Rocky Hill, CT – The Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority) was honored as a recipient of a 2014 State Leadership in Clean Energy Award for its Commercial Property Assessed Clean Energy program (C-PACE). This was one of eight programs nationwide to win an award for its outstanding accomplishments. The Clean Energy States Alliance (CESA), a nonprofit coalition of public agencies working together to advance clean energy, established these biennial awards to highlight model programs and projects that have accelerated the adoption of clean-energy technologies and strengthened clean-energy markets.
The recipients of the awards were chosen by an independent panel of five distinguished judges, each with years of experience in clean energy.
The C-PACE program enables commercial, industrial, and multifamily building owners to access affordable, long-term financing for smart energy upgrades to their buildings. These upgrades save property owners money and increase property values. In its first 22 months, C-PACE approved nearly $50 million for more than 60 clean energy projects, which will result in the deployment of over 8 megawatts of solar energy and a myriad of energy-efficiency improvements providing 30% to 40% energy savings across over 4 million sf of buildings.
With C-PACE, building owners are able to secure 100% upfront financing for clean energy upgrades to their businesses and buildings. Property owners place a voluntary assessment on their property tax bill, and then pay for clean energy improvements over time through this additional charge. Capital provided under the C-PACE program is secured by a lien on the property, so low-interest capital can be raised from the private sector, with no government financing required. Building owners can be cash-flow positive from day one, because of the long term of C-PACE financing, allowing them to do deeper energy upgrades than they otherwise would have done.
“The CT Green Bank is honored that CESA has chosen to recognize the C-PACE program,” CT Green Bank President and Chief Executive Officer Bryan Garcia said. “With building owners realizing immediate positive cash flow and initiating projects with no upfront cost, the C-PACE program is making clean energy more accessible and affordable to the commercial and industrial sector. Connecticut is leading the way and demonstrating a sustainable model for building owners to access financing for energy upgrades, all while creating jobs, supporting the economy and leveraging limited public dollars to attract private investment.”
“C-PACE has changed the landscape of clean energy finance in the US,” said CESA Executive Director Warren Leon. “The Connecticut Green Bank has proved that clean energy can attract private capital. This has important implications for PACE programs and clean energy financing nationwide.”
Connecticut’s Department of Energy and Environmental Protection was also honored as a recipient of the 2014 State Leadership in Clean Energy Award for the Connecticut Microgrid Program, which supports the development of local microgrid projects that support critical infrastructure with resilient power.