COVID-19 Update

Dear Value Stakeholders:
In this challenging, rapidly-changing time, we wanted to again assure you that the Green Bank is doing its best to support the essential contractors, communities, customers and capital providers that we do business with, and our teams are available to answer questions, provide information, manage transactions, and participate in remote meetings and calls. 

We expect to continue to operate remotely through April 22, 2020, in line with Governor Lamont’s Executive Order 7H, and until further notice.  We would advise all of our Connecticut-based stakeholders to remain updated on COVID-19 through the Office of Governor Lamont as well as the official COVID-19 state website.

We will continue to follow Governor Lamont’s instructions during this pandemic.

Also, in order to assist our heroic public health workers during this period of time, we wanted to see if any contractors have any Personal Protective Equipment (e.g., N95 respirators, face and surgical masks, face shields, gloves, protective clothing, etc.).  There are shortages of PPE, which can protect our public health workers who are providing healthcare during this COVID-19 epidemic.  If you can help, please do so (click here).   

We continue to assess the Connecticut market and beyond to better understand and anticipate potential impact, problems and solutions, as we all manage through the COVID-19 situation. We remain committed to strengthening our communities by supporting your businesses that are critical to making the benefits of the green economy inclusive and accessible to all individuals, families, and organizations.

Our stakeholders, including essential contractors, customers, and capital providers, may receive emails dealing with specific programmatic details shortly from specific Green Bank teams with whom you work directly.

In the meantime, remember that we can work through this together in the days ahead. Feel free to reach out with any questions or contact your Green Bank program teams (see email addresses below).
 
Thank you,

Bryan Garcia
President & CEO, Connecticut Green Bank


Green Bank program email addresses:
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Connecticut Green Bank presents PACEsetter Awards

Rocky Hill, CT (March 12, 2020) – The Connecticut Green Bank has announced the winners of the 2019 PACEsetter Awards. The Connecticut Green Bank created the PACEsetter Awards to acknowledge contractors, building owners and other stakeholders who are advancing the green energy movement through C-PACE, and whose leadership establishes a “pace” for others in their field to follow. The award winners are a driving force behind the success of the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program. These are the fifth annual PACEsetter Awards. 

C-PACE is an innovative program, administered by the Green Bank, which helps commercial, industrial, and non-profit property owners access affordable, long-term financing for qualifying energy efficiency and renewable energy improvements that are repaid through a voluntary assessment on the building owner’s property tax bill. As the program grows, more Connecticut businesses achieve lower energy costs and increase their bottom-line. The Green Bank announced last month that it had surpassed a total of 300 closed C-PACE projects in 2019, crediting much of this success to PACEsetters and other dedicated supporters of the program.

“The growth of C-PACE is thanks to the efforts of contractors, municipal officials, capital providers, property owners and other stakeholders who have all come together and leveraged this innovative financing tool to build a cleaner, greener and more prosperous future,” said Bryan Garcia, President and CEO of the Green Bank.

The Green Bank acknowledged contractors, building owners and other stakeholders across multiple categories for their work in 2019:

 Top Performer, 2019

  • Green Earth Energy, a commercial solar developer and C-PACE contractor based in East Windsor who closed 10 C-PACE projects in 2019, the most of any contractor in the C-PACE program for this year;

Outstanding Project, 2019

  • Verogy, a commercial solar developer and C-PACE contractor based in Hartford, CT and L.C. Doane Company, a manufacturer of shipboard lighting based in Essex, CT, for their 202 kW solar PV project which received funding from Energy on the Line (a program offered by Connecticut Green Bank in partnership with the Connecticut Department of Economic and Community Development’s Manufacturing Innovation Fund) and was financed with C-PACE;

  • Con Edison Solutions a commercial solar developer and C-PACE contractor with offices in Danbury, CT & Mutual Security Credit Union, a community based financial institution and one of the top performers in the Green Bank’s residential Smart-E Loans program, for their solar project – a Power Purchase Agreement (PPA) secured through C-PACE – at their branch location at 97 Newtown Road in Danbury, CT;

Accelerating PACE, 2019:

  • Spinnaker Real Estate Partners, a real estate company based in South Norwalk and 64 Solar, a commercial solar developer and C-PACE contractor based in Port Chester, NY who lead by example and have shared their story to demonstrate how a partnership between a portfolio building owner and solar PV developer can lead to increased solar PV deployment;

Recently, the Green Bank announced the Charge Up CT Buildings initiative, through which building owners closing on C-PACE financing for qualifying projects can receive up to three free electric vehicle charging stations. For more information, property owners can visit chargeupct.com.

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Smart-E Loan Top Performers for 2019 Honored

On Wednesday, Feb. 26, 2020, the 18 Smart-E Loan “Top Performers” of 2019 were honored at the Connecticut Green Bank in Rocky Hill. These 18 contractors are headquartered and serve customers across the state, from New Milford to North Stonington and South Windsor to Stratford, and include HVAC, home performance and solar-focused companies. In 2019, the Top Performers helped over 300 Connecticut families make home energy improvements – allowing them to save money, reduce their carbon footprint, and live more comfortably in their homes.

In partnership with nine participating local lenders, the Top Performers’ projects equaled $4.1 million in closed Smart-E Loans. Financed projects include insulation and window upgrades, solar, high efficiency heating and cooling solutions, and more; all helping the state of Connecticut work towards meeting its climate change plan, which focuses on three mitigation wedges: decarbonizing electricity generation, decarbonizing transportation, and decarbonizing buildings.

Out of more than 400 contractors who participate in the program, the Smart-E Loan Top Performers were chosen based on criteria including more than just closed loans (though each had many!). The contractors scheduled in-person Smart-E training for their staff, used Smart-E marketing materials, developed partnerships with Smart-E lenders, and avoided inspection issues. These 18 contractors embraced the Smart-E Loan in 2019, utilizing the flexibility of the product to best serve their customers across the state.

The 2019 Top Performers (in alphabetical order)

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Connecticut Green Bank Surpasses 300th C-PACE Project

Rocky Hill, CT (Feb. 25, 2020) – The Connecticut Green Bank announced today that the state’s Commercial Property Assessed Clean Energy (C-PACE) program surpassed 300 closed projects at the end of 2019, reaching a total of more than $163 million in clean energy financing investment in local businesses. C-PACE is an innovative program that helps commercial, industrial and multifamily property owners access affordable, long-term financing to make smart energy upgrades to their buildings that can create immediate savings.

According to PACENation, the non-profit industry group that promotes Property Assessed Clean Energy (PACE) financing, only California and Ohio had more total investment deployed through the end of 2019 using C-PACE than Connecticut.

“As Connecticut passes the 300 project milestone, the state continues to lead the C-PACE market it helped to pioneer,” said Colin Bishopp, PACENation’s Executive Director. “Their innovative approach serves as a template for other states continuing the adoption of C-PACE.”

These closed projects will provide an estimated lifetime energy cost savings of $271 million, created 1,797 direct and indirect job years, and reducing energy usage by five million MMBTUs through efficiency upgrades and renewables, which resulted in over 39 megawatts of installed solar PV capacity.

“The growth of C-PACE is thanks to the efforts of contractors, municipal officials, capital providers, property owners and other stakeholders who have all come together and leveraged this innovative financing tool to build a cleaner, greener and more prosperous future,” said Bryan Garcia, President and CEO of the Green Bank. “Working together to lower the energy burden on businesses and nonprofits is a key piece of the Green Bank’s vision.”

A new campaign, Charge Up CT Buildings, was launched in January and can provide free electric vehicle charging stations to building owners completing qualified projects using Green Bank C-PACE financing. Applications are due by May 15, 2020.

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

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Green Bank’s Solar MAP makes it easier for municipalities to go solar

New program is providing a roadmap for Connecticut’s towns and cities to go green

Rocky Hill, CT (Feb. 4, 2020) – The Connecticut Green Bank is making it easier for municipalities to access renewable energy and achieve energy savings at their buildings through the Solar Municipal Assistance Program (MAP). Solar MAP simplifies every step of the process so towns and cities can realize all the cost-saving benefits of going solar with fewer challenges and roadblocks. Partnering with CSW Energy, who was chosen through a competitive process, the Green Bank is currently providing technical support to over 20 municipalities to develop solar photovoltaic (PV) projects on municipal buildings, such as town halls, emergency services buildings, schools, and more. Connecticut Green Bank will provide financing for the solar systems through a power purchase agreement (PPA).

Since 2014, the Green Bank Solar PPA has allowed municipalities to install solar on municipal buildings with no upfront installation costs, no new debt to incur, and no operations and maintenance costs. Through the PPA, the municipality purchases the electricity generated by the solar array, and locks in low electricity cost so the cash flow is positive in year one.

The Solar MAP enhances the Green Bank Solar PPA by offering analysis of a municipality’s portfolio of buildings and identifying the best opportunities for solar. The service includes review of municipal building energy demand, developing system designs, negotiating the terms of a contract with a solar installer, and securing financing through the Green Bank Solar PPA. For municipalities that have considered adding solar in the past but needed more guidance to navigate the process, Solar MAP is the solution. Met with a lot of interest, the Green Bank is wrapping up introductory meetings across the state and looking forward to discovering the solar potential in each community.

“While everyone in the community benefits from the services provided by public buildings, state and municipal properties have a significant environmental footprint,” said Bryan Garcia, President and CEO of Connecticut Green Bank. “When government buildings take advantage of solar energy, they take the first step towards creating a cleaner, greener future for their communities while also reducing the burden of energy costs. The Green Bank Solar PPA unlocks the potential for solar to bring our communities together and make them more resilient.”

The Town of Coventry is one municipality that has been reaping the benefits of the Green Bank Solar PPA for several years. In total, Coventry has installed 582.5 kW of solar PV across six rooftops and two carports using the Green Bank Solar PPA.

“Our community is using solar energy at town buildings including our schools, public safety buildings and our Town Hall – and the Green Bank Solar PPA has made it easy and affordable,” said John Elsesser, Town Manager for Coventry. “The town is saving money, and since we’re not responsible for managing and addressing performance systems through the PPA, we’re enjoying stress free energy production. This is allowing the town to play an integral role in building a cleaner community and in setting an example for our homeowners and businesses who are interested in going solar.”

“Solar MAP is geared towards towns and cities that lack the resources for solar procurement internally and would require technical assistance to put solar on municipal sites,” said Mackey Dykes, Vice President Commercial, Industrial & Institutional Programs. “We heard from municipal leaders who want the benefits of solar energy for their properties, but faced many challenges when getting started. This program was created to simplify the process and provide a comprehensive look at the towns solar potential.”

The Solar MAP can also help municipalities earn points through Sustainable CT, a program designed to make an impact on sustainability in communities across the state. Sustainable CT is helping the Green Bank to educate towns and cities about Solar MAP. “We are thrilled the Green Bank has added yet another tool to help towns and cities take action on sustainability” said Lynn Stoddard, Executive Director for the Institute for Sustainable Energy at Eastern Connecticut State University, which runs the Sustainable CT Program.

For more information on the program or to have someone contact you about participation, please visit ctgreenbank.com/solarmap/.

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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 Energy Resources. 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.

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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.

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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.

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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.

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Lighting Manufacturer L.C. Doane Powers Facility with Sunlight

Longtime U.S. Military supplier in Ivoryton sees environmental, financial benefits of going solar

 

Ivoryton, Conn. (Aug. 12, 2019) – The Connecticut Green Bank and the L.C. Doane Company are pleased to announce the closing of a financing agreement that will help the company expand existing solar systems on their roof. Verogy, a Hartford-based solar developer, will complete the installation.

For over 70 years the L.C. Doane company, located at 110 Pond Meadow Road in Ivoryton, Conn., has served the United States Navy and Coast Guard supplying commissioned fleets with tough, reliable MIL-Spec Shipboard lighting. Since October 2008, L.C. Doane has used solar photovoltaics on their roof to supply electricity to their 150,000 square foot factory. Now, thanks in part to the recent closing of Commercial Property Assessed Clean Energy (C-PACE) financing through the Connecticut Green Bank, L.C. Doane is expanding their solar system to generate more energy to power their machinery. When completed, the new solar systems will add more than 200 kW of capacity.

“As a government subcontractor in the defense industry, it is essential to keep our own lights on,” said Bill Psillos, Vice President. “While manufacturing occurs under our roof, the power source is created from above. Our solar panels provide us with clean energy right on-site. Another level of U.S.-made, environmentally conscience manufacturing. As we continue to expand so does our roof!”

In addition to adding to the existing solar array and installing a larger one, L.C. Doane is also replacing roofing beneath the original panels. The total project costs are $1.46 million with the C-PACE financing covering over $1.06 million. Through C-PACE financing, the project is paid off over 10 years through a voluntary benefit assessment lien to be repaid along with their property taxes.

L.C. Doane worked with Verogy and the Connecticut Green Bank to arrange the multi-faceted project. “C-PACE allows companies the flexibility they need to solve their unique energy needs,” said William Herchel, CEO of Verogy. “We’re glad we were able to help L.C. Doane navigate the options, and find the best possible outcome.”

Project costs are being offset by a $40,000 Energy on the Line Grant, a program funded through the Department of Economic and Community Development’s (DECD) Manufacturing Innovation Fund to help manufacturers lower their energy costs.

“It’s great to see a long-time Connecticut manufacturer like the L.C. Doane Company expanding their commitment to generating clean energy,” said Mackey Dykes, Vice President of Commercial and Institutional Programs at the Connecticut Green Bank. “C-PACE financing is designed to make projects like this feasible, so companies can benefit from their upgrades immediately and continue to focus on their core business.”

In addition to their subcontracting work with the U.S. military, L.C. Doane’s trusted quality is designed to meet commercial lighting applications including healthcare, industrial, correctional, and institutional industries. All L.C. Doane products are designed and manufactured in the U.S.

“L.C. Doane is setting a great example for other businesses in the region, demonstrating how a commitment to sustainability can also allow building owners to reduce energy costs and remain competitive” said Jeff Pugliese, Vice President, Middlesex County Chamber of Commerce. “The Chamber has been an advocate for making energy efficiency and renewable energy programs more accessible to businesses in the region, and we are excited to see member businesses taking advantage of solar energy and the Green Bank’s C-PACE program.”

 

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 the L.C. Doane Company

Lighting by the L.C. Doane Company has withstood the worst environments and toughest abuse onboard U.S. naval vessels since 1947. Utilizing our experience with shipboard lighting we have been building tough, reliable lights for other demanding environments including industrial, correctional, institutional, and commercial marine – setting new records in durability and performance. For more information about the L.C. Doane company, please visit www.lcdoane.com or contact Joe Thomas ([email protected]).

About Verogy

Verogy originates and develops renewable energy projects across the United States to provide savings and long-term value for its clients. Verogy manages all aspects of each project to ensure optimal production and financial performance. For more information on Verogy, visit www.verogy.com.

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