Hartford Habitat for Humanity Completes Zero Energy Ready Home

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

 

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

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

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

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

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

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

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

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

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

 

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

Download the report here.

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

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

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

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

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

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

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

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

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

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

 

About the Connecticut Green Bank

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

 

About PosiGen

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

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Connecticut Green Bank sells $38.6 million in monetized solar home renewable energy credits (SHRECs)

First-of-its-kind issuance is backed by more than 14,000 residential solar systems

Rocky Hill, CT (April 9, 2019) – The Connecticut Green Bank is pleased to announce the sale of $38.6 million investment-grade rated ABS notes. This innovative first-of-its-kind issuance monetizes the solar home renewable energy credits (SHRECs) generated through the Residential Solar Investment Program (RSIP). The sale was comprised of two tranches of SHRECs produced by more than 105 megawatts of 14,000 residential solar photovoltaic (PV) systems. The SHRECs were aggregated by the Green Bank and sold in annual tranches to Connecticut’s two investor-owned utilities, Eversource Energy and United Illuminating Company, at a fixed, predetermined price over 15 years. The funds raised through this sale will recover the costs of administering and managing the RSIP, including the incentives offered to residential participants in the program.

The Green Bank worked with Kestrel Verifiers to certify that this issuance conforms with the Climate Bonds Standard.  Further, it partnered with the Climate Action Reserve (CAR) to independently assess the impact of the systems in tranches one and two of the SHRECs. CAR estimates that these systems will produce 238,000 MWh of electricity each year, avoiding the emission of approximately 749,494 tonnes carbon dioxide equivalents (tCO2e) of greenhouse gases (GHGs).  CAR leveraged the Environmental Protection Agency’s (EPA) Avoided Emissions Generation Tool (AVERT) and Co-Benefits Risk Assessment (CoBRA) in their assessment of air quality and public health impacts respectively.

“The proceeds from this green bond support the many families reducing the burden of energy costs by putting solar PV systems on the rooftops of their homes,” states Bryan Garcia, President and CEO of the Connecticut Green Bank.  “By attracting more private investment into Connecticut’s growing green energy economy, we are creating jobs in our communities while at the same time confronting global climate change.”

“This groundbreaking transaction, the first rated issuance for the Green Bank and the first ever solar ABS transaction by a green bank, demonstrates how governments can leverage public funds to harness the tremendous depth of the capital markets to accelerate investment in clean renewable energy. The innovative structure of the SHREC program enables the Green Bank to reach a new class of investors seeking to achieve steady long-term returns while at the same time supporting the state’s energy, environment and economic development policies,” states Bert Hunter, Executive Vice President and Chief Investment Officer of the Connecticut Green Bank. “Working with the RBC Capital Markets as our underwriter, we were able to sell our green bonds and continue to support Connecticut’s growing green economy.”

RBC Capital Markets was the sole book runner in this transaction.

“RBC is thrilled to partner with Connecticut Green Bank on this first securitization exclusively backed by renewable energy credits,” said Nick Rogers, Director, Securitization Finance at RBC Capital Markets.  “Achieving a higher advance rate and lower cost-of-funds than other recent solar production ABS speaks to the strength of the SHREC program and its resonance in the market.”

 

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Smart-E Loan Top Performers for 2018 Honored

On Wednesday, Feb. 27, 2019, the 13 Smart-E Loan “Top Performers” of 2018 were honored at the Energize CT Center in North Haven. These 13 contractors are headquartered and serve customers across the state, from New Milford to North Stonington and South Windsor to East Haven, and include HVAC, home performance and solar-focused companies. In 2018, the Top Performers helped nearly 250 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 participating local lenders, the Top Performers’ projects equaled $3.4 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 the goals set forth in the Comprehensive Energy Strategy.

Out of more than 400 contractors who participate in the program, the Smart-E Loan Top Performers were chosen based on criteria including: having a minimum of 10 closed loans, scheduling in-person Smart-E training for their staff, using Smart-E marketing materials, developing partnerships with Smart-E lenders, and avoiding inspection issues. These 13 contractors embraced the Smart-E Loan in 2018, utilizing the flexibility of the product to best serve their customers.

The 13 Top Performers (in alphabetical order)

  • 20/20 Air Mechanical (New Milford)
  • Absolute Air Services (Middletown)
  • Aegis Solar Energy (Branford)
  • Duncklee Inc. (North Stonington)
  • EcoSmart Home Services (East Berlin)
  • Glasco Heating & Air Conditioning (South Windsor)
  • Home Comfort Heating and Cooling Solutions (East Haven)
  • HR Heating Services (East Hartford)
  • Kennedy’s Plumbing & Heating (Hartford)
  • Link Mechanical Services (New Britain)
  • R&W Heating Energy Solutions (Salem)
  • SolvIt Home Services (Plainville)
  • Viglione Heating & Cooling (East Haven)
  • Green Bank President and CEO Bryan Garcia addresses the crowd while Inclusive Prosperity Capital's CEO Kerry O'Neill looks on.
  • 20/20 Air Mechanical
  • Home Comfort Heating and Cooling Solutions
  • HR Heating Services
  • Glasco Heating & Air Conditioning
  • EcoSmart Home Services
  • R&W Heating Energy Solutions
  • SolvIt Home Services
  • Duncklee Inc.
  • Link Mechanical Services
  • Absolute Air Services
  • Viglione Heating & Cooling

 

 

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Financial Partnership Secures Growth of Nation’s Leading Low-Income Residential Solar Provider

NEW ORLEANS, Jan. 23, 2019 – PosiGen, the nation’s leading provider of renewable energy and efficiency solutions for low-to-moderate income households, is pleased to announce a credit facility structured and provided by LibreMax Capital, a New York based asset management firm, in conjunction with the Connecticut Green Bank, the nation’s first green bank, and Inclusive Prosperity Capital, a new not-for-profit clean energy investment fund sparked by the Connecticut Green Bank. The three-year, $90 million credit facility will allow PosiGen to continue to lease solar systems and provide energy efficiency upgrades to low-to-moderate income homeowners in Louisiana, Connecticut, New York and New Jersey. It also enables the company to expand its footprint into additional markets and states.

To date, 13,000 homeowners across the country are already enjoying lower utility bills and the benefits of clean energy thanks to PosiGen solar panels and energy efficiency upgrades. This new credit facility will nearly double that number of homeowner access over the next three years. According to Thomas Neyhart, CEO of PosiGen, “This partnership is really a game-changer for PosiGen as we work to reduce the energy cost burden experienced by low-to-moderate income families across the country. We have enjoyed a successful partnership with the Connecticut Green Bank for many years, and now adding LibreMax Capital as a new financial partner is not only exciting, but it allows us to confidently continue our mission of helping families who need it the most.”

LibreMax Capital believes in PosiGen’s industry-leading, low-cost model and is pleased to help with the company’s expansion.  Luke Doramus, LibreMax Capital Co-Head of Trading said, “PosiGen’s distinct business model serves a large and currently underserved market with strong economics and growth. We are thrilled that with our help PosiGen will be able to help even more deserving families by sustainably lowering utility costs.”

PosiGen and the Connecticut Green Bank have worked together for the past four years to close the clean energy affordability gap by making solar and energy efficiency available to all homeowners regardless of income. Bryan Garcia, President and CEO of the Connecticut Green Bank said, “Just as PosiGen helps homeowners in Connecticut reduce the burden of energy costs through clean energy, we want homeowners in every state to have access to affordable solar and energy efficiency while creating jobs in their communities and reducing greenhouse gas emissions that are causing global climate change. Partnering with LibreMax on this innovative funding facility for PosiGen is another example of how the Green Bank attracts more private capital where it’s needed most.”

Kerry O’Neill, CEO of Inclusive Prosperity Capital adds, “We’re delighted to continue to grow the relationship with PosiGen. Their ability to reach households traditionally unable to access the benefits of solar really makes them a perfect partner for scaling energy savings, economic development and environmental benefits in communities across the country.”

 

About PosiGen:

Headquartered in New Orleans, LA, PosiGen is one of the nation’s leading residential solar, energy efficiency and energy education providers for low-to-moderate income families. PosiGen has more than 13,000 residential customers, over 220 direct employees and supports more than 120 employees through its contractors in Louisiana, Connecticut, New Jersey and Florida. PosiGen’s unique services and products make solar energy affordable to homeowners of all income levels, and offer individuals, families and businesses the opportunity to achieve greater fiscal autonomy and energy independence by lowering their utility bills. To learn everything about PosiGen, please visit www.posigen.com.

 

About LibreMax Capital:

Founded in 2010, LibreMax Capital, LLC (together with its affiliates “LibreMax”) is a $5.7 billion asset management firm specializing in structured products. LibreMax currently offers three commingled strategies, closed-end tactical opportunity funds, CLO management and customized solutions. LibreMax has 52 employees, 35 of whom are dedicated to investments, quantitative analysis and risk management.   To learn more about LibreMax Capital, please visit www.libremax.com

 

About the Connecticut Green Bank:

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

 

About Inclusive Prosperity Capital:

Inclusive Prosperity Capital, Inc. (“IPC”) is a not-for-profit investment fund scaling clean energy financing solutions that channels investment capital to program partners in communities that need it most. As a spin-out and strategic partner of the Connecticut Green Bank, IPC is focused on scaling its work in Connecticut and expanding its successful model into other regions by accessing mission-driven capital and partnerships. IPC operates at the intersection of community development, clean energy finance, and climate impact. We believe everyone should have access to the benefits of clean energy, helping to deliver Inclusive Prosperity. www.inclusiveprosperitycapital.org.

 

 

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SunShot Prize Competition Ends with Connecticut Team as One of Final Two

Impressive results earned team an award of distinction, highlight path to continued success

 

Rocky Hill, CT (Nov. 2, 2017) – The U.S. Department of Energy’s SunShot Prize: Race to 7-Day Solar, a national competition intended to reduce the time it takes to “go solar” across the country, has ended, and the Connecticut Permit to Plug-in Challenge team was among the two final participants. While neither team was eligible for the grand prize, both teams made impressive progress and were given an award of distinction for their efforts.

The SunShot competition began in September 2015 with five competing teams across the country and concluded in March 2017. During the competition, three teams — Northern and Central California SunShot Alliance, Sunrun, and the Connecticut Permit to Plug-in Challenge — reached a major milestone in the competition and were each awarded $100,000 in seed prizes and received the title “SunShot Prize Change Champion.”

The Connecticut Permit to Plug-in Challenge team was comprised of the Connecticut Green Bank, and the state’s investor-owned utilities, Eversource Energy and the United Illuminating Company, as well as solar installers representing nearly 60% of the state’s solar market, and many municipalities. Working together, they created a multi-pronged strategic approach to reducing solar installation times, and relied on detailed project tracking and evaluation, which enabled them to inform and replicate strategies that positively impacted project completion times.

According to the challenge’s criteria, to win the competition’s $3 million grand prize, teams needed to get a minimum of 2,250 points and complete 85% of its total installed capacity in 56 days or less. The Connecticut Permit to Plug-in Challenge team reported the installation of 1,501 systems in 49 participating municipalities covering 141 different zip codes. The systems that were installed averaged 8.74 kW, resulting in 13.03 MW of total installed solar capacity. The median total time, from permit to plug-in was 89 days and 78.6% of its total installed capacity was completed in 56 days or less.

To attain this success, the team worked closely to identify and implement process improvements for solar installations across the value chain. The competition enabled the team to create resources that walk residents through the permit to plug-in process, standardize aspects of municipal solar permitting processes, and implement improvements to the utility interconnection process for solar PV.

“While there was no winning team, it’s clear that the residents of Connecticut are the winners here,” said Connecticut Green Bank President and CEO Bryan Garcia. “Residents will continue to benefit from the lessons learned from the interaction between the utilities, solar contractors, municipalities and the Green Bank. We are proud to have been one of the final two teams striving towards such an important goal for the adoption of residential solar PV.”

The other final team was the Northern and Central California SunShot Alliance, who completed 80% of their total installed capacity in 56 days or less.  While California was not able to meet the minimum point threshold for a grand prize, they completed the competition with 1,780 points – only 10 points more than Connecticut.

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Resources for State Residents to Navigate Solar Questions

GoSolarCT.com, DCP’s Solar Panel Buyer’s Guide offer unbiased input

Rocky Hill, CT (August 2, 2017) – As solar installations in Connecticut continue to increase, the Department of Consumer Protection (DCP), the Office of Consumer Counsel (OCC), and the Connecticut Green Bank want to remind residents that informational resources exist to help guide them through the process of adding solar photovoltaic (PV) systems to their homes.  Two suggested resources are GoSolarCT.com and DCP’s Solar Panel Buyer’s Guide.

As of July 2017, nearly 25,000 state residences have installed solar, producing more than 175 MW of clean, renewable power. Through GoSolarCT, the Connecticut Green Bank seeks to make information on the solar process available in one location for homeowners in the state.

“The GoSolarCT website helps Connecticut residents understand the costs, installation, and upkeep of solar projects in one location,” states Bryan Garcia, President and CEO of the Connecticut Green Bank. “This website is an educational outreach tool for Connecticut residents wanting to convert to solar energy. This project and others that educate Connecticut residents on solar installation and renewable energy sources benefits the state and the entire region.”

“There are a lot of different aspects to going solar,” said Consumer Protection Commissioner Michelle H. Seagull. “We want to make sure consumers know who they’ll be interacting with, what credentials those professionals need to have, and what questions they should ask throughout the process. Going solar, like any home improvement related project, is a big investment, and it’s important that consumers do their research before making a commitment.”

GoSolarCT shares pertinent information in an easy, interactive way for Connecticut homeowners and includes a glossary of terms, a potential energy savings calculator and a list of frequently asked questions and answers.

The GoSolarCT website identifies four key areas for people considering installing solar products:

  • How solar works
  • Selecting a contractor and various financing options
  • The installation process
  • Ongoing maintenance

“I’m delighted the Connecticut Green Bank and DCP are assisting customers with these guidance resources,” stated Consumer Counsel Elin Swanson Katz. “My office has handled occasional inquiries from customers looking into solar, but are struggling with weighing financing options, choosing a contractor, and understanding savings estimates. It is important that customers feel that they have made a well-informed choice with regard to this major decision, and these resources should make the process both reassuring and hopefully exciting. I commend the Connecticut Green Bank and DCP and look forward to continuing to work in partnership with them to promote solar growth and understanding.” 

 

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 more information, contact: Rudy Sturk, Senior Associate, Marketing, Connecticut Green Bank, at (860) 259-1154 or [email protected].

 

About the Department of Consumer Protection (DCP)

The Department of Consumer Protection’s mission is to ensure a fair and equitable marketplace, safe products and services for consumers in the industries that we license, regulate and enforce. The Department has seven divisions with their own areas of expertise: Drug Control, Foods and Standards, Investigations, Gaming, Licensing, Liquor Control, Occupational and Professional Licensing, and Trade Practices. The Department also administers 18 professional Boards, Councils and Commissions.

For more information, contact: Lora Rae Anderson, Director of Communications, Department of Consumer Protection, at (860) 713-6019 or [email protected].

 

About the Office of Consumer Counsel (OCC)

The Office of Consumer Counsel (OCC) serves as a strong independent voice for Connecticut’s public utility and telecommunications consumers through advocacy and customer education. The OCC is authorized to participate on behalf of consumers in all administrative and judicial forums and in any matters in which the interests of consumers with respect to public utility matters may be involved.

For more information, contact:  Joseph A. Rosenthal, Principal Attorney, Office of Consumer Counsel, at 860-827-2906 or [email protected].

 

 

 

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Connecticut Green Bank Offering New Low Rate for Energy Upgrade Loans

0.99% Financing Available on Bundled Projects or Special Single Measure Offers

 

Rocky Hill (May 9, 2017) – The Connecticut Green Bank, in association with Energize CT, select local lenders, and contractors, is offering an extraordinarily low rate of 0.99% on home energy improvement loans. The new low rate is being offered as part of the Smart-E Bundle program, which is available when homeowners choose to finance two or more qualifying energy efficiency projects. The rate is also extended to current special single measure promotions such as natural gas conversion and heat pump installations. By bringing the rate down to 0.99%, the Green Bank is encouraging Connecticut residents to both do and save more with multiple energy related home improvements.

There are four types of qualifying bundles that offer popular pairings, including solar PV, high efficiency HVAC improvements, insulation upgrades, and Home Energy Solutions core services. The low interest financing is being offered, in most cases, with no money down on loans spanning 5, 7 or 10 years.

Due to programs like Smart-E, solar energy is helping to power over 23,000 homes in Connecticut. Now with the market seeing a 70% decrease in average project cost, the new lower rate presents one of the best opportunities in years for homeowners who are considering the addition of solar PV to their home.

“Switching to solar just makes good economic sense and Connecticut homeowners are taking advantage of this trend,” said Kerry O’Neill, Vice President, Residential Programs, for Connecticut Green Bank. “Nearly 80% of the homes in this state that have gone solar installed their systems in the last three years.”

The Smart-E Bundle program and promotions on heat pump technologies offer a great opportunity for homeowners to enjoy savings for years to come and potentially increase their property value. General eligibility qualifications for access to Smart-E financing include:

  • Residential property must be located in Connecticut
  • The property must be owner-occupied
  • The property must be a 1 to 4 unit residential building and condominiums must be individually metered

For more information, contact participating contractors or lenders of the Connecticut Green Bank Smart-E program, which can be found here: https://ctgreenbank.com/programs/smart-e-loans/

 

 

 

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Connecticut Green Bank Strengthens Commitment to Low-Income Residents

A recent blog by experts at the Center for Market Innovation (Managing Director Yerina Mugica and Welch Environmental Innovation Fellow Sarah Dougherty), posted by the the Natural Resources Defense Council (NRDC), featured the appointment of Betsy Crum to the Connecticut Green Bank Board of Directors and highlighted the importance the Green Bank places on maintaining and creating relationships in the affordable housing sector. At the Women’s Institute for Housing and Economic Development, Ms. Crum, who is their Executive Director, focuses on developing housing for individuals coming out of homelessness and those earning up to 50 percent of area median income. 

To read the article and learn more about current Green Bank’s initiative for low-income residents, please click here.

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Kresge invests $3 million in Connecticut Green Bank to support solar generation and storage in affordable housing

First round of Kresge Community Finance loans provides $14 million to six CDFIs, DFAs

December 18, 2016 – The Kresge Foundation announced today $14 million in investments to six Community Development Finance Institutions (CDFIs) and Development Finance Agencies (DFAs) working to expand opportunity for low-income people in America’s cities through an initiative called Kresge Community Finance (KCF).

KCF invited proposals from qualifying CDFIs and DFAs working in American cities on projects that align with Kresge’s strategic priorities in six program areas – Arts & Culture, Education, Health, Human Services, Environment and Detroit.

Kresge Community Finance wordmarkMore than 130 organizations submitted proposals for funding, representing more than $280 million in capital requests. The resulting investments from Kresge’s Social Investment Practice pair standardized loans, available for up to 10 years, with small operating grants.

Program-related investments made in the first round of Kresge Community Finance funding include:

  • $3 million to Reinvestment Fund to support creative placemaking efforts in Baltimore, Atlanta and New Orleans.
  • $3 million to Connecticut Green Bank to support the installation of solar generation and storage systems in affordable housing and other community facilities in Connecticut’s urban and coastal communities.
  • $1 million to the Cooperative Fund of New England to support the development of resident/member-owned and managed cooperative housing, and healthy food retail projects in cities in Southern New England.
  • $3 million to Enterprise Community Loan Fund for the equitable revitalization of the Jefferson-Chalmers Corridor in Detroit’s East Jefferson neighborhood.
  • $3 million to Boston Community Capital in support of its collaboration with MassDevelopment, Massachusetts’ economic development and finance authority, to finance mixed-use projects in Massachusetts cities pursuing community-led placemaking redevelopment.
  • $1 million to Capital Impact Partners in support of its partnership with the Memphis Medical District Collaborative to finance and promote community development, residential density and walkability.

In total, the Foundation plans to award up to $30 million in financing and up to $1.5 million in grants through KCF to at least 15 organizations. Additional investments through KCF will be announced in 2017.

“We wanted to test the demand for a standardized product of patient capital for CDFIs and DFAs,” said Joe Evans, the foundation’s portfolio manager, Social Investment Practice, “and to demonstrate to other investors an efficient approach to meeting the capital needs of low-income communities.”

Kresge’s Social Investment Practice uses a variety of financial tools to invest in projects that bring both a social and financial return. The foundation has committed to investing $350 million in social investments by 2020.

“To move that amount of money, we wanted to explore innovative ways of sourcing and funding a large pipeline of investments that advance our mission, while balancing risk and portfolio construction considerations,” said Kimberlee Cornett, Kresge’s managing director, Social Investments Practice. “The demand for KCF proved to us that there is a market for this type of product, and we’re thrilled to partner with and support so many important efforts that will improve opportunity for thousands of low-income people.”

CDFIs are private nonprofits that leverage private sector investment to provide financing and technical assistance for a range of community development activities, including job creation, small business development, housing and other community development.

DFAs are public, private and non-profit development entities that provide financing for programs that foster job creation and economic development with a focus on growing housing and employment opportunities in low income communities.

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