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.
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.