Strategy & Impact

Our Road Map tracks three critical steps of the Connecticut Green Bank – planning, reporting, and evaluation.    

Planning

The Connecticut Green Bank was established to promote investment in clean energy in accordance with a comprehensive plan developed by it to foster the growth, development, and commercialization of clean energy sources, related enterprises, and stimulate demand for clean energy and deployment of clean energy sources that serve end-use customers in this state.

The Board of Directors of the Connecticut Green Bank has approved of the following comprehensive plans and budgets:

Reporting

Annual Report

The Connecticut Green Bank issues an annual report to the Connecticut Department of Energy and Environmental Protection, the Connecticut General Assembly’s Energy & Technology Committee, and all local elected officials in cities and towns throughout Connecticut.

The Board of Directors of the Connecticut Green Bank has issued the following annual reports:

For earlier annual reports – click here.

Comprehensive Annual Financial Report

The Connecticut Green Bank also issues an audited Comprehensive Annual Financial Report (CAFR) that is compiled by the accounting staff and audited by an external certified public accounting firm in accordance with generally accepted accounting principles.  A CAFR submitted to the Government Finance Officers Association (GFOA) which is awarded Certificate of Achievement for Excellence in Financial Reporting represents the highest award in government financial reporting. Included in the CAFR are the public benefits estimated to have been achieved through the Connecticut Green Bank’s use of its financial resources.

The Board of Directors of the Connecticut Green Bank issued the following audited CAFRs:

It should be noted that the Connecticut Green Bank has received a Certificate of Achievement from the GFOA for the above Comprehensive Annual Financial Reports.

For earlier audited financial statements – click here.

Auditors of Public Account

The office of the Auditors of Public Accounts (APA) is a legislative agency of the State of Connecticut whose primary mission is to conduct audits of all state agencies, including quasi-public agencies. Included in such audits is an annual Statewide Single Audit of the State of Connecticut to meet federal requirements. The office is under the direction of two state auditors appointed by the state legislature. The APA audited certain operations of the Connecticut Green Bank in fulfillment of its duties under Sections 1-122 and Section 2-90 of the Connecticut General Statutes.

Open Connecticut

Open Connecticut centralizes state financial information to make it easier to follow state dollars. In Connecticut quasi-public agencies are required to submit annual reports to the legislature, including a summary of their activities and financial information.  In addition, the comptroller’s office requested that quasi-public agencies voluntarily provide checkbook-level vendor payment data for display on Open Connecticut.  The Connecticut Green Bank has voluntarily submitted this information since the inception of Open Connecticut. To access this information, click here. 

 

Evaluation

The Connecticut Green Bank’s evaluation efforts seek to understand how the increase in investment and deployment of clean energy supported by the Green Bank, result in benefits to society.  To that end, the Green Bank has devised an evaluation framework, conducts program evaluations and other studies, and supports market studies.

Evaluation Framework

The Connecticut Green Bank has established an evaluation framework to guide the assessment, monitoring and reporting of the program impacts and processes, including, but not limited to energy savings and clean energy production and the resulting societal impacts or benefits arising from clean energy investment.  Evaluation studies and analyses conducted or commissioned by the Green Bank fall within the various study categories presented in the Evaluation Framework.

Program Evaluations and Other Studies

The Green Bank hires consultants to conduct evaluations of its programs, both on its own and in response to legislative mandates.  Other studies are also commissioned to independent firms on topics of relevance to the clean energy industry and the Green Bank.

The following program evaluation studies were prepared and have been conducted in response to mandates by the Connecticut General Assembly, including:

From time-to-time, other studies are prepared by independent consultants on topics or programs of relevance to the Green Bank, including:

The Green Bank has identified a number of societal benefits that accrue from the installation and operation of clean energy projects.  It is collaborating with other parties to prepare reports that quantify those benefits and thus demonstrate more of the value that these projects deliver.

Market Studies

Market assessments are intended to provide data and information about aspects of markets associated with a particular technology, condition, or program strategy.  These vary in design and purpose, and are generally undertaken as baseline, market effects, or market potential studies, including: