offered through a network of local community banks, credit unions, and a community development financial institution.  More than 300 contractors participate in the program to serve communities across the state, offering services that include more than 40 eligible energy-related improvements, including insulation, windows, solar, battery storage, and air source and geothermal heat pumps.

“I have been a proponent of geothermal energy as an essential technology to help people through the energy transition, while significantly reducing their heating and cooling costs,” said Rep. Jamie Foster, D-Ellington. “I am excited to see this increase in the Smart-E program, which will help provide financing opportunities to interested residents, so they can install more comprehensive upgrades.”

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.

More information about the Smart-E loan can be found at https://www.ctgreenbank.com/home-solutions/smart-e-loans/.

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

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With investments as low as $100, more and more citizens are helping combat climate change and supporting small business energy upgrades in Connecticut  

 

Hartford, CT (May 31, 2023) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, recently 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.  

Green Liberty Notes, which are offered quarterly, can be purchased through an online platform without a broker, with a $100 minimum.  To date, 67% of investments have been $1,000 or less, with buyers from 35 states around the nation and more than half of the investors have been Connecticut residents.  

Investments in the Green Liberty offering support Eversource’s Small Business Energy Advantage (SBEA) program, which enables small businesses in Connecticut to reduce their energy costs through efficiency upgrades and zero-interest loans.  

As a result of the climate benefits associated with the SBEA program, this Green Liberty offering has been reviewed and verified for its environmental attributes by Kestrel. 

For more information about the investment opportunity, please visit invest.ctgreenbank.com.  

Enko Chem, Inc. Announces Clean Energy Facility Upgrades in Partnership with the Connecticut Green Bank

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Improvements are projected to create upwards of $10 million savings

Enko’s leadership meets with the Earthlight’s project foreman inside Enko’s east range greenhouse. The Earthlight team is installing 984 energy efficient Helio Spectra lighting in Enko’s greenhouses.  Pictured from left to right: Rudy Sturk, Associate Director, Marketing & Communication Strategy, Connecticut Green Bank; Jacqueline Heard, Ph.D., MBA, Founder and CEO, Enko Chem, Inc.; David Wurzer, Chief Financial Officer, Enko Chem, Inc.; Sonny Smith, Finance Director, Enko Chem, Inc.; Peter Stchur, Ph.D. VP Operations, Enko Chem, Inc.; Daniel Kirk, Project Foreman, Earthlight Technologies. (Far right: Germaine Givons, Electrician, Earthlight Technologies; Background: Amber Sudarsky, Electrician, Earthlight Technologies).

MYSTIC, Conn., May 8, 2023 — Enko Chem, Inc. today announced that, with support from the Connecticut Green Bank, the company has embarked on a robust clean energy program at its facility on Maritime Drive. The projected energy savings over 20 years are upwards of $10M 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.

“We are pleased with the package that the Connecticut Green Bank has helped us to implement.  Clean energy and efficient energy are critical to environmental sustainability, something Enko is passionate about,” says Jacqueline Heard, Enko’s Founder and CEO.

Enko’s 89K square foot facility (15.63 acre campus) was built in 1992. Enko purchased the building in July 2020 and with the company growing quickly, it was time to focus on energy sustainability with state-of-the-art technology.

The energy efficiency project is being financed utilizing a long-term, fixed-rate C-PACE loan totaling $3.6M. C-PACE is administered by the Connecticut Green Bank and is specifically designed for financing green upgrades, such as energy efficiency improvements or the addition of renewable energy sources.

“It is always encouraging to us when a company looks at projects wholistically and makes a commitment to their facilities. We are excited to provide C-PACE financing to help Enko fulfill their ‘green’ mission and save on energy costs,” said Mackey Dykes, Vice President of Financing Programs at Connecticut Green Bank.

The solar and lighting projects are being installed by Earthlight Technologies in Ellington, CT. Siemens Industry will install the HVAC and controller portions of the project.

About Enko:

Enko Chem Inc., (enko.ag) headquartered in Mystic, Connecticut, believes that to create the future the world wants, we need to change the way the world grows. Enko’s goal is not just to create something better, but to play a part in something bigger. Enko discovers and develops novel products for farmers to protect their crops from pests, weeds, and disease.

Enko’s agricultural invention platform, Enkompass™, uses DNA encoded libraries, A.I. and machine learning to create more effective ways of finding and selecting the right treatments for the right targets– faster than anyone thought possible. Led by a team of proven scientists, entrepreneurs, and industry veterans, Enko’s innovative science, agile design, and discovery of new modes of action is producing next-generation crop protection solutions that will overcome the critical challenges facing industry.

About The Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first state-level green bank and has since supported the creation of more than 26,000 green jobs in the state, while reducing the energy cost burden on over 66,000 families, businesses, and nonprofits. The Green Bank’s vision is a planet protected by the love of humanity and its mission is to confront climate change by increasing and accelerating investment into Connecticut’s green economy to create more resilient, healthier, and equitable communities. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. To date, the Green Bank has mobilized nearly $2.5 billion into the State’s green economy. This has reduced the energy costs for thousands of families and businesses, and reduced greenhouse gas emissions that cause climate change and worsen public health.

Amber Sudarsky, Electrician, Earthlight Technologies, installs new lighting in Enko’s east range greenhouse.

 

Germaine Givons, Electrician, Earthlight Technologies installs new lighting in Enko’s east range greenhouse.

 

Photos taken by Red Skies Photography.

 

 

Clean Energy Industry Report Heralds Positive Employment Growth and Momentum for Connecticut

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Hartford, CT (May 2, 2023) – Employment growth in Connecticut’s clean energy industry in 2021 experienced the single highest increase in the past five years, according to the recently released 2022 Connecticut Clean Energy Industry Report. 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.

While the 2021 report showed that the state’s clean energy industry was more resilient than other states in the region, Connecticut recovered from pandemic employment losses slightly slower (four percent increase) than the national clean energy labor market (nearly five percent increase).

This is the third industry study produced by the Connecticut Green Bank, Department of Energy and Environmental Protection, Eversource, and United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas, subsidiaries of AVANGRID Inc., operating through the Joint Committee of the Energy Efficiency Board (EEB).

“As noted in prior reports, there continues to be significant progress in the Connecticut clean energy industry,” said Neil Beup, EEB Chair. “While the impact of the pandemic continues, strong partnerships between policy makers and industry stakeholders remain the building blocks of this key segment of our economy.”

Based on analysis from BW Research, employment in this report is divided into five major technology sectors, their component sub-technologies, and industry or value chain segment. The five sectors are: energy efficiency; clean energy generation; alternative transportation; clean grid and storage; and clean fuels. All data presented is based on the 2022 United States Energy and Employment Report (USEER).

Connecticut Green Bank Board Chair Lonnie Reed noted, “The report’s key findings are incredibly positive – more jobs, more diversity, fewer emissions. It also makes clear we need to create more energy efficiency opportunities for homes and businesses by better supporting the enterprises that deliver those services. The report is able to give us a real sense of what is succeeding and what needs work because it features in-depth data collected and analyzed by professionals from multiple agencies and sectors. And that makes it especially valuable.”

Some other key findings include:

  • Alternative transportation firms saw unprecedented growth of nearly 29 percent in 2021, bolstered by the hybrid electric and electric vehicle sub-sectors.
  • Solar jobs increased by 8.4 percent in 2021.
  • The number of firms conducting energy efficiency, clean energy generation, clean fuels, and clean grid and storage work increased between 2020 and 2021.
  • Except for energy efficiency, all technology sectors fully recovered from job losses incurred in 2020 and surpassed their pre-pandemic employment levels.
  • Connecticut’s clean energy workforce was slightly more diverse in 2021.
  • Fewer employers reported experiencing hiring difficulty in 2021 than in 2020, though hiring difficulty remains nearly 14 percent greater than pre-pandemic levels.

“The most recent climate change data cannot not be ignored. Insect populations are declining, icebergs in Greenland melting by the ton, and unrecognizable winters, require that we act now. What’s exciting about the Clean Energy Industry Report is the continued growth and diversity in the sector and the many career paths available, in a time of energy transformation,” said Brenda Watson, Chair of the Joint Committee of the Energy Efficiency Board and the Connecticut Green Bank and Executive Director of Operation Fuel. “I want to especially highlight our local energy efficiency vendors in the state who are often the entry point for youth of color, second chance individuals and women, entering the sector.”

“This report shows the strong support companies in Connecticut have for the changing and growing energy landscape and its expanding workforce. More and more of our customers are embracing clean energy through energy efficiency, EVs and other technologies, and we’re fully committed to both working with them and becoming a carbon neutral company by 2030,” said Eversource Director of Energy Efficiency Implementation and Connecticut Energy Efficiency Board member Ron Araujo. “The numbers in this report are further confirmation that we’re on the right path to a green future as our state and the national energy job markets continue to grow.”

“Connecticut’s clean energy industry has begun its recovery from the economic decline in 2020, though still slightly below pre-pandemic levels of employment. The clean energy economy’s recovery is on par with neighboring Massachusetts and slightly above the statewide economic growth rate during this time. Though lower than the nationwide clean energy growth average, Connecticut can likely expect to see continued clean energy job growth in 2023,” said Sarah Lehman, Project Manager, BW Research.

To access the full report, please visit the Green Bank’s societal impact page or download directly at   https://www.ctgreenbank.com/wp-content/uploads/2023/03/2022-Clean-Energy-Industry-Report-final-4-5-2023-1.pdf.

 

About Energize CT and the Joint Committee:

Energize CT is an initiative of the Energy Efficiency Fund, the Connecticut Green Bank, the Connecticut Department of Energy and Environmental Protection (DEEP), United Illuminating, Southern Connecticut Gas and Connecticut Natural Gas, subsidiaries of AVANGRID Inc., and Eversource, with funding from a charge on customer energy bills. Learn more at www.energizect.com.

Joint Committee

Pursuant to Section 16-245m(d)(2) of the Connecticut General Statutes, the Joint Committee shall examine opportunities to coordinate programs and activities contained in the plan developed under Section 16-245n(c) (i.e., Comprehensive Plan of the Green Bank) with the programs and activities contained in the plan developed under Section 16-245m(d)(1) (i.e., Conservation and Load Management Plan), and to provide financing to increase the benefits of programs funded by the plan developed under Section 16-245m(d)(1) so as to reduce the long-term cost, environmental impacts, and security risks of energy in the state.

To support the Joint Committee, the following is a principal statement to guide its activities: The Energy Efficiency Board and the Connecticut Green Bank have a shared goal to implement state energy policy throughout all sectors and populations of Connecticut with continuous innovation towards greater leveraging of ratepayer funds and a uniformly positive customer experience.