CURE Innovation Commons to save energy costs through C-PACE program

Groton, CT (August 14, 2017) –  Using the Connecticut Green Bank’s innovative Commercial Property Assessed Clean Energy (C-PACE) program, CURE Innovation Commons (“The Commons”) has financed energy improvements that will save the laboratory incubator more than $1.7 million in energy costs over the 17-year life of the loan term.

The project at The Commons is a perfect example of how support from Connecticut Green Bank can advance green energy goals and expand our economy by investing in the jobs and technologies of the future.

“This green energy project is very important to us from a bottom line perspective, because of the long-term cost savings, but it is also vital in terms of our role in the community,” said Susan Froshauer PhD, President and CEO of CURE. “We are in the business of science and research, and we strive to lead by example when it comes to using the latest technology to improve the quality of life for those who work at our facilities and our neighbors in Groton.”

The Commons is one of Connecticut’s newest science and technology incubators for entrepreneurs, professionals, scientists, start-ups and growing companies to develop ideas and build businesses in a collaborative community setting. In addition to funds provided for renovations by the Connecticut Department of Economic and Community Development (DECD), The Commons used C-PACE to fund energy efficiency upgrades including the installation of new HVAC equipment and a high efficiency generator.

“We are committed to making green energy accessible to businesses throughout the state,” said Mackey Dykes, vice president of commercial, industrial and institutional programs at Connecticut Green Bank. “C-PACE allows nonprofit, commercial and industrial property owners to access financing for green energy projects and to pay off projects through a property assessment. Financial innovations like these make projects possible at properties like The Commons, where new ideas and innovations in science and technology are being incubated – creating an opportunity for new jobs and economic growth in the community.”

Since its creation in 2011, the Connecticut Green Bank has deployed more than $1 billion in capital to fund green energy projects in Connecticut. This investment helps Connecticut create jobs, meet carbon reduction goals and improve the state’s energy security.

 

 

Please follow and like us:
error

Ferazzoli Imports of New England (Galleria Stone) Adds Solar through C-PACE

Galleria Stone will reduce operating expenses and increase efficiency

 

Middletown, CT (August 1, 2017) – Ferazzoli Imports of New England, Inc., which conducts business as Galleria Stone, an importer, distributor and fabricator of tile and natural stone, is the most recent business to reduce their energy burden by installing a renewable energy source on their building through Connecticut Green Bank’s Commercial Property Assessed Clean Energy (C-PACE), an innovative program that helps property owners access affordable, long-term financing for smart energy upgrades to their buildings.

Northeast Smart Energy LLC of Hartford will install a 125 kW solar photovoltaic (PV) system to the roof of the Galleria Design Center, located at 234 Middle Street in Middletown. The estimated annual energy cost savings exceeds $37,000.

“The C-PACE financing program is the smartest long-term solution for achieving our clean energy demands,” said Jerry Martorelli, owner of Galleria Design Center. “With C-PACE, we are able to reduce operation expenses and increase efficiency, all while making a measurable impact on the environment and surrounding community.”

Through C-PACE, a building owner can pay for green energy improvements over terms up to 25 years through a voluntary benefit assessment on their property tax bill. Building owners can secure long-term, low-interest capital to fund these energy improvements, with no up-front costs required. The program is structured so that the energy savings offset the benefit assessment – meaning positive cash flow for the business – and includes a technical review process that leaves building owners feeling confident in the predicted energy savings of their project.

This project is part of Connecticut Green Bank’s Energy on the Line program, funded through the Connecticut Department of Economic and Community Development’s Manufacturing Innovation Fund. Energy on the Line provides supplemental funds to eligible manufacturers who complete a qualifying green energy project using the C-PACE program.

“Manufacturers, who feel the burden of energy costs more than anyone, can realize substantial benefits from green energy projects,” said Mackey Dykes, vice president of commercial, industrial and institutional programs at Connecticut Green Bank. “C-PACE is a perfect fit for manufacturers, allowing them to take control of their energy costs and realize predictable positive cashflow. The solar project at Ferazzoli Imports is an excellent example of how green energy and C-PACE can improve a manufacture’s bottom line.”

For more information on Galleria Stone, please visit www.galleriastone.com, and for more information the Connecticut Green Bank, please visit www.ctgreenbank.com.

 

About Ferazzoli Imports

Ferazzoli Imports of New England Inc., now doing business as Galleria Stone, was incorporated in 1988 as an importer, distributor and fabricator of tile and natural stone. Originally located in North Haven, Connecticut, Galleria Stone relocated its corporate headquarters in June 2002 to the 100,000 square foot Galleria Design Center in Middletown, CT. The Galleria Design Center includes an expansive 30,000 square foot showroom, indoor natural stone gallery and a state-of-the-art fabrication plant that helps Galleria Stone continue the tradition of elegance, craftsmanship and efficiency for which it is best known.

 

About Northeast Smart Energy

Northeast Smart Energy was established in May of 2007 by its founders whose vision is rooted in their love for our planet. Northeast Smart Energy’s primary focus is to provide people with renewable and cost effective energy solutions that reduce our dependence on polluting sources of energy. Northeast Smart Energy is ready to help you do your part by reducing your environmental impact and leaving our planet in a condition of which our children would be proud.

 

Please follow and like us:
error

C-PACE Financed Energy Upgrades Help Connecticut Businesses Save Money, Stay Competitive

The cost of doing business can be expensive, and many Connecticut business owners might not feel that they have control over factors that result in rising costs.

Building owners know that making energy improvements is one way to reduce operating expenses, but they may not understand how to get started. They might consider energy-efficiency upgrades or explore renewables, such as solar photovoltaic (PV) systems, but financial questions can slow or derail their investigations. Instead of moving forward, they end up with deferred maintenance and aging equipment in uncomfortable, inefficient buildings.

But what if there was a way that building owners could make energy upgrades that improved their bottom lines, resulted in positive cash flow and a competitive edge, and made their buildings more comfortable? In Connecticut, where energy costs are high, it is possible to improve a building’s energy use and efficiency and create measurable savings. This “found” money can be re-invested into the business, strengthening a company’s ability to focus on its core mission and to thrive in the future. Building owners who make these upgrades also have more comfortable buildings for their employees, tenants or customers, and contribute to a healthier community and economy in Connecticut.

Finding the right way to pay for energy upgrades, however, requires balancing business priorities. There are bank loans and lines of credit, but these can have short repayment terms or high interest. A business owner might not have the desire, or ability, to take on this type of debt. Cash payment could be an option, though this method will immediately divert funds from a business’s primary competency, and it might take time to recover the cash outlay. Paying for energy improvements in these ways means building owners give up control of their cash flow, tying up resources and distracting them from what they need to focus their attention on most.

An innovative program called Commercial Property Assessed Clean Energy (C-PACE) offers a better option. Through C-PACE, a building owner can pay for green energy improvements over terms as long as 25 years through a voluntary benefit assessment on their property tax bill.

Building owners can secure long-term, low-interest capital to fund these energy improvements or renewables with no up-front costs. Best of all, the program is structured so that the energy savings offset the benefit assessment – meaning positive cash flow for the business – and includes a technical review process that leaves building owners feeling confident in the predicted energy savings of their project. This allows them to invest the savings into equipment, personnel, materials or whatever they need to achieve their goals. Deferred maintenance is no longer necessary, and renewables such as solar PV are in reach for building owners of all types, including nonprofits, manufacturers, commercial real estate, retail, and others.

For many businesses, especially those in energy-intensive sectors such as manufacturing, adding a renewable energy source can save money and enhance performance. This was the reason Paul Breglio, president of Crest Mechanical in Hartford, decided to go solar. At first, Breglio was stalled by the initial cost of the project, until he found C-PACE.

“With electricity rates being so high in Connecticut, we needed a way to bring that cost down,” said Breglio. “The C-PACE program allowed me to access low-cost and long-term financing to further support our desire to deploy solar energy and stabilize our energy costs over the long term.”

Through C-PACE, he was able to install a 55 kW roof-mounted solar PV system, which offers projected energy savings of more than $400,000 over the life of the upgrade. For Crest Mechanical, which provides services including the construction and maintenance of mechanical systems, such as HVAC and cogeneration, to commercial, industrial and institutional customers, this savings is significant.

Galleria Design Center, an importer, distributor and fabricator of tile and natural stone, whose building is easily seen from I-91 in Middletown, is using C-PACE financing to add a 125 kW solar PV system. The estimated annual energy cost savings exceeds $37,000.

“The C-PACE financing program is the smartest long-term solution for achieving our clean energy demands,” said Jerry Martorelli, owner of Galleria Design Center. “With C-PACE, we are able to reduce operation expenses and increase efficiency, all while making a measurable impact on the environment and surrounding community.”

While C-PACE is not only for those in the manufacturing sector, manufacturing facility owners recently benefited from a program called Energy On The Line, a partnership between the Connecticut Green Bank, the Manufacturing Innovation Fund, and the state Department of Economic and Community Development. The program provided up to $50,000 in grant money for project-related expenses at manufacturing facilities. 

More than 160 building owners across the state have benefited from solar PV and energy-efficiency projects financed using C-PACE, and more than $100 million in closed project financing has been made available. For more information, visit ctgreenbank.com/business.

 

 

 

Please follow and like us:
error

Connecticut Green Bank’s C-PACE Program Reaches $100 Million Milestone

State’s Commercial Property Assessed Clean Energy program continues to be an economic development tool for Connecticut businesses

 

Rocky Hill, CT (July 24, 2017) – The Connecticut Green Bank announced its C-PACE (Commercial Property Assessed Clean Energy) program has reached the milestone of $100 million in total closed project financing. The solar photovoltaic (PV) and energy efficiency projects, which vary in size and scope, are saving more than $9.29 million annually in energy costs for nearly 170 building owners across multiple sectors.

The Green Bank, which administers the C-PACE program, seeks to make green energy more accessible and affordable to commercial and industrial property owners by providing no money down 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 can achieve lower energy costs. 

Reaching $100 million in closed project financing positions Connecticut’s program as a national leader. According to market data from PACENation, an industry group promoting Property Assessed Clean Energy, California is the only state to have closed a larger total sum of project financing for commercial PACE projects.

“Connecticut’s Green Bank has really been the national leader for C-PACE,” said David Gabrielson, the Executive Director of PACENation, the national non-profit that supports development of PACE programs nationwide. “The way they administer their program has really served as a great example for other program administrators throughout the U.S., and we congratulate the entire Green Bank team on this impressive milestone.”

The project that propelled the Green Bank over this milestone will be installed at Farmington Sports Arena (FSA). FSA is a 130,000-square foot modern indoor sports facility that is home to four indoor and three outdoor artificial turf fields as well as four natural grass outdoor fields. The project, which will be installed by 64 Solar, consists of two solar PV systems (170 kW total).

Since its inception in 2011, 166 C-PACE projects have been closed in 69 of the 128 municipalities that have opted-into the program. C-PACE funds have been used in manufacturing facilities, non-profits, houses of worship, retail establishments, office buildings, and other business entities.  The projects consist of solar installations, new boilers, energy efficiency lighting measures, HVAC systems, and other energy improvements that help building owners to take control of their energy costs. Connecticut’s C-PACE program maintains an open market approach, allowing private capital providers to finance projects for building owners, and, in 2015, the Green Bank reached an agreement that provided it access to up to $100 million in private funding for C-PACE projects. Today, nearly 70% of the funding in the program consists of private capital.

“The Connecticut Green Bank’s C-PACE program reaching the $100 million in closed project financing milestone is significant,” said Governor Dannel P. Malloy. “This achievement shows our state’s continued leadership in combating climate change while simultaneously supporting the business and non-profit sectors.”

This milestone was achieved through the efforts of many key stakeholders.

“The Connecticut Green Bank is a leader in the green energy movement, but the rapid growth of C-PACE wouldn’t be possible without the support of our contractors, capital providers, municipal officials, and other stakeholders who have contributed to the C-PACE movement,” said Mackey Dykes, Vice President of Commercial, Industrial and Institutional programs at the Connecticut Green Bank. “There is still significant potential for energy improvements for Connecticut businesses and non-profits, and we look forward to bringing cleaner and cheaper energy to more building owners across the state.”

The Connecticut Green Bank’s success, and that of the C-PACE program, has led to the Green Bank being used as a model for other states.

 

 

 

 

Please follow and like us:
error

Connecticut Green Bank Staff Appointed to PACENation Board of Directors, Leadership Council

EVP/CIO Bert Hunter named to PACENation board; VP Mackey Dykes to serve on Leadership Council

 

Rocky Hill, CT (March 27, 2017) – The Connecticut Green Bank is proud to announce that Executive Vice President and Chief Investment Officer Bert Hunter has been named to the PACENation Board of Directors. Additionally, Vice President Commercial and Industrial Programs Mackey Dykes has been appointed to serve on the PACENation Leadership Council, an advisory committee for the organization.

PACENation is a movement of people and organizations united in their support for Property Assessed Clean Energy (PACE) financing. PACENation works towards a future in which PACE financing is used to fund energy efficiency, renewable energy, and resiliency upgrades to homes and commercial buildings in every municipality across the United States. Currently, PACE programs are operating in 19 states, including Connecticut, which has a thriving Commercial PACE (C-PACE) program.

“We are very glad that Bert agreed to join our Board,” said David Gabrielson, Executive Director of PACENation. “He’s got a very extensive background in finance and investment, and he’s a leading expert in clean energy finance and PACE. It’s a perfect fit and he will be a great asset as we continue to promote the value of PACE.”

As the Connecticut Green Bank’s Chief Investment Officer, Hunter leads the development of new and innovative financing programs designed to attract more private capital to scale-up the state’s clean energy investments. In its first five years, the Green Bank has used its resources to drive more than $1 billion of clean energy investment in Connecticut. Projects recorded through FY 2016 show that for every $1 of public funds committed by the Green Bank that an additional $6 in private investment occurred in the economy, which has helped create thousands of jobs in our communities, prevented the emissions of millions of tons of greenhouse gas emissions, and facilitated rapid growth in the deployment of clean energy.

After joining the Connecticut Green Bank in 2012, Dykes served as their Vice President and Chief Operating Officer. In that role, he helped lead the transformation, development and implementation of the Green Bank’s clean energy financing mission as well as running its day-to-day operations. In 2016, Dykes assumed responsibility for the Commercial, Industrial and Institutional portfolio, and through programs such as C-PACE, he helps commercial and industrial building owners, non-profits, schools and hospitals access affordable capital for clean energy projects. Prior to joining the Green Bank, Dykes was the White House Liaison at the U.S. Department of Energy.

The formation of the Leadership Council will create a more formal means for members to share insights on the market, ideas, opinions, and advice with PACENation staff and its Board of Directors.

“Our goal is to create a Council whose members are leaders in the PACE marketplace and whose composition really reflects the breadth of organizations from all sectors that have been working constructively toward making PACE financing available to all building owners throughout the U.S.” said Gabrielson, adding “Mackey has helped build one of the most successful C-PACE programs in the country.”

For more information on Connecticut Green Bank, please visit www.ctgreenbank.com.

 

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.

 

About PACENation

PACENation is the national, non-profit advocacy organization for Property Assessed Clean Energy (PACE) financing. To learn more about PACENation, please visit pacenation.us

 

 

For More Information, Contact:

Rudy Sturk

[email protected]

 

 

Please follow and like us:
error

Connecticut Green Bank Presents PACEsetter Awards

Rocky Hill, CT (March 2, 2017) – The Connecticut Green Bank announced the winners of the 2016 PACEsetter Awards during a ceremony today at the Energize Connecticut Center in North Haven. The award winners are the driving force behind the success of the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program. This is the second annual PACEsetter Awards ceremony.

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 who’s leadership establishes a ‘pace’ for others in their field to follow.

C-PACE is an innovative program, administered by the Green Bank, which helps commercial and industrial 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, 2016
    • Green Earth Energy, a C-PACE contractor based in East Windsor who closed 13 C-PACE projects in 2016, the most of any contractor in the program
  • Best Newcomer, 2016
    • Beacon Mechanical Service, a C-PACE contractor based in Granby who closed their first C-PACE project in 2016 and utilized technical assistance that Green Bank offers to new contractors
  • Outstanding Project, 2016
    • Ross Solar Group of Danbury & Defeo Manufacturing for their C-PACE project at Defeo Manufacturing’s Brookfield facility – the 64.7 kW rooftop solar system and roof replacement was the first C-PACE project to close through the Green Bank’s Energy on the Line program
    • Energy Resources of Thomaston & HARC for their comprehensive energy efficiency and solar C-PACE project at HARC’s Hartford facility
  • Accelerating PACE, 2016:
    • Donna Pellitteri, Tax Collector for the Town of Trumbull, who has been a leader in her municipality’s participation in C-PACE
    • Jeff Bishop of the Bridgeport Regional Business Council, who has been a driving force in using C-PACE for economic development in the Bridgeport region.
    • Ralph Coppola, owner of Northeast Quality Services in Cromwell, which used C-PACE to complete a comprehensive energy efficiency project that included HVAC, lighting and air sealing, has advocated for C-PACE and communicated the benefits to fellow property owners

 “The strength of our contractor network, leadership from building owners, and the countless individuals advocating for C-PACE is what has made this program a success,” said Mackey Dykes, Vice President of Commercial and Industrial Programs at Connecticut Green Bank.  “The Connecticut Green Bank is very pleased to recognize these PACEsetters, whose efforts continue to strengthen the C-PACE program. Their hard work means more Connecticut businesses are using more green energy and reducing their energy costs. We look forward to continuing to work with them and others to accelerate the green energy movement with C-PACE.”

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 IMMEDIATE RELEASE
For More Information, Contact:

For More Information, Contact:
Rudy Sturk
[email protected]

Download PDF File Download PDF

Please follow and like us:
error

Green Bank Financed Green Energy Project Nears Completion

Curtis Packaging Uses C-PACE for Solar and Natural Gas Conversion Project

Sandy Hook, CT (October 4, 2016) – Curtis Packaging, a provider of luxury packaging for some of the world’s top brands, is nearing completion on a multi-million-dollar project to improve energy efficiency and utilize renewable energy systems at its production headquarters in Sandy Hook, Connecticut.

The $2.5 million project is being financed through Connecticut Green Bank’s C-PACE (Commercial Property Assessed Clean Energy) program. C-PACE allows commercial and industrial property owners access to affordable, long-term financing for green energy. Building owners finance qualifying improvements through a voluntary assessment on their property tax bill and projects are developed so that energy savings exceed the cost of financing. The innovative financing results in lower energy costs and positive cash flow, while enabling businesses like Curtis Packaging to support their sustainability efforts.

Curtis Packaging has financed a natural gas conversion project, new energy efficient HVAC and lighting systems, and a solar array capable of producing an average of nearly 950,000 kWh of electricity annually. The project is being financed over a period of 16 years and is expected to produce energy cost savings of $4.5 million over the life of the project.

Using green energy is very important to Curtis Packaging and the company’s customers, who benefit from the ability to market their products as having a reduced impact on the environment.

“Green companies want to work with other green companies,” said Don Droppo, Jr., President and CEO of Curtis Packaging, “so this has opened up an entire new avenue of growth for us. Curtis is the first luxury packaging company to be 100% carbon neutral and the first to rely on 100% renewable energy. With the help of the C-PACE program, we were able to further our sustainability efforts and make these most recent upgrades, including getting rid of a 50-year-old oil burner with very little out of pocket investment. Everyone wins in this deal and we couldn’t have done it without the Connecticut Green Bank.”

The project is being completed by JK Energy Solutions, based in Thomaston, Connecticut. JK Energy Solutions designs comprehensive, multi-measure energy projects based on the energy needs of clients and is currently working on several other C-PACE projects.

“Our first step is to improve efficiency of existing systems before designing renewable energy systems like the Curtis Packaging solar array,” said Rich Cardita of JK Energy Solutions. “Using this ground-up planning process, we avoid the installation of new systems that exceed the needs of our clients and help them to build better businesses. Curtis Packaging’s decision to use a Connecticut based company helps foster the growth of the renewable energy industry in Connecticut.”

“The C-PACE project at Curtis Packaging is a great example of how Connecticut businesses can use more green energy,” said Mackey Dykes, Vice President of Commercial and Industrial Programs at Connecticut Green Bank. “Thanks to the C-PACE financing model, energy upgrades that have long been back-burner issues for businesses like Curtis Packaging are now much easier to address. We’re very proud to have been a part of this great project. Now Curtis Packaging can improve their bottom line and solidify their commitment to sustainability.”

The Connecticut Green Bank is currently offering owner-occupied manufacturers extra support to take control of their energy costs through its Energy on the Line Program, launched this spring. Qualifying manufacturers who apply for C-PACE financing are eligible for a grant of up to $50,000. The program is funded through the Connecticut DECD’s Manufacturing Innovation Fund and the deadline for applications was recently extended until November 4th, 2016. To learn more, please visit EnergyOnTheLine.com.

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.

About Curtis Packaging

Curtis Packaging is a leading provider of luxury packaging solutions. We manufacture high quality folding cartons for the most discerning global brands. Every paperboard carton they create passes through the hands of many experienced packaging professionals. Each touch exemplifies the dedication, knowledge, and tradition cultivated since their establishment in 1845. They are a global leader in both printing innovation and environmental stewardship. Curtis Packaging is the first packaging company in North America to be 100% carbon neutral and use 100% renewable electricity.

###

FOR IMMEDIATE RELEASE
For More Information, Contact:

Dean Pagani

McDowell Jewett Communications
[email protected]
860-918-5075

Download PDF File Download PDF

Please follow and like us:
error

Strong Interest Leads CT Green Bank to Extend Energy On the Line Program

Affordable financing and grant opportunities will help eligible manufacturers
Application Deadline NOW: November 4th

Rocky Hill, CT (September 7, 2106) – Due to strong interest from Connecticut manufacturers, the Connecticut Green Bank has announced a deadline extension for applications for the Energy on the Line program. Nearly 60 Connecticut manufacturing companies have expressed interest in financing for green energy upgrades since the program launched in April. Energy On the Line offers grants for renewable energy and energy efficiency building upgrades at owner-occupied manufacturing facilities across the state.

Through Energy On the Line, the Green Bank provides supplemental funds to eligible manufacturers who complete a qualifying green energy project using the Commercial Property Assessed Clean Energy (C-PACE) program. C-PACE provides commercial property owners with 100% financing for green energy projects that help reduce energy costs. The supplemental funding from Energy on the Line (up to $50,000) may be used for any project-related expenses at the discretion of the recipients. Manufacturers, who account for 10% of the state’s energy usage, can enjoy positive cash flow and more predictable energy costs when they make green energy upgrades using C-PACE and the Energy on the Line program.

“Connecticut manufacturers feel the burden of energy costs more than anyone, and we’re excited to see C-PACE put manufacturers back in control of their businesses through the Energy on the Line program,” stated Bryan Garcia, President and CEO of the Connecticut Green Bank.  “We look forward to working with the manufacturing community and to making green energy financing more accessible and affordable to them. That’s a win for Connecticut’s environment and economy.”

Energy On the Line is an $800,000 program funded through the Connecticut Department of Economic and Community Development’s Manufacturing Innovation Fund. The Connecticut Green Bank administers the program. Five energy savings projects have already been approved to receive supplemental funds and C-PACE financing through the Energy on the Line program, with another seven applications in review. Green Bank Staff estimate that current approvals and the additional project pipeline will account for more than half of the $800,000 in funding.

“We are proud of the response so far by manufacturers to the Energy On the Line program,” said Mackey Dykes, Vice President of Commercial and Industrial Programs at the Connecticut Green Bank. “Manufacturers are realizing that they are a great fit for C-PACE, and extending this deadline through November 4th will make it easier for more manufacturers to participate, taking control of their energy usage and reducing costs.”

Defeo Manufacturing was the first company to close C-PACE financing and secure access to supplemental funding through the Energy On the Line program. Defeo Manufacturing, a maker and supplier of parts for Allison Transmissions, will install a rooftop solar array capable of producing more than 80,000 kWh of electricity annually.

Funding for the Defeo Manufacturing project was made available through Greenworks Lending, a private finance company and a qualified capital provider for the Connecticut Green Bank’s C-PACE program. Connecticut’s C-PACE program allows private capital providers to be the primary financier of C-PACE projects, while it serves as a program administrator. Attracting and leveraging private investment in green energy from organizations such as Greenworks Lending allows the Green Bank to work with more commercial property owners to accelerate the adoption of green energy while using fewer public dollars to offer programs like Energy on the Line.

“Connecticut is a leader in financing renewable energy and energy efficiency and our focus is on helping companies like Defeo Manufacturing use the power of PACE to bring projects to completion,” said Jessica Baily, CEO of Greenworks Lending. “Energy On the Line makes it easy for manufacturers to realize deep energy savings and this first project, financed by Greenworks Lending, is a great success story.”

Through the Energy on the Line program, owner-occupied manufacturing facilities are eligible for up to $50,000 in grant money that can be used for project-related expenses. A limited number of grant opportunities are available to property owners who submit an application by the extended deadline of November 4th. For more information, please visit www.energyontheline.com.

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 IMMEDIATE RELEASE
For More Information, Contact:

Dean Pagani
McDowell Jewett Communications
[email protected]

Download PDF File Download PDF

Please follow and like us:
error

Meriden Enterprise Center Unveils New Solar Array

Major energy efficiency project complete with Green Bank financing

Meriden, CT (July 27, 2016) – The Meriden Enterprise Center at 290 Pratt Street has completed a comprehensive two-part, multi-year energy efficiency project with the unveiling of a new rooftop solar array. The 215 kW solar photovoltaic installation will produce over 250,000 kWh of energy annually.

The completion of the solar energy project is the final piece of an energy efficiency program financed using the Connecticut Green Bank’s C-PACE program (Commercial Property Assessed Clean Energy). The upgrades include new windows, rooftop cooling units and a building management system which will benefit the building’s varied tenants. While many of the upgrade decisions appear to be obvious ways to achieve energy efficiency, the retrofitting of a building constructed in 1884 can be cost prohibitive without reliable financing.

C-PACE allows commercial and industrial property owners access to affordable, long-term financing for green energy. Building owners finance qualifying energy efficiency and renewable energy improvements through a voluntary assessment on their property tax bill and projects are developed so that energy savings exceed the cost of financing. The innovative financing results in lower energy costs and increases a building owner’s bottom line, while also modernizing buildings and making them more comfortable for tenants.

“This is one of the larger projects the Connecticut Green Bank has financed through the C-PACE program,” said Mackey Dykes, Vice President of Commercial & Industrial Programs at Connecticut Green Bank. “With C-PACE, green energy projects of this scale are more accessible and affordable to building owners. By combining multiple energy efficiency measures with a solar project, the impact on the building owner’s bottom line has been maximized while this building has been transformed into a model for similar industrial sites statewide who are looking to reduce their energy costs. We are excited to partner with contractors like Lockheed Martin Energy and Greenskies Renewable Energy, who understand the value that comprehensive, multiple-measure green energy projects deliver to building owners.”

The Meriden Enterprise Center is expected to save over $4.7 million in energy costs over the 20-year financing term of the project. The payment schedule provides the Meriden Enterprise Center with more predictable energy costs, making business planning easier. The total cost of the project, financed by Connecticut Green Bank, is nearly $3 million.

The Enterprise Center is a 430,000 square foot industrial space with warehouse, light industrial, flex space and office space available. It is located in an enterprise zone.

“290 Pratt Street is a wonderful historic mill building with a dynamic mix of office and industrial tenants, but when we first acquired it, it could have been best described as a gas guzzler, which translated into very high utility and maintenance bills,” stated Steven Ancona, with the building ownership group. “By making energy efficiency investments, we significantly reduced utility and maintenance costs, allowing us to continue offering very competitive rents, lower our tenants’ operating costs, improve tenant comfort, and the aesthetics of the building. We have also significantly reduced the building’s carbon footprint.”

The energy efficiency upgrades at the Meriden Enterprise Center were done by Lockheed Martin Energy. Lockheed Martin Energy works with utilities, commercial businesses, government agencies and more on energy generation, distribution and transmission projects. The solar array was installed in a partnership between Lockheed Martin and Greenskies Renewable Energy, LLC, a solar energy company and C-PACE contractor based in Middletown, Connecticut.

“This effort is a landmark project that demonstrates the value of cost-effective energy conservation upgrades for commercial developers,” said Bobbie Griffin, senior manager of Lockheed Martin Energy’s Engineering, Procurement and Construction business. “Working closely with Connecticut Green Bank and building ownership, we were able to identify and implement efficiency measures like programmable thermostats, new energy-efficient windows, high-efficiency HVAC systems and roof-mounted solar panels that will save thousands of kilowatt-hours of electricity, reduce gas consumption by 50 percent each year, and save millions of dollars in energy costs over the life of the improvements.”

The Connecticut Green Bank is currently working with owner-occupied manufacturers across the state through its Energy on the Line program. Eligible manufactures may qualify for up to $50,000 in grant money when using C-PACE to implement green energy upgrades. Please visit EnergyOnTheLine.com to learn more.

###

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.

About the Meriden Enterprise Center

The Meriden Enterprise Center, located at 290 Pratt Street, Meriden, Connecticut is an historic mill building offering office and industrial spaces for rent. Tenants may be eligible for a variety of incentives due to the building’s location within an Enterprise Zone. For more information, please visit www.290pratt.com.

FOR IMMEDIATE RELEASE
For More Information, Contact:

Dean Pagani
McDowell Jewett Communications
860-918-5075
[email protected]

Download PDF File Download PDF

Please follow and like us:
error

Lesro Industries, Inc. Unveils Installation of a 995 kW Solar Array

Bloomfield Manufacturing Company will save money by going solar

Bloomfield, CT (July 11, 2016) – The largest solar project financed to date by the Connecticut Green Bank’s CT Solar Lease Commercial program is now operational at Lesro Industries in Bloomfield. The project, installed by C-TEC Solar, is expected to reduce energy costs for the company by tens of thousands of dollars per year.

The new installation at Lesro Industries consists of a 995 kW solar photovoltaic system, financed using the CT Solar Lease Commercial program, and secured via a benefit assessment on the property under the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program. The upgrades will produce over 1.2 million kWh a year, and are expected to save Lesro, on average, upwards of $30,000 annually in energy costs and more than $700,000 over the 20-year financing term.

The Power Purchase Agreement (PPA) for the project provides Lesro with certainty about their energy costs, with predictable energy costs allowing them to better plan their business expenses over time. Lesro Industries is a family business focused on manufacturing reception seating, conference and occasional tables, and accessories. Their 268,000 square foot production facility in Bloomfield serves as the company’s headquarters.

Manufacturers in Connecticut account for 10% of the state’s entire energy consumption. By switching to green energy, manufacturers can reduce their energy costs and make future costs more predictable, increase manufacturing efficiency and focus on their core business, and protect the environment.

“Energy costs are uncertain if you rely on existing systems,” said Jerry Leshem, President of Lesro Industries. “You can be green without spending more money. In fact, over the long run you can save money. Partnering with C-TEC Solar allowed us to bring down and take control of our energy costs making it easier to plan for annual expenses in the long run. The project was seamlessly implemented by C-TEC as planned, without delay and on time.”

The CT Solar Lease Commercial program combines two proven finance mechanisms: PPAs, in which a third-party finances the solar installation in exchange for tax credits and other project revenue while providing discounted energy to the property owner; and C-PACE, in which the solar installation is secured via a benefit assessment on the property. Solar PPAs secured via C-PACE are considered sound investments that allow for significant private capital to help fund projects like the one at Lesro, reducing the need for ratepayer support.

C-PACE is an innovative program administered by the Green Bank that is helping commercial and industrial property owners access affordable, long-term financing for meaningful energy upgrades to their buildings. By enabling building owners to finance qualifying energy efficiency and clean energy improvements through a voluntary assessment on their property tax bill, comprehensive energy improvements – that would otherwise be difficult to afford – are made possible. The Connecticut Green Bank is currently offering owner-occupied manufacturers an extra boost through its Energy on the Line program, launched this spring. Qualifying manufacturers who apply for C-PACE financing by September 16th are eligible for a grant of up to $50,000. The program is funded through the Connecticut DECD’s Manufacturing Innovation Fund.

“The new solar array at Lesro Industries is an innovative way for this manufacturer to reduce energy costs,” said Mackey Dykes, Vice President of Commercial & Industrial Programs at Connecticut Green Bank. “Manufacturers consume a significant amount of energy, and Lesro Industries has demonstrated how green energy can put these businesses in control of their present and future energy costs, allowing them to focus on production and their customers. This industry is important to our state and we’re proud to offer green energy solutions that are enabling manufacturers to grow and thrive.”

C-TEC Solar of Bloomfield installed the solar array at Lesro. This rapidly growing company installs both commercial and residential solar projects across Southern New England and has played a strong role in growing Connecticut’s green energy movement. C-TEC Solar was a recipient of a 2015 PACEsetter Award from the Connecticut Green Bank in the “Best Newcomer” category in recognition of their work in the C-PACE program. The inaugural PACEsetter Awards recognized contractors, across multiple categories, who have set an example for other C-PACE contractors and are accelerating the green energy movement in Connecticut’s commercial sector.

“By partnering with the Connecticut Green Bank and companies such as Lesro Industries, C-TEC Solar is able to continue growing our business in Connecticut and proving the benefits of the green energy economy both here and in the region. We are setting an example for others to follow,” said Mickey Toro of C-TEC Solar.

To learn more about current offers from the Connecticut Green Bank for manufacturers financing green energy solutions, please visit EnergyOnTheLine.com.

Quotes from Local Legislators:

  • “It’s fantastic to see a local manufacturer like Lesro Industries securing their energy future and increasing their bottom line with a solar PV system. Lesro and C-TEC Solar are showing that green energy improvements are an easy and effective way to support sustainability, lower operating costs and grow business,” said State Representative David Baram, representing Bloomfield and Windsor.
  • “Congratulations and continued success to Lesro, this is a wonderful story of job creation and business growth,” said State Senator Eric D. Coleman, representing Bloomfield, Hartford and Windsor.

###

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.

About Lesro Industries Inc.

Lesro Industries, Inc., a family-owned manufacturer of reception seating and tables and built on the principles of trustworthiness and responsiveness to the customers’ needs.  Lesro’s products are carefully built with components produced in Connecticut and sourced worldwide, a hybrid manufacturing model. Lesro is branching out into new market segments at a time when North American businesses are seeking furniture that is well-made, environmentally sustainable, thoughtfully and beautifully designed and, perhaps most critical of all, comfortably within even the tightest budget. Final production is maintained in the company’s Bloomfield, CT, headquarters. For more information about Lesro Industries, Inc., please visit www.lesro.com.

About C-TEC Solar

C-TEC Solar provides residential and commercial solar customers the opportunity to obtain affordable clean energy. With 30 years of expertise as a solar energy company, C-TEC Solar is one of the most experienced solar contractors in the Northeast, specializing in solar photovoltaic (PV) systems and solar thermal applications. C‐TEC Solar’s skilled and experienced Solar Consultants, Installers and Electricians aims to provide complete, affordable, start-to-finish solar project services with flexible solar financing solutions for your clean energy project.

FOR IMMEDIATE RELEASE
For More Information, Contact:

Dean Pagani
McDowell Jewett Communications
860-918-5075
[email protected]

Download PDF FileDownload PDF

Please follow and like us:
error