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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Free EV Charging Stations for Commercial Properties Financing Efficiency Projects through C-PACE

Charge Up CT Buildings campaign pairs growing EV demand with need for property efficiency

Rocky Hill, Conn. (Jan. 14, 2020) – The Connecticut Green Bank is pleased to launch Charge Up CT Buildings, a new initiative that offers free electric vehicle charging stations to commercial property owners who use Connecticut Green Bank C-PACE financing to improve the energy efficiency of their building. Property owners who apply for C-PACE financing by May 15, 2020 may be eligible for this limited time promotion. Property owners are encouraged to contact the Green Bank early to start the application process.

C-PACE (Commercial Property Assessed Clean Energy) is an innovative financing tool that allows building owners to access 100% financing for energy improvements, realize positive cash flow immediately, and create more comfortable, efficient buildings. Hundreds of property owners across Connecticut have already taken advantage of C-PACE to finance energy-saving upgrades and Charge Up CT Buildings offers another incentive to attract new property owners to learn about the benefits of C-PACE.

A broad range of properties can benefit from this initiative, including retail spaces, nonprofit organizations, houses of worship, recreational facilities, restaurants, manufacturers, hotels, and other non-residential properties. C-PACE addresses the needs of businesses of all sizes – from owner-occupied buildings to portfolio real estate owners like Spinnaker Real Estate Partners, who the Green Bank recently profiled.

Through Charge Up CT Buildings, building owners will not only make their buildings more modern and attractive, but their customers, tenants, and employees will be able to charge up and enjoy the benefits of electric vehicles. An EV charging station can help owners and businesses to distinguish their property from others, showing leadership and commitment to sustainability.

The number of electric vehicles on the road in Connecticut continues to grow year-over-year. With over 13,000 electric vehicles registered to date, and a projected 125,000 to 150,000 vehicles by 2025, there is growing demand for more electric vehicle charging infrastructure. This creates an opportunity for property owners to offer their customers or employees EV recharging as an additional amenity.

“Connecticut Green Bank is committed to promoting the growth of electric vehicles in Connecticut, and that includes supporting the development of a more resilient EV charging infrastructure that is suited to handle increasing demand” said Bryan Garcia, President and CEO of Connecticut Green Bank. “We see this initiative as having many benefits to building owners, tenants, employees and customers – as well as to our communities. Property owners who choose to host electric vehicle charging stations are not only doing something positive to promote and grow their businesses, they’re also doing something positive for Connecticut and playing an important role in building a cleaner, greener and more prosperous future where our state has a robust electric vehicle charging infrastructure and where we are all less reliant on fossil fuels.”

To qualify for a free EV charging station, energy saving projects must utilize at $150,000 in Green Bank C-PACE financing with at least 20% of the total project costs going toward non-renewable measures. Larger projects may be eligible to receive up to three electric vehicle charging stations. Connecticut Green Bank’s C-PACE team will work with building owners to determine if their project is eligible for the C-PACE program and Charge Up CT Buildings incentive.

“This initiative simultaneously addresses two of the state’s largest contributors to greenhouse gas emissions: transportation and commercial/industrial properties,” said Mackey Dykes, Vice President, Financing Programs at Connecticut Green Bank. “Through Charge Up CT Buildings, the Green Bank is re-investing in the buildings of property owners who use C-PACE financing. The cost of the EV charging stations offered through this initiative will be offset by future interest income generated by the C-PACE financing – and by repurposing this future income into an electric vehicle charging station, these properties will create an even bigger impact on reducing emissions. Not only is the Green Bank enabling building owners to take control of their energy costs and save money, we’re also helping them to position their business and our community for future success.”

Building owners are invited to an open house about Charge Up CT Buildings on Wednesday, March 25 at J Roos, 243 State Street, North Haven. Pre-registration is required at the following link: https://www.eventbrite.com/e/charge-up-ct-building-owner-open-house-tickets-86918556743?aff=PR

For more information about the initiative, please visit chargeupct.com or call 866-324-0099.

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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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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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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.

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Connecticut Green Bank presents 2018 PACEsetter Awards

Rocky Hill, CT (March 26, 2019) – The Connecticut Green Bank has announced the winners of the 2018 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 fourth 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 meaningful energy upgrades to their buildings. C-PACE enables building owners to finance qualifying energy efficiency and renewable energy improvements through a voluntary assessment on their property tax bill. As the program grows, more Connecticut businesses achieve lower energy costs and increase their bottom-line.

The Green Bank acknowledged contractors, building owners and other stakeholders across multiple categories: 

Top Performer, 2018

Smart Roofs Solar, a commercial solar developer and C-PACE contractor based in Newtown who closed seven C-PACE projects in 2018.

Outstanding Project, 2018

CTEC Solar of Bloomfield & Hebrew High School of New England in West Hartford for their solar PV project, a Power Purchase Agreement (PPA) secured by C-PACE; and

64 Solar of Port Chester, NY & Spinnaker Real Estate Partners of South Norwalk for their solar project financed through C-PACE at 345 Ely Avenue in Norwalk, CT, a 122,000-square-foot warehouse building serving as a digital production facility for a global media company. This project included a solar PV system.

Accelerating PACE, 2018

Roberta Sinatra, Tax Collector for the Town of Brookfield, CT, who has been a leader in her municipality’s participation in C-PACE.

 

 

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Granite Property Holdings Goes Solar with C-PACE

The 26.5-kW system will save tenant businesses more than $230,000

 

Rocky Hill, CT (July 11, 2018) – The Connecticut Green Bank is pleased to announce that Granite Property Holdings, LLC, has installed a 26.5-kW solar photovoltaic (PV) system on their roof at 55 Middletown Ave., North Haven, using Commercial Property Assessed Clean Energy (C-PACE) financing. The system will help lower the energy burden on the tenant businesses, with projected energy savings over the life of the system expected to surpass $230,000.

The primary tenant is Granite Communications, a communications firm founded in 1996 to implement business and VoIP telephone systems, hosted or cloud based voice platforms and call management solutions, to improve customer service, enhance productivity and lower costs.

The 81 panels were installed by Harvest Power Solar, headquartered in Bay Shore, NY, and the property owners worked with Lori Scala, a solar consultant, to qualify and select the contractor.

“When Scott Ward and I bought the building in 2011, we felt that the flat roof and lack of any nearby trees made going solar a natural fit. However, we soon learned that the process and procedure was daunting with specific requirements from the town building department, the utility and various state departments,” said Gregg Haughton, partner in Granite Property Holdings and CEO of Granite Communications. “Lori Scala and Harvest Power helped us navigate the process to get C-PACE financing from Connecticut Green Bank, and qualify the Zero Emissions Energy Credits that make the project viable. They also satisfied the town building department’s requirements as well as worked with the utility to make sure the system meets electrical codes.”

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

 

 

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C-PACE New Construction Pilot Program Launched

New program makes long-term and affordable financing available for higher performance new and redeveloped buildings

 

Rocky Hill, CT (June 15, 2018) – The Connecticut Green Bank is proud to announce a pilot program that will make Commercial Property Assessed Clean Energy (C-PACE) financing available for new construction in Connecticut. The C-PACE New Construction Pilot will provide property developers and owners with long-term, affordable and non-recourse financing to help them design and construct buildings that achieve a higher level of energy performance and reduced operating costs.

C-PACE New Construction can fill gaps in the capital stack needed for a new construction project, lower the overall cost of financing, or both. New commercial and industrial buildings designed and built to exceed what is required by Connecticut building and energy codes will be eligible to receive C-PACE financing for a portion of their overall eligible construction cost. C-PACE New Construction can be applied for a wide range of property types, including major redevelopment of existing and historic sites.

“Connecticut’s C-PACE program has already been very successful, providing more than 200 projects with $114 million in financing,” said David Gabrielson, Executive Director of PACENation, an industry group promoting Property Assessed Clean Energy (PACE) financing, “This New Construction Pilot expands C-PACE into an untapped market in the state by offering innovative financing to developers who can more affordably build to higher energy standards.”

When applying for C-PACE financing in the C-PACE New Construction Pilot, applicants will use whole building energy modeling to demonstrate that their project’s energy performance will exceed a code-compliant baseline. An eligible finance amount will be determined based on the performance beyond the baseline up to a maximum 20 percent of the total eligible construction cost.

“C-PACE for new construction opens many new opportunities in Connecticut,” said Mackey Dykes, Vice President of Commercial, Industrial, and Institutional Programs at the Green Bank. “By expanding the reach of C-PACE beyond building retrofits, C-PACE New Construction provides another financing option for developers. Other lenders view C-PACE more like equity than debt, which can help developers with overall project financing.  New buildings in Connecticut will serve our residents for 50 years or more, and we want to help get them right from the start.”

Financing through the C-PACE New Construction Pilot will be able to include costs directly related to the building’s design and construction, for example:

  • Engineering and design expenses;
  • Energy modeling expenses;
  • Building core and shell;
  • Energy consuming equipment and energy saving measures (HVAC, lighting, elevators, controls, windows, green or cool roofs, meters, etc.); and
  • Clean energy generation.

Applicants seeking funding through the C-PACE New Construction Pilot should discuss and review their projects with the Green Bank before submitting a financing application. This engagement ahead of application submission will help ensure that projects meet the requirements of the C-PACE New Construction Pilot.

Connecticut Green Bank will be hosting a launch event for the C-PACE New Construction Pilot on Wednesday, June 20 from 1:00 PM to 2:30 PM at the Energize CT Center, 122 Universal Drive N, North Haven, CT. For more information and to register to attend the event, please visit ctgreenbank.com/event/c-pace-new-construction-launch-event/

Learn more about the Pilot at http://www.cpace.com/newconstruction.

 

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Malibu Fitness Installs Solar System with C-PACE Financing

Farmington fitness center anticipates energy savings of over $800,000

Rocky Hill, CT (June 7, 2018) – The Connecticut Green Bank announces that Powerhouse Partners, LLC, has closed on Commercial Property Assessed Clean Energy (C-PACE) financing for the installation of a 131 kW solar photovoltaic (PV) system at their business, Malibu Fitness, located at 15 Executive Drive in Farmington. The system will help lower the energy burden on the business, with projected energy savings over the life of the system expected to surpass $800,000.

Malibu Fitness was built in 2006 as a California style fitness center in a 27,000 square foot facility. Owners Paul Carson and Jack Banks have also been the owners of the hugely popular Powerhouse Gym of Berlin, CT, which began in 1981. Both Jack and Paul have designed Malibu Fitness with an open, airy space, superior air-flow, and individual group training rooms for yoga, spinning and Pilates as well as one on one boxing training. They pride themselves on their overall strict standards of cleanliness and attention to air filtration maintenance. Member satisfaction is personally attended to by a dedicated staff.

“At Malibu Fitness, we care about our members’ physical and mental health. That means a clean, comfortable facility and high-quality fitness equipment as well as HVAC equipment, and that requires a lot of electricity,” said Jack Banks. “With solar panels, we can generate clean energy, which helps the environment. It’s another commitment to the health of our community, and it lowers our costs too.”

64 Solar of Scarsdale, NY, installed the system, which is expected to produce 157,432 kWh in its first year.

“Between lighting, equipment, and other electronic needs, fitness centers like Malibu Fitness can face a sizeable energy burden,” said Mackey Dykes, Vice President Commercial and Industrial Programs. “Finding a way to reduce these costs can unlock cash flows, and help them focus on their core business. With C-PACE financing, Malibu Fitness will realize immediate savings and make a positive impact on the environment.”

For more information on Malibu Fitness, please visit www.malibufitness.us. For more information on Connecticut Green Bank or C-PACE financing, please visit cpace.com.

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