Brick Walk Professional Building Looks to the Sun

New rooftop solar system will provide electricity for medical offices

 

Fairfield, CT (October 21, 2019) – The Connecticut Green Bank and Kleban Properties LLC are proud to announce that a rooftop solar photovoltaic system will soon produce electricity for the Brick Walk Professional Building, part of the portfolio of Brick Walk properties located on the Post Road in Fairfield. The 64 kilowatt system will be financed through the Green Bank’s C-PACE program, and installed by ERUS Energy. The building provides offices for doctors, dentists, social workers, and other medical professionals.

Kleban Properties, a real estate development firm headquartered in Fairfield, manages over 1.5 million square feet of commercial and residential property for the Kleban family. Working in real estate development in Connecticut for five generations, the Klebans have a history of visionary leadership in property development, including in Fairfield where they have created mixed-use spaces like Brick Walk that serve as community destinations.

“As a leader in commercial property management, we are always looking for cogent value-add strategies, and we believe in creating sustainable communities. Installing solar on the Brick Walk Professional Building fits this model,” said Ken Kleban, President of Kleban Properties. “It adds value to the property, lowers energy costs, and shows our environmental commitment to our tenants and residents.”

C-PACE, or Commercial Property Assessed Clean Energy, allows building owners to make energy upgrades immediately and pay back over time through a voluntary benefit assessment lien that is repaid along with real property taxes.

“We are excited to see leaders like Ken Kleban, who focus on building thriving communities, making energy consciousness decisions part of their investments,” said Mackey Dykes, Vice President of Commercial and Industrial Programs. “Projects on high-traffic properties help spread the word to other developers, building owners, and residents that energy efficiency and renewables are good financially and for the environment.”

The financed amount of the project was $243,790 and the estimated cost savings over the expected useful life of the project (20 years) is over $340,000.

For more information on C-PACE, please visit www.cpace.com.

Please follow and like us:
error

Using Sunshine to Make Stencils: Stencil Ease Goes Solar

First commercial/industrial property in Old Saybrook to use C-PACE financing

 

Old Saybrook, Conn. (Oct. 7, 2019) – The Connecticut Green Bank and Greenho Enterprises are pleased to announce the closing of a financing agreement that will allow Stencil Ease, located at 7 Center Road West in Old Saybrook, to generate over 90 percent of their business electricity needs from a solar photovoltaic (PV) system on their roof. Stencil Ease is the largest specialty stencil manufacturing company in the United States, producing stencils from one-off custom to production runs in excess of 100,000 units.

“When I moved Stencil Ease to Old Saybrook in 1997, we bought our first piece of manufacturing equipment and have been vertically integrated ever since,” said Brian Greenho. “I sold the business to private equity in 2015 and the new owner group has built on the legacy of stencil manufacturing and being able to ship any of 55,000 items anywhere in the world in 24-48 hours. Through my commercial real estate and solar development company, Greenho Enterprises, LLC, I wanted to make an environmentally conscious decision to globally reduce overall consumption of fossil fuels.”

This 15,000 square foot state-of-the-art laser cutting facility is the first commercial/industrial business in town to use Commercial Property Assessed Clean Energy (C-PACE) financing provided by the Connecticut Green Bank. The 72 kilowatt (kw) system consisting of 208 roof top panels will be installed by Smart Roofs Solar of Newtown.

C-PACE allows property owners to install energy efficiency upgrades or renewables on their buildings without upfront costs using financing that is repaid through the town’s property tax billing system as a benefit assessment akin to a water or sewer assessment. Through C-PACE, energy savings projections help building owners to feel confident that expected savings should exceed their investment and result in positive cashflow. The project’s gross installed cost is $215,000, and the expected average annual energy cost savings over 20 years is estimated at about $20,000 a year. Stencil Ease is also a beneficiary of an Energy on the Line grant of $14,081, a program developed in partnership with the state’s Department of Economic and Community Development’s (DECD) Manufacturing Innovation Fund to provide Connecticut manufacturers with even greater net energy savings from a C-PACE project.

“Connecticut is home to many great manufacturers, from submarines to stencils and everything in between, and our C-PACE program is helping them reduce their energy costs,” said Mackey Dykes, Vice President of Commercial and Institutional Programs at the Connecticut Green Bank. “With a lower energy burden, these businesses can focus on their products and services, while increasing their bottom line.”

Greenho hopes to realize further green energy improvements to the property in the future.

“By 2021, the building will have electric vehicle charging stations enabling employees to charge their cars directly from the sun,” said Greenho.

 

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com. For information on C-PACE, please visit www.cpace.com.

About Stencil Ease

Stencil Ease is the largest specialty stencil manufacturing company in the USA. Since 1980, our focus and dedication to manufacturing stencils, be it large-scale industrial, custom stencil or decorative painting stencil, has separated us from all others. Our web site offers an unlimited selection of designs, sizes, material options and customization options. Learn more at https://www.stencilease.com/pages/about-us.

Please follow and like us:
error

Connecticut Green Bank Multifamily Housing Program Surpasses 100 Project Milestone

Five-year-old program has financed more than $34 million in energy upgrades for affordable multifamily properties

 

Rocky Hill, Conn. (Sept. 24, 2019) – The Connecticut Green Bank is proud to announce that its Multifamily Housing Program has provided financing and technical assistance to more than 100 funded multifamily projects since the program’s inception in 2014. 

Through its various products, the Green Bank’s Multifamily Program, along with financing partners’ Capital for Change and the Housing Development Fund, has deployed over $34 million in financing for energy efficiency, solar and health and safety upgrades.  This capital has been used to fund individual energy projects as well as energy upgrades that are part of larger renovation or new construction projects – with $160 million total capital outlay for all project costs. 

“We are pleased with the accomplishments of our Multifamily program, which has touched more than 8,000 housing units in Connecticut that serve low- and moderate-income residents,” said Bryan Garcia, President and CEO of the Green Bank. “While there is still plenty of work to do, this investment is helping to improve the lives and health of families and reduce the energy burden on property owners.

The Program enables multifamily property owners to design and implement energy improvements that reduce energy, maintenance and other operating costs, improve the living environment for residents, and increase property values. The Program also funds remediation of important health and safety issues. Savings resulting from energy improvements are often used to fund other needed capital improvements. Through this approach, the Green Bank is helping to preserve critical affordable housing resources in Connecticut. This is especially important because of the affordable housing shortage in the state and budget challenges which limit public funding for this sector. 

Funded projects include a range of energy-related upgrades, for example, new, efficient HVAC equipment, building envelope improvements, and energy saving controls.  A hydroelectric project and more than 5 megawatts of solar photovoltaic (PV) systems have also been installed.  On the health and safety front, roofs can be repaired or replaced to prevent mold and other moisture related air quality issues from leaks, which is especially important if a property is to be weatherized and sealed. 

Funding is specifically designed to accommodate restrictions on existing debt or other covenants that might prevent a property owner from moving forward with a project.  For example, if additional mortgage debt is prohibited, a common occurrence, the Program will provide unsecured project financing. Solar programs are specifically designed so that non-profits and housing authorities, unable to take advantage of tax credits and other incentives, can still “go solar” and take advantage of long term, lower electricity costs.

The Program predominantly provides financing for existing housing that serves low- and moderate-income residents in Connecticut.  This includes subsidized, rent restricted properties as well as non-subsidized housing.

“The Green Bank will often take on properties that are in physical and financial distress but can be resuscitated by lowering high energy and related maintenance costs.  These are properties that traditional lenders are often unable to finance.  We understand how to underwrite and support owners in making these projects work.” said Kim Stevenson, Director of Strategic Initiatives at Inclusive Prosperity Capital, the non-profit that manages the Multifamily Program on behalf of the Green Bank. “However, we could not accomplish our work without the support of a dedicated group of professional service providers, contractors, property owners and managers, and partners, including the Affordable Housing Alliance of Connecticut, Urban Homesteading Assistance Board, Connecticut Housing Finance Authority, Connecticut Department of Housing, the Department of Housing and Urban Development, and many others.”

For more information on the Multifamily Program, please visit www.ctgreenbank.com/multifamily.

Please follow and like us:
error

Seabury Cooperative receives financing to preserve and improve their property

UHAB, HDF and the Connecticut Green Bank partner to provide technical assistance and financing to increase housing cooperative’s viability

 

New Haven, Conn. (Aug. 13, 2019) – The Urban Homesteading Assistance Board (UHAB) announces the closing of an initial loan that is the first installment of a more than $500,000 operating bridge loan for Seabury Cooperative. Located at the corner of Elm and Howe Streets in New Haven, Seabury Cooperative is a two-building complex with 88 affordable apartments. The UHAB financing also allows the Housing Development Fund (HDF) and the Connecticut Green Bank to provide further pre-development financial support for energy- and health/safety-related design and improvements. Together, this financing will help preserve important affordable housing in the city by increasing occupancy, improving the property, and reducing energy costs.

“Creating and preserving cooperative housing like Seabury is our mission” said Andrew Reicher, Executive Director of UHAB. “We are excited that our training, technical assistance and bridge lending could help preserve this important affordable housing resource in New Haven.”

Built in 1973, Seabury has all electric HVAC systems. As the property has aged, the electricity costs have risen significantly (50% from 2013 to 2015). Under this strain, residents reached out to their utility provider, the United Illuminating Company (UI), who conducted an energy audit and referred them to the Connecticut Green Bank for technical and financing assistance.

“The resident-owners of Seabury are excited to move ahead with long needed improvements to our home,” said Demetria Lindsey, President of the Cooperative Board. “We are looking for families and seniors of low or moderate income who would like to be part of our community.”

The Green Bank and UHAB began working together to help Connecticut cooperatives in late 2017. This partnership includes technical assistance to individual cooperatives as well as outreach to the affordable cooperatives in the state. Working with the Connecticut Housing Coalition they held a statewide training for cooperative boards members in the spring of 2018 and continue to provide technical assistance at properties facing high energy costs.

The financing from HDF and the Green Bank will be used to cover the costs of pre-development work necessary to secure permanent financing for the project. This will include the contracting of an architectural and engineering team to plan and design the replacement of the HVAC systems, evaluating the addition of roof insulation and new windows, investigate other energy and health and safety issues, and bidding out the construction work.

“HDF is proud to be partnered with UHAB and The Connecticut Green Bank on this project,” said Joan Carty, President and CEO of HDF. “It is a great example of like-minded organizations coming together to simultaneously improve energy efficiency and preserve desperately needed affordable housing for the residents of the Seabury Cooperative.”

“The partnership between UHAB and the Green Bank is a natural fit,” said Kim Stevenson, Director of Multifamily Programs at the Green Bank. “We are focused on helping residents and property owners reduce their energy expenses through the financing of renewables and efficiency projects. UHAB understands cooperatives and how to train residents on key skills needed to manage their properties. Together, we are making a difference in the long-term sustainability and financial viability of these important communities.”

Limited equity co-ops like Seabury provide home ownership opportunities that are permanently affordable in communities that are increasingly unaffordable to low-income households. Having provided affordable housing for nearly 50 years, this co-op will be rehabbed and updated focusing particularly on energy, health and safety measures, and will be able to provide affordable home ownership for another 50 years. Co-ops are an affordable housing solution that lasts.

The New Haven Independent wrote a follow-up article about the work at Seabury. Read the article here.

About UHAB

The Urban Homesteading Assistance Board was born in the midst of New York City’s economic crisis of the 1970s. With landlords abandoning their buildings en masse, the city found itself with more than 11,000 buildings on hand and no idea what to do with them. UHAB became a voice for the residents living in those buildings – longtime New Yorkers who had no intention of leaving. Turning buildings over to their residents to manage began as an experiment. But soon the city was convinced that this revolutionary approach could be sustained. The first year UHAB offered training, in Harlem, residents of 200 buildings learned how to cooperatively govern and operate their own multi-family dwellings. UHAB has now assisted in the preservation of more than 1,600 buildings (comprising 1,350 housing cooperatives), creating homeownership opportunities for residents of more than 30,000 apartments. For more information, please visit http:\\www.uhab.org.

About the Housing Development Fund (HDF)

The Housing Development Fund, Inc was established in 1989 as a nonprofit organization to finance the development of affordable housing in Stamford, CT. Today we have offices in Stamford, Bridgeport, and Danbury providing unique lending products and free homeownership counseling. With more than $120 million in funds under management, our programs include the pre-development, acquisition, rehabilitation, and construction of affordable housing, as well as down-payment and closing cost assistance loan programs for low- and moderate-income families. Our service area includes the entire state of Connecticut as well as the counties of Nassau, Suffolk, Rockland, Putnam, and Westchester counties in New York state, the five boroughs of New York City, and a recent expansion into Massachusetts. For more information, please visit hdfconnects.org.

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

Please follow and like us:
error

Connecticut Green Bank’s Groundbreaking ABS Deal Demonstrates the Power of Tech-Enabled Market Transformation

Trend Report: Fintech’s Ripple Effect on the Renewable Energy Market

Written for members of the investment community focused on energy T-REX Trend Report: Fintech’s Ripple Effect on the Renewable Energy Market - Access a Complimentary Copy of the Full Reportefficient asset classes, this issue of the T-REX Trend Report uses Connecticut Green Bank’s landmark SHREC ABS deal to showcase how smart technology drives market transformation.

New York, NY, July 16, 2019 — T-REX, a leading data services and software provider for complex financial markets, shares insights on investing, data transparency, and technology trends in its latest Trend Report.

Report Abstract: Financing for solar installations is challenging. However, with greater access to financing, more solar energy systems can be installed. This increased deployment of clean energy not only leads to an overall better quality of life for the public, it creates a ripple effect that impacts local communities from a number of different angles. This, coupled with their high yield potential, makes renewables extremely attractive for investors seeking high impact, socially responsible additions to their portfolios. Despite the draw, green energy remains exposed to friction across the financing and investment lifecycle due to data, analytics, and workflow limitations.

Knowing the friction that exists in the financing of solar and other renewables, Connecticut Green Bank (CGB) decided to leverage T-REX to bring transparency and efficiency to their first securitization. The highly successful, landmark transaction not only led to a number of benefits for Connecticut’s 3.5 million residents, it also set an important example of how smart technology transforms markets by simplifying and streamlining process. In this edition of the Trend Report, we use CGB’s transaction to walk through the typical financing challenges and best practices that pre-emptively address them.

Access a complimentary copy of the T-REX Trend Report at https://www.trexgroup.com/t-rex-trend-report-july-2019/


About T-REX

T-REX combines sophisticated SaaS technology with big data and asset class expertise to drive down cost of capital and reduce risk exposure for complex investments. Solutions address friction at each stage of the asset lifecycle, from origination through investment. By empowering efficient finance, T-REX creates significant investment opportunities across $500 billion in new assets every year. Performance Data Service and analytics platform for Loan and Asset Warehousing, Structured Credit, and Energy Project Finance.

Please follow and like us:
error

Canton Hydroelectric Facility to Produce Clean Energy for Connecticut

Historic powerhouse will produce 1 MW of renewable, clean energy and provide many benefits to the Town of Canton, the people of Connecticut, and the environment

Rocky Hill, Conn. (July 8, 2019) – The construction of a 1 megawatt (MW) hydroelectric facility at the Upper Collinsville Dam on the Farmington River in Canton is resuming after the closing of the construction loans, according to the project’s developer, Canton Hydro, LLC. The project is the result of significant expertise and innovation from many stakeholders, including the Town of Canton, The Provident Bank, the Department of Energy and Environmental Protection (DEEP), and the Connecticut Green Bank. Once operational, the facility is projected to generate an average 4.3 million kWh of clean energy and save 3.2 metric tons of CO2 emissions annually, while preserving a historic powerhouse, enhancing public safety features, and revitalizing aquatic habitat by allowing fish to swim upstream for spawning for the first time since 1867.

“Hydro projects like this one in Canton are very exciting for Connecticut,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Although these projects require significant work and coordination, they provide a great example of how the Green Bank’s public-private partnership model works to leverage capital, revitalize Connecticut’s environmental infrastructure, and produce clean energy for years to come.”

This project is the culmination of more than a decade of efforts, including the drafting of the Collinsville Renewable Energy Promotion Act (H.R. 316; Pub.L. 113–122), a U.S. public law that was introduced into the 113th United States Congress, which was signed into law by President Barack Obama on June 30, 2014. The bill allowed the Town to take over the lapsed Federal Energy Regulatory Commission (FERC) licenses to refurbish two old dams. Originally constructed for hydropower that generated electricity for the former Collins Company factory, the site ceased generation in 1966. After a pre-feasibility study concluded the site could again support hydroelectric, the Town of Canton selected Canton Hydro through a competitive request for proposals.

“In addition to the generation of clean energy and reduction of carbon emissions, this hydro project will provide long-term benefits to Canton residents, the state, the environment and the wildlife,” said Canton First Selectman Beth Kandrysawtz. “Some of the other positive outcomes will be the construction of an upstream fish and eel passage, enhanced recreational possibilities due to the increased water level in the upper impoundment area, the improvement of flood control, and the creation of jobs. Not to mention the preservation of the historic powerhouse which was built in the 1930s.”

Clean Energy Through Creative Financing

The final requirement for the project was securing financing, which was accomplished through a creative partnership structure. The total project cost is approximately $6.6 million with the Green Bank providing a $1.2 million subordinate loan and $500,000 limited guaranty to leverage an approximately $4.7 million senior loan from The Provident Bank through the U.S. Small Business Administration (SBA) 504 Loan program. Additional equity is being provided by Canton Hydro.

“When a project has this many moving parts — environmental, economic, legislative and so on — it’s vital to have a financial partner willing to take a comprehensive approach that benefits both the client and their community,” says Dave Mansfield, CEO of The Provident Bank. “The Provident team is powered by innovation and that’s why renewable energy lending and the type of creative financing required for something such as the Upper Collinsville Dam, are not only a specialty of ours, but true passion projects.”

Redeveloping Historic Hydropower

The dam is owned by the State of Connecticut and the water rights will be leased to Canton Hydro over a 30-year period. Utilizing the state’s Virtual Net Metering program, State of Connecticut owned buildings through DEEP will benefit from the lower cost renewable energy. 

“This is a terrific project that builds on Connecticut’s legacy of leadership in environmental protection and clean energy development,” said DEEP Commissioner Katie Dykes. “Working with the Green Bank and local developers across Connecticut, we can improve our historic dams to provide clean energy, while at the same time restoring these facilities that create opportunities for recreation and wildlife conservation, and protecting our precious water resources. The process and documentation established with this project will serve as a replicable model that can be used with other state buildings that could benefit from clean energy technologies.”

The project will use a Kaplan turbine manufactured by WWS Wasserkraft GmbH, an Austrian company with longstanding experience in the construction of high-performance hydroelectric plants smaller than 10 MW per unit. In addition to supplying the main equipment, Wasserkraft will act as the turnkey solution provider and will supervise construction. A Denil Fishway passage to support the migration of fish into the Farmington River will be installed along with a new low-level fish guidance barrier to prevent fish swimming towards the primary spillway and guide them directly to the entrance of the upstream fish passage.

“This project is a truly innovative approach to the redevelopment of a hydropower plant in Connecticut,” said Mariana Cardenas Trief, clean energy finance consultant to the Green Bank. “The capital stack displays a creative blend of public funding, from sources like the Green Bank and the SBA 504 Loan program, and private investment from Provident.”

 

About Canton Hydro LLC

Canton Hydro was established in 2015 for the purposed of the redevelopment of the Upper Collinsville Hydro facility by a group of architects, engineers and investors passionate about revitalizing hydro power assets and preserving historic structures while improving the aquatic habitat. For more information, please visit www.cantonhydro.com.

About The Provident Bank

The Provident Bank, a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), is an innovative, commercial bank that finds solutions for our business and private clients. We are committed to strengthening the economic development of the regions we serve, by working closely with businesses and private clients and delivering superior products and high-touch services to meet their banking needs. The Provident has offices in Massachusetts and New Hampshire. All deposits are insured in full through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).

Please follow and like us:
error

A Leader in Climate Finance, Connecticut Green Bank Enters the Green Bond Market

Solar Home Renewable Energy Credit Program Achieves Climate Bond Certification for $38 Million Issuance

Rocky Hill, CT (June 6, 2019) – The Connecticut Green Bank has issued green Asset-Backed Securities consisting of $36.8 million in Solar Home Renewable Energy Credits (SHREC) Collateralized Notes Series 2019-1 Class A and $1.8 million Series 2019-1 Notes, Class B. The financing is certified against the Climate Bonds Standard, providing investors with assurance of the deal’s green credentials. Verification against the Climate Bonds Standard was done by Kestrel Verifiers, a US-based company. Climate Action Reserve, a non-profit specializing in environmental impact assessment, provided an independent review of the beneficial impacts of the activities and programs financed with the securities. The Green Bank worked with RBC Capital Markets as their underwriter and sole book runner in this green bond transaction.

The proceeds from the monetization of the SHRECs are allocated to fund the Residential Solar Investment Program (RSIP), which was created to fulfill state policy adopted in 2015 that mandated the installation of 300 MW of new residential solar by 2022, while developing a local solar industry. The Green Bank is moving swiftly towards accomplishing this goal two years ahead of schedule. Through its ongoing evaluation efforts to measure positive societal impact, the Green Bank will be tracking job growth, tax revenue generation, air pollution reductions, public health improvements, and equitable access to clean energy as a result of increased investment in the deployment of clean energy.  

“In an effort to accelerate the growth of the market for residential solar PV in Connecticut, this transaction represents an approach that can scale-up public and private investment in our state’s growing green energy economy,” stated Bryan Garcia, President and CEO of the Connecticut Green Bank. “Such investment will not only reduce the burden of energy costs on our families, specifically low-to-moderate income families, but it will also create jobs in our communities and reduce the pollution that causes climate change.”

A Regional Leader and National Model

A regional leader in sustainability and climate finance, the Connecticut Green Bank was recognized as the 2017 Innovations in American Government Award winner from the Ash Center for Democratic Governance and Innovation at Harvard University for their “Sparking a Green Bank Movement” nomination. The Green Bank’s public-private partnership structure is often cited as a model for national green bank proposals introduced in Congress, which would rely on the issuance of federal green bonds for funding. Issuing Certified Climate Bonds further demonstrates the Green Bank’s commitment as a regional and national leader and model.

The Climate Bonds Standard and Certification Scheme is like fair-trade labelling for financial instruments. Rigorous scientific criteria ensure that the activities to be financed are consistent with the 2 degrees Celsius warming limit in the Paris Agreement. Climate Bonds Certification is used globally by bond issuers, governments, investors and financial markets to prioritize investments which genuinely contribute to addressing climate change.

Environmental Outcomes Measured by Metrics

The Connecticut Green Bank recognizes the importance of leadership in moving toward a zero-carbon future. To this end, the Green Bank has developed clear strategies to reduce greenhouse gas emissions in Connecticut and a mission to achieve cleaner, cheaper and more reliable sources of energy while creating high-paying jobs, supporting local economic development, and increasing accessibility and equity for all.

To serve as a leader and enter the green bond market successfully, these strategies and plans must be supported with metrics and data measurement that prove their efficacy.

“The Green Bank has thoughtfully built out our methodologies for assessing impact by consulting and engaging local and national experts,” said Eric Shrago, Managing Director of Operations at the Green Bank. “We have built a world class technological platform that tracks our projects and their performance. This has operationalized our impact methodologies so that we can speak to the societal benefits of all of our activities with ease and reasonable certainty. This transparency in methodology and data gives investors/stakeholders confidence that we are accomplishing what we set out to and demonstrates how we are doing.”

Beyond affordable and clean energy, many of these societal benefits align with those outlined by the United Nations in their 17 Sustainable Development Goals (SDGs), including ensuring good health and well-being, promoting decent work and economic growth, and building resilient infrastructure.

For example, through the RSIP, the Green Bank has reduced 749,500 tons of CO2e GHG emissions as calculated by Climate Action Reserve’s Climate Impact Score. This is the equivalent of 159,130 passenger vehicles driven for one year, 84 million gallons of gasoline consumed, or the emissions from 1.7 million barrels of oil consumed. Additionally, the RSIP has created more than 14,000 direct, indirect, and induced jobs.

Future Issuances

The Green Bank has plans for future issuances.

“The SHREC program and the Climate Bond certified asset backed securities will factor into the Green Bank’s plans going forward,” states Bert Hunter, Executive Vice President and Chief Investment Officer of the Connecticut Green Bank.  “By raising capital through the issuance of green bonds, the Green Bank can significantly scale-up its investment activities while increasing opportunities for private investment in our state’s clean energy economy.”

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

 

Please follow and like us:
error

Hartford Habitat for Humanity Completes Zero Energy Ready Home

Local non-profit celebrates 30th anniversary by building Habitat’s first Zero Energy Ready home in state

 

HARTFORD, Conn., June 1, 2019 The Hartford Area Habitat for Humanity (HAHFH) and partners Eversource, Home Energy Technologies, Posigen and Connecticut Green Bank recently celebrated the construction of Habitat’s first Zero Energy Ready Home (ZERH), located at 153 Roosevelt in South Hartford.

Unveiled during a dedication ceremony on May 31, the Roosevelt home is built to Department of Energy’s Zero Energy Ready Home standards, and is so energy efficient it can offset all or most of its energy consumption.

The Walton Family receiving keys to their new zero energy home.

“Since 2002, we have built ENERGY STAR standard homes. For Hartford Habitat’s 30th anniversary, we wanted to build a high-performance, sustainable home that would decrease the burden of homeownership and make it more affordable for our clients,” said Hartford Habitat Executive Director Karraine Moody. “Thanks to Eversource’s energy efficiency expertise, our volunteers and other partners, we achieved our goal of creating a more affordable housing option for the Hartford community, and be the first Habitat organization in Connecticut to build a Zero Energy Ready Home.”

“We are thrilled that Hartford is home to Connecticut’s first Zero Energy Ready Home by Habitat,” said Mayor Luke Bronin. “Habitat for Humanity changes lives and lifts up communities by expanding home ownership opportunities, and combining that mission with cutting-edge green building and sustainability efforts is really powerful.”

“Home ownership has a lasting impact on families, and ensuring that it is affordable is critical to building stronger communities,” said Eversource Vice President of Energy Efficiency Tilak Subrahmanian. “At Eversource, we take pride in building modern, sustainable housing, and because of Habitat’s commitment, we were able to advance the zero energy housing movement into Hartford’s affordable housing sector. It’s partnerships like these that will help us lower emissions and achieve a clean-energy future.”

“We are very proud to partner with Habitat for Humanity to build a Net-Zero home,” said Tom Neyhart, PosiGen CEO. “Until now, most people believed that Net-Zero Construction was only for the affluent.  At PosiGen, we believe we can only achieve true change if all families, no matter what their economic status is, are included. Solar for All is PosiGen’s mission and we believe this partnership with Habitat for Humanity is a huge step in the right direction!

To achieve the ZERH designation, the Roosevelt home had to achieve several criteria, such as optimal thermal protection, whole house water protection, high-performance heating and cooling, high-efficiency components, comprehensive indoor air quality, and solar ready construction.

The 1,200 square foot, three-bedroom home features ENERGY STAR-certified appliances, low-flow fixtures, a heat pump hot water heater, air tight construction and solar panels. It also achieved a Home Energy Rating System (HERS) index of –15, which is the industry standard for measuring a home’s energy efficiency. As a ZERH, the Roosevelt home will be at least 40-50 percent more energy efficient than a typical new home, leaving the homeowners with a net zero energy bill, and a carbon free-home. 

 

Please follow and like us:
error

Municipal leaders & volunteers attend C-PACE focused event

Cromwell, CT (May 22, 2019) – The Connecticut Green Bank hosted an event this morning for municipal officials. More than 40 municipal officials and community leaders from across the state attended. The event’s focus was on the Green Bank’s popular C-PACE (Commercial Property Assessed Clean Energy) program which has supported more than $140 million in financing for over 260 energy saving projects at commercial properties. Community leaders attended to learn how they could enhance their town or cities involvement in C-PACE, reducing energy burdens for the commercial, industrial, and non-profit property owners they serve.

Panelists Michael Harris, Energy Coordinator for City of Middletown, Jessica LeClair, Program Manager, Community Engagement & Outreach for Sustainable CT, Jim Bellano, Director of Economic Development for Town of Windham, Jack Banks, Owner Operator of Malibu Fitness in Farmington, and Mackey Dykes, Vice President of Commercial, Industrial and Institutional Programs at Connecticut Green Bank.

C-PACE is a unique repayment mechanism for projects that include energy saving measures like solar or energy efficiency. Payments are made through a benefit assessment placed on the property and collected through the municipality (in a similar fashion to a sewer assessment) in coordination with the Green Bank. Municipalities must opt into the program by passing a resolution, enabling property owners in their town or city to take advantage of the innovative financing solution. Currently, 131 of the state’s 169 municipalities are participating in the program.

At this event, Green Bank officials provided more information about how C-PACE can help to improve communities and outlined opportunities for municipal officials – including chief elected officials, energy coordinators, economic development officials, and staff or volunteers serving on energy task forces – to work closely with the Green Bank to promote C-PACE to property owners.

The event featured a panel that discussed the importance of C-PACE financing from multiple perspectives. The panel illustrated how C-PACE can be leveraged to spark the growth of green energy in communities across the state. Panelists included:

  • Jessica LeClair, Program Manager, Community Engagement & Outreach for Sustainable CT
  • Michael Harris, Energy Coordinator for City of Middletown
  • Jim Bellano, Director of Economic Development for Town of Windham
  • Jack Banks, Owner Operator of Malibu Fitness in Farmington

The Green Bank is hopeful that more communities will adopt the C-PACE program and that those already participating will turn to the Green Bank for more support in building owner outreach.

“Towns and cities play a vital role in Connecticut’s C-PACE program,” said Mackey Dykes, Vice President of Commercial, Industrial and Institutional Programs at Connecticut Green Bank. “Not only do they support the implementation of C-PACE, but these important partners help to identify constituents who need support in addressing their energy costs. This means that we can work with businesses, employers, and nonprofits or other vital community organizations in these municipalities, using C-PACE to help them thrive – saving them energy and money and upgrading them to more modern, resilient buildings.”

Participating municipalities are already seeing property owners in their communities reduce their energy costs by participating in the C-PACE program.

“The City of Middletown has the advantage of working together with a strong partner, the Middlesex Chamber of Commerce, to serve local business with the knowledge and support that they need to implement cost-effective energy improvements,” said Michael Harris, an event panelist and the Energy Coordinator for the City of Middletown. “Connecticut Green Bank’s C-PACE program is one of the primary tools Middletown businesses have at their disposal to accomplish these improvements – from energy efficiency to solar energy. The City of Middletown is pleased to participate in the program, where over $5 million in C-PACE financing has supported 9 energy saving projects.  We continue to organize and participate with the Chamber in educational events to help local businesses understand how C-PACE works and how to access its benefits.”

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

 

About Connecticut Green Bank

The Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority) was established by the Connecticut General Assembly on July 1, 2011, as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

Please follow and like us:
error

Connecticut Green Bank Accelerates Adoption of Solar Energy in Communities of Color

Download the report here.

RSIP and Solar for All Programs Lead to Parity in Solar Installations Across Communities of Color and White Neighborhoods

Rocky Hill, CT (May 20, 2019) — Connecticut is bucking a national trend of disparity when it comes to solar adoption among communities of color, according to figures released today by the Connecticut Green Bank. The rise is due to Green Bank’s successful efforts to make solar energy more accessible and affordable for homeowners in communities of color and low-to-moderate income (LMI) households by intentionally engaging these traditionally underserved communities.

Many homeowners are installing rooftop solar photovoltaic systems to save money on energy costs while generating clean, renewable energy. Although the number of rooftop solar installations in the U.S. has increased more than 50% per year for the past seven years, in many states, communities of color have not participated in this rapid adoption of solar. A 2019 Tufts University study found that majority Black and Hispanic neighborhoods have installed less rooftop solar compared to neighborhoods with No Majority race by 61% and 45%, respectively, while majority White neighborhoods installed 37% more.

In 2012, the Green Bank launched the Residential Solar Investment Program (RSIP) to make rooftop solar installations more affordable by providing Connecticut homeowners with rebates and performance-based incentives (PBI) designed to lower initial out-of-pocket costs. Overall, RSIP has helped more than 30,000 households to date add solar as it continues to quickly approach its current 300MW program allocation.

In 2015, the Green Bank and its Board of Directors addressed an observed income disparity in solar adoption by adding special incentives for low and moderate income households to the residential solar program, which quickly accelerated solar adoption in low and moderate income communities. Recent analysis shows that this has also been extremely successful in reaching communities of color in the state. Today, on a per owner-occupied household basis, there are 86% more RSIP installations in majority Black neighborhoods, 18% more in majority Hispanic neighborhoods, and 20% more in No Majority race neighborhoods as compared to majority White neighborhoods.

A primary driver of democratized access to solar energy in the state has been the Green Bank’s Solar for All program. In 2015, at the same time Green Bank established its LMI incentive, the organization  released a request for proposals seeking contractors to help reach underserved markets. This RFP resulted in a partnership with solar provider PosiGen and the creation of the Solar for All program. Solar for All leverages Green Bank’s elevated incentive to offer LMI homeowners a solar lease paired with energy efficiency upgrades customized for each home including air sealing, LED light bulbs, pipe wrap and programmable thermostats. These measures are in addition to the energy efficiency measures that are installed as part of the state’s Home Energy Solutions (HES) program.

PosiGen’s Solar for All program has been even more successful than the overall RSIP program in reaching communities of color. PosiGen has more projects per home in majority Black (1275%), Hispanic (408%) and No Majority race (427%) neighborhoods than in majority White neighborhoods.

“In 2015, when we realized that all homeowners in Connecticut did not have access to the benefits of the clean energy economy, our mission compelled us to act. This study confirms that the response to our programs in underserved communities of color has been even more positive than we anticipated,” said Bryan Garcia, president and CEO of Green Bank. “Today, there are still significant opportunities for residential solar growth in owner-occupied homes across the state, and we are committed to working with partners like PosiGen to continue to make green energy available and affordable for all Connecticut neighborhoods.”

“The Solar for All program has been an astounding success in Connecticut, closing the clean energy affordability gap and increasing solar adoption by more than 187% in LMI communities,” said Thomas Neyhart, CEO of PosiGen. “With the help of the Green Bank, the state is also leading the way in bringing cost-savings and energy independence to households in communities of color.”

To access the full report, “Sharing Solar Benefits: Reaching Households in Underserved Communities of Color in Connecticut,” please visit: https://www.ctgreenbank.com/sharing-solar-benefits-may2019/

 

About the Connecticut Green Bank

The Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority) was established by the Connecticut General Assembly on July 1, 2011, as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

 

About PosiGen

Headquartered in New Orleans, LA, PosiGen is one of the nation’s leading residential solar, energy efficiency and energy education providers for low-to-moderate income families. PosiGen has more than 14,000 residential customers, over 220 direct employees and supports more than 120 employees through its contractors in LouisianaConnecticutNew Jersey and Florida. PosiGen’s unique services and products make solar energy affordable to homeowners of all income levels, and offer individuals, families and businesses the opportunity to achieve greater fiscal autonomy and energy independence lowering their utility bills. To learn everything about PosiGen, please visit www.posigen.com.

Please follow and like us:
error