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Clean Energy Industry Contributes More Than $7 Billion to State’s Gross Regional Product as Employment Growth Continues

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Nearly 46,000 workers across 4,500 companies propel Connecticut’s clean economy, according to the state’s fifth Clean Energy Industry Report from the Joint Committee of the Energy Efficiency Board and the Connecticut Green Bank Board of Directors

Hartford, CT (May 20, 2025) – Connecticut’s clean energy industry in 2023 contributed more than $7.01 billion to the state’s Gross Regional Product (GRP) while jobs in this sector grew by 3.9 percent. This job growth accounted for 7.5 percent of Connecticut’s total statewide employment growth between 2022 and 2023, significantly outpacing the state’s overall employment growth, according to the recently released 2024 Connecticut Clean Energy Industry Report. The sector has nearly surpassed 46,000 workers, climbing above pre-Covid-19 employment levels, and the state has more than 4,500 companies working in the clean energy sector. The energy efficiency subsector remains the largest technology sector in the state’s clean energy industry and was the primary driver of job growth.

This is the fifth 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).

“The clean energy industry continues to grow its impact in our state, adding well-paying jobs and bolstering the state’s economy. While the numbers are important, we must also mention the value that these workers and companies provide to our families, businesses, and communities, especially those in the energy efficiency subsector who are helping people save money and reduce the energy cost burden,” said Brenda Watson, Executive Director at the North Hartford Partnership and Chair of Connecticut Green Bank and Energy Efficiency Board joint subcommittee. “Despite positive trends in employment growth, challenges remain in filling skilled labor positions and bringing females and historically marginalized groups into the clean energy sector. As advocates, we need to prioritize these areas of potential growth and continue to support programs that sustain this demand for workers.”

This analysis from BW Research shows employment 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 employment data presented is based on the 2024 United States Energy and Employment Report (USEER).

Some other key findings include:

  • Clean energy job growth in Connecticut since last year’s Clean Energy Industry Report was the strongest it has been since 2015.
  • Connecticut’s clean energy employment growth outpaced that of other Northeastern states between 2022 and 2023.
  • Connecticut’s clean energy industry expanded across all technology sectors from 2022 to 2023, and the fastest-growing sectors – Alternative Transportation (16.3 percent), Clean Grid and Storage (7.6 percent), and Clean Energy Generation (7.1 percent) – outpaced national growth rates.
  • Between 2022 and 2023, clean energy employment grew across all value chain segments in Connecticut, with the largest job gains in Construction, Other Services, and Professional and Business Services.
  • The clean energy economy accounted for 2.4 percent, or $7.01 billion, of Connecticut’s GRP in 2023. This is a 3.1 percent increase from 2022, which is a similar increase to the prior year (3.2 percent).
  • As of 2023, more than 4,500 clean energy companies, firms, and establishments exist within Connecticut.

To access the full report, please visit the Green Bank’s societal impact page or download directly. A webinar to discuss the findings will be held on Friday, May 30 at 1 pm. To register please visit https://attendee.gotowebinar.com/register/1955387319245862234.

About the 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.

Governor Lamont Announces Several Connecticut Correctional Facilities Now Operating on Solar Energy, Creating Cost Savings While Reducing Emissions

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(HARTFORD, CT – April 14, 2025) – Governor Ned Lamont today announced that seven solar energy systems have been installed and are now operating at six of Connecticut’s correctional facilities in a suite of projects that will generate millions in cost savings while delivering clean, renewable energy to the facilities.

Because correctional facilities operate nonstop 365 days a year, they are among the largest consumers of energy of all state-owned facilities.

“Installing solar energy systems at correctional facilities is a way that we can deliver cost savings in the operations of state government while also reducing our carbon footprint,” Governor Lamont said. “Correctional facilities provide a necessary public safety service for our communities, and their around-the-clock operations require a significant amount of energy to function. I am glad that we could get these projects completed and that our correctional facilities can begin taking advantage of the benefits of solar energy.”

The seven systems will collectively deliver 8.3 megawatts of clean, renewable energy to the correctional facilities, saving the state more than $11 million in energy costs over the lifetime of the panels and reducing carbon emissions by the equivalent of approximately 5,000 metric tons annually.

The projects are a collaboration between the Connecticut Department of Correction (DOC) and the Connecticut Department of Administrative Services (DAS), along with the Connecticut Green Bank and TotalEnergies, a global integrated energy company. They were financed by the Connecticut Green Bank in partnership with TotalEnergies. The company will own, operate, and maintain the systems through a power purchase agreement executed by DAS.

 

“With our 13 facilities operating on an around the clock basis 365 days a year, we are always looking for ways to reduce our energy costs,” DOC Commissioner Angel Quiros said. “The fact that we can do so by utilizing a clean energy source is an added bonus.”

“These seven projects are a win-win for the state,” DAS Commissioner Michelle Gilman said. “They will reduce our carbon footprint and save significant money for taxpayers. This has been a collaborative effort, and we look forward to building on this progress with other state agencies in the years to come.”

“Solar projects of this size and scope have significant benefits, and take time and coordination to complete, which makes it necessary to gather an excellent team of state and private capital partners,” Bryan Garcia, president and CEO of the Connecticut Green Bank, said. “Thanks to the attention and collaboration of everyone involved, the Green Bank was able to use our Solar MAP process to streamline each step of going solar, from design to contracting to financing and energization. Building on this success, we will continue to work together to finalize more projects in our pipeline and help the state meet our climate goals while reducing energy costs.”

“The successful completion of the DOC’s seven solar installations demonstrates large-scale, distributed clean energy is both feasible and reliable,” Eric Potts, vice president of TotalEnergies Renewables USA, said. “These projects provide significant cost savings for the DOC while directly contributing to the state’s 2040 zero-carbon electricity target. TotalEnergies is proud to once again play a vital role in the public sector initiatives that drive sustainable outcomes.”

The correctional facilities utilizing these solar energy systems include:

  • Cheshire Correctional Institution, Cheshire (2.4 megawatts)
  • Enfield Correctional Institution, Enfield (181 kilowatts)
  • Manson Youth Institution, Cheshire (2.2. megawatts)
  • Osborn Correctional Institution, Somers (2.2 megawatts)
  • Robinson Correctional Institution A, Enfield (83 kilowatts)
  • Robinson Correctional Institution B, Enfield (167 kilowatts)
  • Willard Correctional Institution, Enfield (1 megawatt)

Green Liberty Investment Offerings Continue to Exceed Maximum Raise Amount Thanks to Citizen Demand 

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Ten consecutive raises have exceeded their maximums, more than $3.3 million has been raised cumulatively from investors in Connecticut and across the country 

 

Hartford, CT (March 24, 2025) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, successfully closed the twelfth Green Liberty offering, surpassing its maximum raise amount for the tenth consecutive time. More than 90 investments were received in original increments of $1,000 or less, a new record. To allow for more investors to participate in this innovative and certified green investment opportunity, this was the sixth offering that featured a maximum raise limit of $350,000.  In total, more than $3.3 million has been raised from Connecticut citizens and nationwide investors in support of small businesses improving their energy efficiency and reducing their energy costs. This was the first issuance offered through the Green Bank’s partnership with Honeycomb Credit using their online crowdfunding website.    

Green Liberty Notes, which are offered quarterly, can be purchased with a minimum investment of just $100. To date, more than 60% of original investments have been $1,000 or less, and more than half of the investors have been Connecticut residents. In total, individuals from 43 states have invested in 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. The Connecticut Green Bank and Amalgamated Bank (America’s largest B Corp bank) recently celebrated the purchase of more than $100M of SBEA loans, driving environmental benefits and economic growth in local restaurants, town halls, community organizations, and more. 

As a result of the climate benefits associated with the SBEA program, this Green Liberty offering has been reviewed and designated a Green Bond by Kestrel, a leading provider of external reviews for green, social and sustainability bond transactions and a Climate Bonds Initiative Approved Verifier. 

“The overwhelming success of these Notes is a testament to the desire of investors to support the green economy while earning a secure, competitive return on their investment. We are excited to see more people from Connecticut and investors from more than 40 states across the country getting involved in these offerings,” said Bert Hunter, EVP and Chief Investment Officer of the Connecticut Green Bank. “In addition to these quarterly offerings, we are looking into other opportunities to help engage and support our communities and to make available to our investors.”  

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

Statement on EPA’s Action on NCIF   

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Hartford, CT (March 12, 2025) – The Connecticut Green Bank stands with the other awardees of the National Clean Investment Fund (NCIF) competition through the Inflation Reduction Act as we continue our collective efforts to reduce the energy burden on families and businesses, create jobs in our communities, and improve public health through cleaner air and water. This week’s unlawful action by the EPA will undoubtedly slow the clean energy economy in Connecticut, which supports more than 45,000 jobs and continues to grow year over year, and now accounts for 2.4 percent, or over $7 billion, of Connecticut’s Gross Regional Product.   

The Green Bank’s winning NCIF bid, submitted through our partnership with the Coalition for Green Capital, would enable our model to increase investment in and deployment into energy efficiency upgrades for single and multifamily homes, solar and storage projects at schools and municipal buildings, and electric buses and clean transportation initiatives. Since 2011, we have successfully worked with partners to create nearly $3 billion in investment in similar projects across our state.  

We will continue to evaluate next steps and urge the EPA to restore the lawfully awarded funds.  

Connecticut Green Bank Launches 12th Green Liberty Notes Offering 

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Successful crowdfunding program continues supporting local small businesses and economic growth.  

 

Hartford, CT (February 27, 2025)—CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, today announced the launch of its award-winning 12th offering. Now in its fourth year, the crowdfunding campaign is made possible by Honeycomb Credit, an online marketplace for impact investing.  

 “Our raises over the past few years have been a tremendous success, and we’re proud to continue that momentum,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “This program bridges the gap between the climate investment marketplace and our local economy by allowing investors across the country, including the communities of our state, to directly support energy efficiency for Connecticut small businesses.”  

Featuring a low minimum investment of just $100, a short one-year term, and an easy online purchase process, Green Liberty offerings were created to be accessible to nearly anyone who wants to invest.  

In total, more than $3 million has been raised from Connecticut citizens and buyers from 40 states nationwide. Over 60% of original investments have been $1,000 or less, with more than half of the investors being Connecticut residents. 

Investments in the Green Liberty Notes offering support Eversource’s Small Business Energy Advantage (SBEA) program, which enables small businesses in Connecticut to lower their energy expenses through efficiency enhancements and interest-free loans. Due to the climate benefits associated with the SBEA program, Kestrel has reviewed and verified this Green Liberty offering for its environmental attributes. 

Green Liberty Notes can be purchased at www.greenlbertynotes.com.The previous Green Liberty offering was the ninth consecutive offering to surpass its maximum raise amount, so investors are encouraged to act quickly to secure their participation in the next offering. 

Previous investors can now track all active Green Liberty Notes investments through the Honeycomb platform, which provides a centralized location for investors to access. Reinvesting is streamlined through the Honeycomb wallet, allowing investors from the ninth round of Green Liberty Notes to reinvest both principal and interest into the latest offering.  

Additionally, investors who participated in the ninth round and choose to invest in this offering—whether by reinvesting or contributing a different amount—will receive an interest rate “boost” as a token of appreciation for their ongoing support of the Green Liberty Notes. 

For more information about this investment opportunity, please visit www.greenlibertynotes.com.  

Connecticut Green Bank’s Fiscal Year 2024 Annual Report Highlights Progress as Economic Catalyst Through Partnerships

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Green Bank programs continue to create jobs and grow the green economy while helping thousands of families and businesses reduce their energy costs

 

Hartford, CT (Jan. 8, 2025) – The Connecticut Green Bank recently released its 13th annual report for fiscal year 2024, which showed continued leadership in the state’s green economy. Every public dollar invested by the Green Bank attracted $8.60 in private capital in FY2024, bringing its total contribution to nearly $3 billion since it was created through bipartisan legislation in 2011. This investment helps reduce the energy burden on more than 71,000 families and businesses across Connecticut. Additionally, this investment supports the creation of thousands of jobs and reduces greenhouse gas emissions and air pollution, which benefits public health.

“The Green Bank is proud to be a leading catalyst driving the green economy. Since our establishment, we have helped enable nearly $3 billion of investment in our state’s green economy, which has supported the creation of more than 29,000 jobs and contributed nearly $150 million in state tax revenues to Connecticut’s budget,” said Bryan Garcia, President and CEO of the Green Bank. “Since 2011, we have forged strong relationships with lending institutions, contractors, advocates, and community and labor organizations as a reliable, dependable leader in this space. We remain committed to sharing our data and stories through reports like this annual report and our extensive Annual Comprehensive Financial Report because we understand the value of partnerships and people working together to achieve our vision of a planet protected by the love of humanity.”

Some highlights of the fiscal year 2024 include:

  • Supporting the financing of several fuel cell projects in Derby, including the nation’s first “Community Fuel Cell” that will reduce energy burdens on low- and moderate-income families
  • Providing energy security and resilience through the financing of a microgrid for our military at the U.S. Naval Submarine Base in Groton.
  • Expanding our flagship residential (Smart-E Loan) and commercial (C-PACE) financing programs to address environmental infrastructure improvements, especially resilience measures.
  • Helping commercial building owners make energy improvements that reduce their operating costs, in part through the co-administration of the Energy Storage Solutions program, which has experienced strong demand from businesses driven to increase their resilience and control expenses.
  • Utilizing our Solar Marketplace Assistance Program (Solar MAP) to successfully guide municipal and school leaders through the solar process while expanding the program to include storage and serve affordable multifamily housing properties so providers can reduce energy costs while increasing energy security.

To access the FY24 report, please visit https://www.ctgreenbank.com/strategy-impact/reporting-and-transparency/ or https://www.ctgreenbank.com/strategy-impact/reporting-and-transparency/connecticut-green-bank-annual-report-2024/.

Milford Holdings LLC closes on 1.1-megawatt solar project

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Wampus Lane project is estimated to generate $4 million in energy revenue for the ownership 

 

Hartford, CT (Dec. 16, 2024) – The Connecticut Green Bank is pleased to announce that Milford Holdings LLC has recently closed on C-PACE financing for a 1.1-megawatt solar project at their property at 80 Wampus Lane in Milford. The tenants on-site include both industrial and manufacturing operations. The total gross installed costs are approximately $2.2 million and the estimated energy revenue for the ownership over the next 20 years will surpass $4 million. The project participated in Connecticut’s Non-residential Renewable Energy Solutions (NRES) program, through which the utility company will buy the produced electricity from the property owner. 

“I’m pleased with our decision to utilize the C-PACE program to finance our Solar project at 80 Wampus Lane. The process was straightforward across the multiple partners involved. Additionally, the Green Bank worked efficiently to close C-PACE financing allowing us to begin saving energy,” said Ahron Rosengarten, the project manager working for the property ownership. “We want to give a big thanks Jodi French of KPT Renewables for being an indispensable resource to get this transaction closed and giving us expert guidance on every step of the process. Thanks to Evergreen Energy for developing the project, managing the NRES submission process as well as coordinating the installation.” 

The system will generate approximately 1.1 million kWh annually which equals a carbon reduction of 785 metric tons, or the carbon offset of 1,025 acres of forest. 

“I enjoyed the role of coordinating the efforts of multiple project partners in order to facilitate the critical element of successful project financing,” said Jodi French of KPT Renewables. 

“It was a wonderful opportunity to develop and install this solar facility for Milford Holdings and take part in the NRES program,” said Jacob Sussman, Chief Operating Officer of Evergreen Energy. “We are extremely satisfied working with the Green Bank and appreciate Jodi’s guidance through the process.”  

In Connecticut, the Commercial Property Assessed Clean Energy (C-PACE) program has surpassed 400 closed projects for more than $300 million in total investment. C-PACE is administered by the Green Bank and is specifically designed to finance green upgrades, including energy efficiency improvements, renewable energy sources, and projects to increase resilience. 

“Commercial property owners’ interest in adding large solar systems to their roofs continues to remain strong in Connecticut,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “C-PACE was designed to allow these projects to make financial sense in addition to the positive environmental impact.”   

For more information about C-PACE, please visit ctgreenbank.com/cpace.