$290,000 project increases energy efficiency and property value
Rocky Hill, CT (February 6, 2018) – The Connecticut Green Bank announces that 287 Main Street in East Hartford has closed on Commercial Property Assessed Clean Energy (C-PACE) financing. The approximately $290,000 project will upgrade the lighting, boilers, air conditioning, and electrical service to improve energy efficiency, increase comfort for the building’s tenants. The building owners will finance just over $246,000 of these improvements over a six-year repayment term. This project was the 200th project financed through C-PACE in Connecticut.
“SGPB LLC purchased the building in 2016, the energy upgrades facilitated by the C-PACE financing helps to reduce the burden on Connecticut’s electrical grid,” said Terry McDonald, the property manager who has an equitable interest in the property. “Through the C-PACE financing we can make improvements in a way that works to modernize the building and lower costs.”
The 27,000 square foot building is home to businesses as well as Inter-Community, Inc., a community non-profit health organization with an Outpatient Psychiatric Children’s Clinic, serving children ages 3-18 and their families, on the fourth floor.
“With C-PACE, we are seeing property owners and tenants receive significant value,” said Mackey Dykes, Vice President of Commercial, Industrial and Institutional programs at the Green Bank. “If the motivation is increasing property value, increasing energy efficiency, improving reliability or comfort for employees, or a combination of these, C-PACE provides a great opportunity for commercial properties across the state.
For more information on C-PACE, visit www.cpace.com.