Barkhamsted manufacturer received a grant through DECD’s Manufacturing Innovation Fund to help reduce the installation costs.
HARTFORD, Conn (Jan. 2, 2024) – The Connecticut Green Bank is pleased to announce the closing of C-PACE financing for a solar PV system and roof upgrade project at Air Realty Group LLC’s 78,450 square foot property at 236 New Hartford Road in Barkhamsted. The 293.76 kW capacity system is projected to save Sterling Engineering Corporation, more than $1.6 million in electricity costs over the 20-year term. The solar system will be installed by Verogy.
Sterling is part of Air Industries Group and traces its roots to 1941 when it began producing parts for WW-II fighter aircraft, most notably the Chance Vought assembled in Bridgeport, CT. The Company now produces parts and assemblies for Pratt & Whitney, GE Aviation and GE Power jet turbines and Sikorsky helicopters.
Lou Melluzzo, Chief Executive Officer commented: “We are very pleased to participate with Connecticut Green Bank and Verogy in the solar project at our Sterling Engineering facility. Working collaboratively, this team facilitated the smooth transition to renewable energy, which ensures that we will both reduce energy costs and support green initiatives.
Programs such as this demonstrate why the state of Connecticut is at the forefront of U.S. manufacturing, producing vital products and services, and continuing to develop a dedicated and sustainable workforce. We have been manufacturing in Connecticut for over 80-years and look forward to a bright future.”
As a manufacturer, Sterling was also able to access a grant through the Energy on the Line campaign. Between 2016 and 2023, Energy on the Line grants have helped manufacturers across the state invest in solar and energy efficiency using C-PACE financing. Energy on the Line was funded by the Manufacturing Innovation Fund, which is administered by the Connecticut Department of Economic and Community Development (DECD). In total, the campaign provided $672,508 in grants to 30 Connecticut manufacturers who are projected to avoid more than $25 million in energy costs over the effective-useful life of the new equipment.
“Driving energy efficiency and reducing CO2 emissions is critical in the CT manufacturing sector. We are proud to support Sterling Engineering Corp/Air Industries as they expand their operations in Barkhamsted. The Green Bank is a great partner for the Office of Manufacturing – Department of Economic and Community Development as we drive manufacturing growth and provide opportunities for manufacturing companies to grow, create jobs and reduce energy costs,” said Paul S. Lavoie, Chief Manufacturing Officer, State of Connecticut.
C-PACE (Commercial Property Assessed Clean Energy) retrofit financing allows building owners to install green energy upgrades today and pay for them over time. This results in energy improvements that can be cash flow positive in year one. To date, nearly 400 projects have been financed using C-PACE with building owners projected to save more than an estimated $400 million in energy costs over the life of their upgrades.
“In 10 years, the C-PACE program has made a significant impact for building owners seeking affordable long-term financing for their energy-related projects. Specifically, we have seen energy-intensive businesses like manufactures reap the benefits from the cost savings provided through solar,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “Partners like DECD and reliable contractors have been instrumental in the program’s success.”
“Verogy is proud to help Sterling strengthen their competitiveness and lower their costs by adopting solar,” said Will Herchel, Verogy’s CEO. “The Sterling team is setting a great example for other Connecticut manufacturers who want to control their expenses while making their operations even more sustainable. It’s a great project and we look forward to bringing even more clean energy to Barkhamsted and Connecticut.”
Learn more about the success of the Energy on the Line campaign here: https://www.ctgreenbank.com/wp-content/uploads/2023/11/Energy-On-The-Line-Campaign-Success-12-20-2023.pdf.
Learn more about C-PACE at https://www.ctgreenbank.com/c-pace/
About DECD
The Department of Economic and Community Development is the state’s lead agency responsible for strengthening Connecticut’s competitive position in the rapidly changing, knowledge-based global economy.
The agency takes a comprehensive approach to economic development that incorporates community development, transportation, education, and arts and culture. Specifically, the department:
- Supports existing businesses and attracts new businesses and jobs with a wide range of programs and services to help companies prosper;
- Promotes Connecticut industries and businesses here at home, throughout the country and across the globe;
- Strengthens Connecticut’s communities by providing funding and technical support for local community and economic development projects;
- Works to make tourism a leading economic contributor and a source of pride for Connecticut;
- Develops and strengthens the arts in Connecticut and makes artistic experiences widely available to residents and visitors; and
- Helps to eliminate brownfield properties by promoting smart growth principles, strengthening public/private partnerships and providing a one-stop resource for expertise.
About Verogy
Verogy is a West Hartford, CT-based solar developer focused on developing, constructing, and owning commercial, industrial, and small utility-scale projects. Built on 75+ years of combined industry experience, the professionals at Verogy have developed, financed, and constructed hundreds of solar projects across the United States. Learn more at verogy.com.
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January 2024 Newsletter
/in Newsletters, NewslettersGreen Bank launches their second green liberty offering, announces enhancements to c-pace, annual awards, and more
New Smart-E Program Measures Available
/in Contractor Announcements, Home ContractorsConnecticut Green Bank’s Fiscal Year 2023 Annual Report Highlights Milestones Reached and Building Momentum
/in Building Solutions, Community Solutions, Home Solutions, Investment Solutions, NewsFlagship programs for families and businesses reach milestones, while legislative expansion to environmental infrastructure continues
Hartford, CT (Jan. 15, 2024) – The Connecticut Green Bank’s recently released annual report for fiscal year 2023 revealed that for each $1 of public investment, $6.70 of private investment is attracted into our communities. Through this leverage ratio, a hallmark of the green bank model, more than 69,000 families and businesses are benefiting from the growing green economy to lower the burden of their energy costs. Since the Connecticut Green Bank’s inception through the bipartisan legislation in July 2011, more than $2.43 billion of investment has been mobilized into the State’s green economy through its programs and partnerships.
Additionally, this investment generates millions of dollars in tax revenues, supports the creation of thousands of job-years, and reduces greenhouse gas emissions which benefits public health through cleaner air. The Green Bank is making steady progress to ensure that by 2025 no less than 40 percent of investment and impacts from our programs benefit vulnerable communities that are disproportionately harmed by the effects of climate change.
“The Green Bank continues to build upon what we’ve learned over the last dozen years as the green economy in Connecticut gains momentum,” said Bryan Garcia, President and CEO of the Green Bank. “We are committed to sharing our data and stories through reports like this annual report and our extensive Annual Comprehensive Financial Report because we understand the value of partnerships and people working together to achieve our vision of a planet protected by the love of humanity. Reducing energy costs, improving resiliency, and supporting economic growth are the ways we move forward.”
Some highlights of the fiscal year 2023 include:
To access the FY23 report, please visit https://www.ctgreenbank.com/strategy-impact/reporting-and-transparency/ or https://www.ctgreenbank.com/wp-content/uploads/2023/11/Connecticut-Green-Bank-Annual-Report-2023.pdf
Kickstart 2024 Sustainability Goals with Green Liberty Investment
/in Investment Solutions, NewsBuilding upon six consecutive sold-out issuances, Connecticut Green Bank launches ninth Green Liberty offering with Raise Green; investments start as low as $100 and support small business energy efficiency
Hartford, CT (January 11, 2024) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly opened its ninth Green Liberty offering today. The crowdfunding campaign is entering its third year and is made possible with Raise Green, an online marketplace for impact investing. Connecticut residents and citizens nationwide can begin working toward their sustainability-focused New Year’s resolutions by supporting small business energy efficiency upgrades through this offering to invest in local restaurants, town halls, community organizations, and more.
“As we enter 2024, recent reports have projected the world will cross the 1.5 degrees Celsius warming threshold this decade if we continue to burn fossil fuels at the current rate,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Energy efficiency is one significant way to curb carbon emissions and confront climate change. If you’re looking for ways to join the fight this year, a Green Liberty investment is an affordable option that will earn you a competitive return on investment.”
Investments in the Green Liberty offering support Eversource’s Small Business Energy Advantage (SBEA) program, which enables small businesses in Connecticut to reduce their energy costs through efficiency upgrades and zero-interest loans. As a result of the climate benefits associated with the SBEA program, this Green Liberty offering has been reviewed and verified for its environmental attributes by Kestrel. The Green Bank’s partnership with Amalgamated Bank has deployed $100 million of private capital into the SBEA program.
Notes may be purchased through the Raise Green online platform without a broker, with a $100 minimum. The previous Green Liberty offering was the sixth consecutive offer to surpass its maximum limit for raised amount, so interested investors are encouraged to act quickly.
Featuring a low minimum investment, a short term, and easy online purchase, Green Liberty offerings were created to be accessible to nearly anyone who wants to invest. More than 60% of original investments have been $1,000 or less, with buyers from 35 states nationwide, and more than half of the investors have been Connecticut residents.
“We’ve raised over $1.8 million through our first eight offerings and are encouraged by the consistent increase in demand for the notes. This was shown during our last offering, which featured an increased maximum raise limit and exceeded that goal,” said Garcia.
Investors from the fifth round of Green Liberty Notes (now reaching the end of its term) can reinvest their principal and interest in this latest offering. Anyone who invested in the fifth round and invests in this offering, either by reinvesting their principal and interest or by investing a different amount, will receive an interest rate “boost” as a thank-you for their early support of the Green Liberty Notes.
For more information about this investment opportunity, please visit invest.ctgreenbank.com.
Smart-E Disbursement Schedule by Project Type
/in Contractor Announcements, Home ContractorsSmart-E Inspection Process
/in Contractor Announcements, Home ContractorsSterling Engineering Corporation Installs Solar System, Anticipates Projected Energy Savings Over $1.6 Million
/in Building Solutions, NewsBarkhamsted manufacturer received a grant through DECD’s Manufacturing Innovation Fund to help reduce the installation costs.
HARTFORD, Conn (Jan. 2, 2024) – The Connecticut Green Bank is pleased to announce the closing of C-PACE financing for a solar PV system and roof upgrade project at Air Realty Group LLC’s 78,450 square foot property at 236 New Hartford Road in Barkhamsted. The 293.76 kW capacity system is projected to save Sterling Engineering Corporation, more than $1.6 million in electricity costs over the 20-year term. The solar system will be installed by Verogy.
Sterling is part of Air Industries Group and traces its roots to 1941 when it began producing parts for WW-II fighter aircraft, most notably the Chance Vought assembled in Bridgeport, CT. The Company now produces parts and assemblies for Pratt & Whitney, GE Aviation and GE Power jet turbines and Sikorsky helicopters.
Lou Melluzzo, Chief Executive Officer commented: “We are very pleased to participate with Connecticut Green Bank and Verogy in the solar project at our Sterling Engineering facility. Working collaboratively, this team facilitated the smooth transition to renewable energy, which ensures that we will both reduce energy costs and support green initiatives.
Programs such as this demonstrate why the state of Connecticut is at the forefront of U.S. manufacturing, producing vital products and services, and continuing to develop a dedicated and sustainable workforce. We have been manufacturing in Connecticut for over 80-years and look forward to a bright future.”
As a manufacturer, Sterling was also able to access a grant through the Energy on the Line campaign. Between 2016 and 2023, Energy on the Line grants have helped manufacturers across the state invest in solar and energy efficiency using C-PACE financing. Energy on the Line was funded by the Manufacturing Innovation Fund, which is administered by the Connecticut Department of Economic and Community Development (DECD). In total, the campaign provided $672,508 in grants to 30 Connecticut manufacturers who are projected to avoid more than $25 million in energy costs over the effective-useful life of the new equipment.
“Driving energy efficiency and reducing CO2 emissions is critical in the CT manufacturing sector. We are proud to support Sterling Engineering Corp/Air Industries as they expand their operations in Barkhamsted. The Green Bank is a great partner for the Office of Manufacturing – Department of Economic and Community Development as we drive manufacturing growth and provide opportunities for manufacturing companies to grow, create jobs and reduce energy costs,” said Paul S. Lavoie, Chief Manufacturing Officer, State of Connecticut.
C-PACE (Commercial Property Assessed Clean Energy) retrofit financing allows building owners to install green energy upgrades today and pay for them over time. This results in energy improvements that can be cash flow positive in year one. To date, nearly 400 projects have been financed using C-PACE with building owners projected to save more than an estimated $400 million in energy costs over the life of their upgrades.
“In 10 years, the C-PACE program has made a significant impact for building owners seeking affordable long-term financing for their energy-related projects. Specifically, we have seen energy-intensive businesses like manufactures reap the benefits from the cost savings provided through solar,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “Partners like DECD and reliable contractors have been instrumental in the program’s success.”
“Verogy is proud to help Sterling strengthen their competitiveness and lower their costs by adopting solar,” said Will Herchel, Verogy’s CEO. “The Sterling team is setting a great example for other Connecticut manufacturers who want to control their expenses while making their operations even more sustainable. It’s a great project and we look forward to bringing even more clean energy to Barkhamsted and Connecticut.”
Learn more about the success of the Energy on the Line campaign here: https://www.ctgreenbank.com/wp-content/uploads/2023/11/Energy-On-The-Line-Campaign-Success-12-20-2023.pdf.
Learn more about C-PACE at https://www.ctgreenbank.com/c-pace/
About DECD
The Department of Economic and Community Development is the state’s lead agency responsible for strengthening Connecticut’s competitive position in the rapidly changing, knowledge-based global economy.
The agency takes a comprehensive approach to economic development that incorporates community development, transportation, education, and arts and culture. Specifically, the department:
About Verogy
Verogy is a West Hartford, CT-based solar developer focused on developing, constructing, and owning commercial, industrial, and small utility-scale projects. Built on 75+ years of combined industry experience, the professionals at Verogy have developed, financed, and constructed hundreds of solar projects across the United States. Learn more at verogy.com.
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Green Bank Vision Video
/in Audience, Content Type, Educational articles, Homeowner, Resources, Topic, VideosJoin the Green Bank Movement
Energy On The Line Success
/in C-PACE, Performance/Efficiency, SolarWildflowers
/in Audience, Educational articles, Homeowner, ResourcesHelp pollinators. Plant wildflowers.
Thank you for scanning the QR code on our seed packet and landing here. By doing so, you’ve taken the next step towards providing pollinators with a safe space to thrive and perform their vital role in our ecosystem. When planting these precious wildflower seeds, you are creating a place for them to grow and yield beautiful new habitats while developing food sources for pollinators and other wildlife populations.
https://www.americanmeadows.com/wildflower-seed-planting-instructions
https://portal.ct.gov/DEEP/Wildlife/Learn-About-Wildlife/Pollinators-in-Connecticut
https://littlebeeofct.com/10-tips-on-how-to-help-pollinators-in-your-yard/
https://www.fws.gov/story/how-build-pollinator-garden
https://wildseedproject.net/2022/03/return-of-the-meadow/
www.conngardener.com/links
https://www.conncoll.edu/the-arboretum/ecological-landscaping/landscaping-resources/
https://ct.audubon.org/news/getting-started-native-plants
We are thrilled to have you on this journey towards a greener and more compassionate planet. By planting wildflowers and supporting our pollinators, we are creating a planet protected by the love of humanity.
Let’s grow Connecticut, together!