Connecticut’s Battery Storage Program Implements Changes to Increase Accessibility and Adoption Among Residents

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Maximum residential upfront incentive increases from $7,500 to $16,000;
incentives for underserved and low-income households and multifamily affordable housing properties also expanded.

 

HARTFORD, Conn. (January 17, 2024) – The Public Utilities Regulatory Authority (PURA) recently announced updates to the Energy Storage Solutions program to increase accessibility and adoption by residential customers in Connecticut. The program provides incentives for the installation of battery storage, and key changes include an increase in upfront incentives and an increase in the maximum incentive residential customers can receive.

Residential customers can now receive up to $16,000 in upfront incentives, an increase from the previous maximum incentive of $7,500. For customers that qualify as low-income, the upfront incentive increased to $600 from $400 per kWh. For customers that reside in an underserved community, the upfront incentive increased to $450 from $300 per kWh.

Combined with the existing Federal Investment Tax Credit program, which provides 30 percent tax credits on the costs of installing solar and battery storage systems, the opportunity for Connecticut residents to become more resilient in the face of climate change has never been greater. Additionally, through the Inflation Reduction Act, a bonus energy investment credit is available for solar installations in low-income (10 to 20 percent additional tax credit value) and energy communities (10 percent additional tax credit value) for third party owned systems (i.e., leases and power purchase agreements)– delivering more savings depending on the customer’s income and location.

Other approved changes to the Energy Storage Solutions program include but are not limited to:

  • Commercial sector incentive review. For the commercial sector, which has experienced strong demand since the start of the program in 2022, project approvals will be paused on June 15, 2024, or earlier if the 100 MW of available capacity in Tranche 2 become fully subscribed, and until a ruling is made in Year Four Decision in Docket 24-08-05. Currently, approximately 70 MW of capacity remains in Tranche 2.
  • Expansion of opportunity for multifamily property participation. Per the decision, multifamily affordable housing properties now qualify for the low-income incentive rate, making it easier for property owners to access resilient battery backup for their tenants.
  • Recycling working group. PURA requested that the Green Bank convene and lead a working group of relevant stakeholders, including the Department of Energy and Environmental Protection (DEEP) to proactively investigate the potential issue of solar panel and battery waste. Per the decision, “while solar and battery waste is not yet a prevalent issue in Connecticut, the Authority determined that the development of a solution is needed sooner rather than later, to ensure state preparedness.”

All Energy Storage Solutions program changes were made as part of the Year Three Decision in Docket No. 23-08-05. The program is paid for by electric ratepayers, overseen by PURA, and administered by the Connecticut Green Bank, Eversource, and UI.

For more information on Energy Storage Solutions, visit energystorageCT.com.

January 2024 Newsletter

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Green Bank launches their second green liberty offering, announces enhancements to c-pace, annual awards, and more

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Connecticut Green Bank’s Fiscal Year 2023 Annual Report Highlights Milestones Reached and Building Momentum

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Flagship 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:

  • Program milestones reached. This year, two of the Green Bank’s flagship programs, the Smart-E Loan and C-PACE (Commercial Property Assessed Clean Energy), celebrated their 10-year milestones. Both programs continue to evolve to offer financing solutions to meet the changing needs of residential and commercial customers.
  • Public investment grows. Through quarterly Green Liberty investment offerings, more than $1.25 million has been raised from local and national investors interested in supporting the Small Business Energy Advantage program.
  • Solar MAP leads municipalities into savings. The first municipalities to complete the Solar MAP process, Manchester and Portland, are projected to see significant energy savings at their schools and facilities.
  • Environmental infrastructure team expands. Building upon a legislative mandate expanding the green bank model into the areas of agriculture, parks and recreation, water, waste and recycling, and land conservation, a management team is forming with the hiring of a Director of Infrastructure Programs.

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   

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Building 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.

 

Sterling Engineering Corporation Installs Solar System, Anticipates Projected Energy Savings Over $1.6 Million

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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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Energy On The Line Success

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