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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Crowdfunding of Homeowner Solar Installations Surpasses $1 million in Connecticut

Connecticut Green Bank, nation’s first Green Bank, successfully utilizes crowdfunding platform to finance innovative solar loans for homeowners

ROCKY HILL, Conn. – August 13, 2015 – The Connecticut Green Bank today announced that more than$1 million in loans has been sold to date to Mosaic, a solar finance crowdfunding platform,for residential solar installations funded throughout the state.

The Connecticut Green Bank is the nation’s first Green Bank to utilize a crowdfunding platform to help finance a residential solar loan product, which provides homeowners with the opportunity to own solar photovoltaic (PV) systems to lower energy costs. It also represents the first time that a pool of residential solar loans has been crowdfunded and offered to individual investors.

The crowdfunded loans have financed the installation of nearly 100 PV systems, deploying more than 735 kilowatts (kW) of clean energy to homeowners throughout the state.

In February 2014, the Connecticut Green Bank, Mosaic, and Sungage Financial, a specialty solar finance company that provides homeowners with easy, online access to low-cost loans to help them go solar, agreed to a $5 million deal to offer Connecticut homeowners crowdfunded loans for solar installations.

“The success of this initiative demonstrates both what a Green Bank is designed to do and that there is a new market for residential solar financing through crowdfunding,” said Bryan Garcia, Connecticut Green Bank President and CEO. “With our partners Mosaic and Sungage Financial, we have created an innovative new model for attracting private capital investment in residential solar projects, which is sure to help clean energy thrive in Connecticut and beyond. Additionally, the sale of the loans to Mosaic and its users will allow us to redeploy ratepayer capital that was invested in the loans to fund even more clean energy projects across the state.”

The loan product, originally designed by Sungage Financial in partnership with the Connecticut Green Bank, is the first of its kind and uses projected energy savings as a valuation tool for appropriately sizing the loans.Offered through participating solar installers serving the Connecticut market, the loan offer incorporates key protections for the homeowner such as guarantees on system performance.

The Connecticut Green Bank provided an initial $5 million commitment to fund origination of the consumer loans. Mosaic then bought these loans and offered the crowd the opportunity to invest, in return for a yield of approximately 5.5% over a 15-year term.Mosaic’s investors have fully funded the entire portfolio offered to date, with individual Mosaic users investing as little as $25 in this new asset class while benefiting from a very low-risk investment due to the pooling of the underlying solar loans.

“This offering proves that the clean energy economy is accessible and affordable to consumers, as well as to the small investor looking to promote clean energy while earning a good return,” said Garcia.

About the Connecticut Green Bank

The Connecticut Green Bank was established by Connecticut’s General Assembly on July 1, 2011 as a part of Public Act 11-80. This new quasi-public agency superseded the former Connecticut Clean Energy Fund. The Green Bank’s mission is to lead the green bank movement by accelerating private investment in clean energy deployment for Connecticut to achieve economic prosperity, create jobs, promote energy security and address climate change. As the nation’s first full-scale green bank, the organization leverages public and private funds to drive investment and scale-up clean energy deployment in Connecticut. For more information about Connecticut’s Green Bank, please visit www.ctgreenbank.com

About Mosaic

Mosaic is the first online marketplace to offer investments in solar projects. Mosaic, named the 5th most innovative energy startup by Fast Company, launched in January 2013 and has financed over $6M of solar projects with thousands of investors across the nation. To date, the company has had zero defaults and 100% on-time payments at 4.5-7% annually. For more information about Mosaic, please visit www.joinmosaic.com.

 About Sungage Financial

Sungage Financial offers the first solar loan product for the residential marketplace. Headquartered in Boston, Massachusetts, Sungage Financial partners with leading solar installers and institutional investors to provide a proprietary online platform that enables homeowners to efficiently apply, qualify, and contract for solar financing. Sungage Financial, which is committed to helping homeowners save more from their homes’ solar panels, launched its first lending program in Connecticut in March 2013 through a partnership with the nation’s first green bank, the Clean Energy Finance and Investment Authority. For more information, please visit www.sungagefinancial.com.

 

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Governor Malloy Tours Bridgeport House with Solar and Energy Efficiency Measures

An innovative public-private partnership that is making clean energy more accessible and affordable to families susceptible to rising energy costs

Bridgeport, CT (July 21, 2015) – Governor Malloy toured the house of Susan Young in Bridgeport on Tuesday,to view the installation of solar power and energy efficiency measures –financed through a public-private partnership between PosiGen Solar Solutions and the Connecticut Green Bank.  The innovative financing program combines a solar lease with an energy savings agreement to lower the energy burden of participating households.  Accompanying the Governor wereBryan Garcia, president and CEO of the Connecticut Green Bank, Thomas Neyhart, CEO of PosiGen, and Chris Anastasi, Sustainability coordinator for the City of Bridgeport.

In a concerted effort to extend the reach of the Governor’s renewable energy policies, the Green Bank teamed up with PosiGen, a New Orleans solar company that recently located its New England business in Bridgeport, CT.Focused on closing on what many see as a clean energy affordability gap, the partnership is designed to give people like Ms. Young access to an affordable solar leasing structure that will deliver energy savings for this often overlooked market segment.

“We are making Connecticut greener, cleaner and more efficient than ever before, and in the process we’re helping residents save on energy while creating thousands of new jobs in the industries of the future,” Governor Malloy said.  “These initiatives help the state meet the growing homeowner demand for residential solar, and we’re doing it through cost-effective solutions that increase private investment and use less ratepayer and taxpayer incentives.  Connecticut is helping lead the nation in the clean energy advancements of tomorrow.”

PosiGen focuses its efforts on improving the financial sustainability of low-to-moderate income families who are most susceptible to rising energy costs by reducing their energy consumption and providing opportunities to leverage state and federal incentives.  “We are excited to be partnering with the Connecticut Green Bank to enable innovative financing through a combination solar lease and energy savings agreement offering,” says Mr. Neyhart.  “We are making the combination of solar and efficiency upgrades more accessible and affordable for low-to-moderate income families that need to reduce their household energy burden.”

The Connecticut Green Bank is investing in PosiGen to provide low-cost debt capital and a tiered incentive for participating households in communities across the state.  “This partnership with PosiGen, and their private investors, will lower the energy burden on limited income households through financing and the deployment of clean energy,” states Mr. Garcia.  “As Connecticut continues to deploy more and more clean energy in our communities, we want to ensure that everyone has the opportunity to realize the benefits it offers.”

“I am excited to be one of the first homeowners in Connecticut to take advantage of the PosiGen offering to lower my energy costs,” says Ms. Young, theBridgeport homeowner.  “I was able to install a solar power system, insulation, water-savings aerators and CFL light bulbs, which are already providing energy savings that I can put to better uses for my households.”

“I am thrilled with the work PosiGen did on my house.  I did not think I could afford to install solar panels to help with my energy costs, however, the lease option made it possible, I am so happy to help protect our environment.  I encourage other homeowners to look into their options to cut down on their energy costs.”

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

About PosiGen Solar Solutions

Headquartered in New Orleans, PosiGen Solar Solutions is one of the nation’s leading residential solar, energy efficiency and energy education providers. PosiGen has more than 6,000 residential customers, 165 direct employees and 150 contract employees in Louisiana, Connecticut and New

York. PosiGen’s unique services and products make solar energy affordable to homeowners ofall income levels, and offer individuals, families and businesses the opportunity to achieve greater fiscal autonomy and energy independence by lowering their utility bills. To learne verything about PosiGen, please visit www.posigen.com.

 

For More Information, Contact:

Gladys Rivera
Connecticut Green Bank
(860) 257-2351

Rebecca Brockway
McDowell Jewett Communications
(860) 604-6653

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Connecticut Homeowners Investing Heavily in Solar Reducing Energy Costs with Connecticut Green Bank Financing

More Than 10,000 Homeowner Participants to Date; Solar Demand in State More Than Doubling Annually; Connecticut Third in U.S. for Economic Potential of Residential Solar Systems

ROCKY HILL, Connecticut, March 3, 2015 –- More than 10,000 Connecticut homeowners have invested in solar panels to date, drastically reducing their electric bills and taking advantage of decreasing solar installation costs. The Connecticut Green Bank’s Go Solar Connecticut initiative is poised to support the rapid expansion of solar with a suite of homeowner resources, including education, qualified installers, and financing.

Residential photo voltaic (PV) solar systems are more affordable than ever, given rising electric rates, declining installation costs, and flexible financing options for both leasing and ownership. Approved Go Solar projects have saved state residents an average of more than $1,100 per household on their utility bills.* And solar systems generate “free electricity” during their 25-to-30-year life cycles.

“Residential solar is growing exponentially in Connecticut,” said Bryan Garcia, President and CEO of the Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority), which directs Go Solar. “There has never been a better time to switch to solar energy. Solar demand in Connecticut is more than doubling every year, and the National Renewable Energy Laboratory recently ranked Connecticut third among states for favorable economics of going solar.”

Garcia added: “Going solar is a smart choice, particularly now with the widespread availability of financing, including no-money-down options for leasing and owning your system. Using reliable, pollution-free technology, these systems allow homeowners to take more control of their energy bills, making it easier to manage expenses over many years.”

Solar PV systems also increase property values without raising property taxes. Homes with solar panels sell twice as fast, on average, and at a premium compared with homes without solar panels.** Citing another important benefit, Garcia noted: “Installing a solar system contributes to economic development and creates jobs. Go Solar installations have created more than 2,000 jobs in the residential solar PV market in Connecticut. Converting to solar energy also helps the environment. Buildings produce about one-third of carbon emissions in the United States. Solar power can reduce a household’s carbon emissions by three to four tons a year –- the equivalent of planting more than 100 trees annually.”

“Our Go Solar program makes the move to solar energy easier and more affordable than ever,” said Kerry O’Neill, Connecticut Green Bank Director of Residential Programs. “We are very sensitive to how quickly a homeowner may become overwhelmed or confused while researching the benefits of solar. So we created a very user-friendly website for residents to learn everything they need to know at www.gosolarct.com. Not only will homeowners be able to get a better handle on the technology; they also can take advantage of attractive financing, including loans and leases, through a simple application process and attractive terms. Many of the local and regional solar contractors with whom we work also provide additional financing options.”

For even more savings, the Connecticut Green Bank is offering two free lease payments to any new customer who applies for the CT Solar Lease by March 31, 2015. O’Neill added that homeowners who go solar also have the opportunity to take advantage of additional incentives and tax credits. For an average solar installation, the incentive from the Connecticut Green Bank is 10 to 15 percent of the system’s installed cost. Factor in the federal tax credit, scheduled to expire Dec. 31, 2016, and a homeowner can enjoy a credit of 30 percent of a system’s installed cost, less the Green Bank’s incentive.

About Go Solar Connecticut

Go Solar Connecticut, available through the Connecticut Green Bank, provides state residents with easy, affordable financing options for solar photovoltaic (PV) systems for their homes. The program combines the resources of local lenders and contractors to help residents reduce their energy bills and take advantage of decreasing solar installation costs while building a clean energy future for Connecticut. Please visit www.gosolarct.com for more information, including 10 reasons to go solar, what qualifies a home for solar panels, video, a buyer’s guide, financing options, how to find a contractor, success stories and FAQs.

About The Connecticut Green Bank (formerly CEFIA)

CEFIA was established by Connecticut’s General Assembly on July 1, 2011 as a part of Public Act 11-80. This quasi-public agency, now known as the Connecticut Green Bank, superseded the former Connecticut Clean Energy Fund. The Green Bank’s mission is to lead the green bank movement by accelerating private investment in clean energy deployment within Connecticut and to achieve economic prosperity, job creation and energy security throughout the state. As the nation’s first full-scale green bank, the organization leverages public and private funds to drive investment and scale up clean energy deployment in Connecticut.

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Contact:
Deborah Burns
203.257.3163
[email protected]


* Based on Dec. 31, 2014 Connecticut Light & Power and United Illuminating electricity rates. Actual savings will vary, depending on the installation.

** The Effects of State Policy Suites on the Development of Solar Markets. NREL/TP-7A40-62506: November 2014. D. Steward and E. Doris National Renewable Energy Laboratory. www.nrel.gov/docs/fy15osti/62506.pdf

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Governor Malloy Announces Policy Proposal in Support of Solar on Homes

Solar PanelsGovernor Malloy is announcing a policy to expand investment in residential solar PV in Connecticut. As we have worked together with you on this through the fall and into the winter, the policy will expand the Residential Solar Investment Program target to no less than 300 MW by 2022 through the creation of Solar Home Renewable Energy Credits (SHRECs) to support the Class I Renewable Portfolio Standard (RPS) policy implementation.

This policy will:

  • Increase private investment of over $1 billion in the deployment of no less than 300 MW of residential solar PV in ConnecticutCreate 6,342 job-years in the growing industry and improve the state’s economy by $537 million
  • Save all ratepayers between $68-$186 million in Class I RPS compliance costs
  • This is an exciting moment for residential solar PV industry in Connecticut – and we need your attendance at the event to support Governor Malloy!

Details of the event:
Who: Governor Malloy, Rob Klee (Commissioner of DEEP) and Bryan Garcia (President and CEO of the Connecticut Green Bank)

What: Announcement of policy proposal to support solar on homes and jobs in Connecticut

Where: E.C. Goodwin Technical High School at 735 Slater Road in New Britain, CT 06053

When: Tuesday, February 10, 2015 at 11:00 a.m.

Why: This policy will attract more private investment in and deployment of residential solar PV in Connecticut providing benefits to all ratepayers and helping to sustainably build a growing industry

In preparation for the event, please confirm your attendance with our marketing director, Craig Connolly ([email protected]) and let him know if your company will be attending and how many members of your staff you expect to join this important event.

Again, we need your support behind Governor Malloy as he makes this important announcement!

Given the pending weather conditions, if details about the event or the announcement change, we will let you know Tuesday morning.

Regards,
Connecticut Green Bank

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Solarize Connecticut Wins “Project of Distinction Award” at PV America

Connecticut’s Green Bank, Yale, Duke & SmartPower Honored As “Driving Force” for Solar Energy

Boston, MA – Solarize Connecticut, a cutting-edge residential solar program that makes going solar easy and affordable, has been awarded the highly coveted “Project of Distinction Award” by the Solar Energy Industries Association (SEIA) and the Solar Electric Power Association (SEPA). The Award was presented at the Annual PV America Conference on Monday.

Solarize CTSolarize Connecticut is spearheaded by Connecticut’s Green Bank and is part of the US Department of Energy’s Solar Energy Evolution and Diffusion Studies (SEEDS). The entire program is a partnership with The Green Bank, SmartPower, Yale University and Duke University.

The 2015 Project of Distinction Award recognizes excellence in the industry, and to acknowledge that projects such as Solarize Connecticut and SEEDS Research are the driving force behind the success, growth, and future of solar.

“We are extremely proud of what the Green Bank and our partners have brought to Connecticut through the Solarize program,” stated Bryan Garcia, President and CEO of the Connecticut Green Bank. “The Project of Distinction award is truly an honor as it highlights the patent success of the Solarize model in bringing down the cost and accessibility of solar to Connecticut’s homeowners.”

“We’ve known that Solarize works,” said Brian F. Keane, President of SmartPower. “But to be recognized as ‘the driving force behind the success, growth and future of solar’ is a huge honor. To be sure, the real winners here, are the thousands of families across Connecticut who are now using solar power.”

“From providing a great educational opportunity to our student team at Yale to leading to cutting-edge research to truly helping Connecticut residents make an impact in meeting the state’s renewable energy goals, this collaborative project has been an unquestionable success,” said Ken Gillingham Assistant Professor at Yale University.. “We couldn’t be more happy to receive this recognition from PV America.”

“This has been an amazing collaboration between industry, government, and academia to study the factors that drive the success of the Solarize model,” said Bryan Bollinger, Assistant Professor of Marketing at Duke’s Fuqua School of Business.

Solarize is an increasingly popular program offered by the Connecticut Green Bank, formerly known as The Clean Energy Finance and Investment Authority (CEFIA), in partnership with SmartPower that increases residential solar through a proven formula. It relies on an on-the-ground outreach campaign that helps educate consumers while at the same time creating awareness and walks the consumer all the way from awareness about solar to actually purchasing it.  In Connecticut over 2,000 residential homes are now powered by solar energy as a result of the Solarize Connecticut Campaign.

About The Green Bank (formerly CEFIA)

CEFIA was established by Connecticut’s General Assembly on July 1, 2011 as a part of Public Act 11-80. This quasi-public agency, now known as the Connecticut Green Bank, superseded the former Connecticut Clean Energy Fund. The Green Bank’s mission is to lead the green bank movement by accelerating private investment in clean energy deployment within Connecticut and to achieve economic prosperity, job creation and energy security throughout the state. As the nation’s first full-scale green bank, the organization leverages public and private funds to drive investment and scale up clean energy deployment in Connecticut.

About SmartPower

SmartPower is the nation’s leading non-profit dedicated to helping Americans make clean energy decisions. Named the nation’s best non-profit marketing firm, SmartPower’s exclusive focus on energy efficiency and clean energy results in high visibility, high impact on-the-ground community campaigns designed to transform how customers use, adopt and invest in clean energy and energy efficiency.  www.smartpower.org.

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Contacts
SmartPower:
Brian F. Keane
202-775-2042

CT Green Bank:
Craig Connelly
860-257-2353

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CT Solar Loan Partner Graduates from Connecticut Green Bank

Sungage Financial’s $100 million partnership with DCU demonstrates “Green Bank” model succeeding in Connecticut

ROCKY HILL, Conn. (October 29, 2014)– The Clean Energy Finance and Investment Authority (CEFIA), also known as the Connecticut Green Bank (CT Green Bank), today announced that one of its earliest partners, Sungage Financial, has graduated from its CT Solar Loan pilot program with a $100 million partnership with Massachusetts-based Digital Federal Credit Union (DCU) for solar loans in Connecticut and three other states. The graduation marks the first time that a CT Green Bank product has fully transitioned to a private capital partner from the quasi-public financial support of the CT Green Bank. The CT Green Bank’s support of Sungage led to tremendous success and a positive growth outlook for the company, which attracted DCU’s $100 million commitment.

“The ultimate goal for all of our programs and product offerings is to attract private capital investment, transition away from ratepayer support and subsidies, and create a sustainable market for clean energy to thrive in Connecticut,” CT Green Bank Chief Financial Officer Bert Hunter said. “Sungage’s graduation from reliance on subsidized funding to self-sustainability through private capital exemplifies a successful Green Bank model at work here in our state.”

In 2012, the CT Green Bank and Sungage created the CT Solar Loan pilot, which became the industry’s first dedicated solar loan product not linked to a specific solar panel manufacturer, nor requiring any home equity or lien on the home. The Green Bank provided a $300,000 loan loss reserve, $1 million of subordinated debt and a $5 million warehouse for the CT Solar Loan.

The CT Green Bank selected the Boston-based startup Sungage to serve as program administrator of CT Solar Loan. The product provides homeowners with the opportunity to own solar PV with a small down payment and low monthly payments. Since March 2013, CT Solar Loan has financed over 200 projects, totaling nearly $5 million in loans while deploying more than 1700 kW of clean energy throughout the state.

“We are witnessing a solar boom in Connecticut,” Sungage Co-Founder and Chief Executive Officer Sara Ross said. “Over the past two years, Sungage has worked with CT Green Bank to successfully grow our business and help more homeowners access affordable, solar energy. We are excited to be entering this new phase of our business and are grateful to CT Green Bank for its support in getting us to this point.”

“The CT Green Bank is continually evolving with the success of our products, particularly when we create a marketplace for the private sector to step in and invest in clean energy in Connecticut,” CT Green Bank President and Chief Executive Officer Bryan Garcia said. “Congratulations to Sungage and DCU. This $100 million commitment by DCU allows us to move on to the next challenge, continuing to leverage limited public dollars to attract private investment, and advance the growth of Connecticut’s clean energy economy – an economy that makes clean energy more accessible and affordable to consumers while creating jobs and protecting the environment.”

About CEFIA (The Connecticut Green Bank)

CEFIA was established by Connecticut’s General Assembly on July 1, 2011 as a part of Public Act 11-80. This new quasi-public agency, now known as the Connecticut Green Bank superseded the former Connecticut Clean Energy Fund. The Green Bank’s mission is to lead the green bank movement by accelerating private investment in clean energy deployment for Connecticut to achieve economic prosperity, create jobs, promote energy security and address climate change. As the nation’s first full-scale green bank, the organization leverages public and private funds to drive investment and scale-up clean energy deployment in Connecticut.

About Sungage Financial

Sungage Financial is a marketplace that provides homeowners with easy, online access to low-cost financing for solar equipment. Headquartered in Boston, Massachusetts, Sungage partners with leading solar installers and institutional investors to help homeowners save money on energy. An innovator in solar finance, Sungage launched the nation’s first secured solar loan program in 2013 and received an award from the U.S. Department of Energy SunShot Initiative in 2014. The company is committed to helping homeowners save more through ownership. For more information, please visit www.sungagefinancial.com.

About DCU

DCU, based in Marlborough, Massachusetts, is a full-service, not for profit financial institution cooperatively owned by and operated for its members. Since being chartered in October 1979, DCU has been chosen as the credit union for employees and members of more than 800 companies and organizations along with their families. DCU, the largest credit union in New England, serves over 400,000 members in all 50 states. For more information, please visit www.dcu.org.

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Contacts
Justin May, on behalf of Connecticut Green Bank, 860-839-1538, [email protected]
Meredith Frazier, on behalf of Sungage Financial, 202-609-7622, [email protected]
John LaHair, on behalf of DCU, 508-263-6887, [email protected]

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West Hartford Residents Save Money, Use Cleaner Energy

Limited Discount Bundle to Increase Comfort through Smart-E Home Energy Loans

West Hartford, Conn., July 1, 2014 — The time is right for West Hartford residents to consider a Smart-E home energy loan. These attractive loans offer consumers easy, affordable, and flexible financing resulting in more energy-efficient homes. A new limited-time offer makes participation in the program even more affordable.

For the first time, CEFIA is offering a bundle promotion including discounted interest rates. It is available to residents who complete more than one of a selection of energy efficiency and clean energy improvements, such as converting from oil to natural gas and adding insulation or installing a Solar PV system. These discounted interest rates range from 2.75 percent to 2.99 percent. Lenders include: Eastern Savings Bank (online application www.eastern-savings.com/energyloans) and Nutmeg State Federal Credit Union.

West Hartford residents are already engaging in smart energy opportunities through Solarize and the West Hartford Thermal Imaging Campaign.

Smart-E loans are available in five-, seven-, 10- or 12-year terms. For Connecticut homeowners who do not plan on taking advantage of the bundle promotion, maximum loan rates range from 4.99 percent to 6.99 percent. Qualifying Connecticut residents do not require home equity, and the loan does not require a lien on the home. There is no down payment necessary and no pre-payment penalty.

“Smart-E loans provide homeowners with an opportunity to finance more than 40 energy improvements that can result in positive-cash-flow-savings in the first month,” said Bryan Garcia, president and CEO of the Clean Energy Finance and Investment Authority (CEFIA—“CT Green Bank”), which manages Smart-E. “Approximately 150 Connecticut residents already have taken advantage of Smart-E loan options over the past year, and more and more homeowners are seeking Smart-E loans to upgrade their homes.”

Smart-E, an Energize Connecticut initiative, www.EnergizeCT.com/SmartE, is designed to help consumers not only use cleaner energy, but also save energy and money, which is particularly attractive as Connecticut residents pay some of the highest home energy prices in the nation. The initiative is supported by the West Hartford Clean Energy Task Force.

About The Clean Energy Finance and Investment Authority

CEFIA was established by Connecticut’s General Assembly on July 1, 2011 as a part of Public Act 11-80. This new quasi-public agency supersedes the former Connecticut Clean Energy Fund. CEFIA supports Connecticut’s energy security and community prosperity by realizing its environmental and economic opportunities through clean energy finance and investments. As the nation’s first state Green Bank, CEFIA leverages public and private funds to drive investment and scale up clean energy deployment in Connecticut.

About Energize Connecticut

Energize Connecticut helps you save money and use clean energy. It is an initiative of the Clean Energy Finance and Investment Authority (CEFIA), the Energy Efficiency Fund, the State of Connecticut, and local electric and gas utilities, with funding from a charge on customer energy bills. Information on energy programs can be found at www.EnergizeCT.com.

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