Leading solar developer completes award-winning clean energy project at Connecticut’s Mystic Aquarium using Connecticut Green Bank financing programs
Solar energy installation on the roof of Mystic Aquarium’s Milne Center for Ocean Science and Conservation
West Hartford, CT – July 26, 2023 – Verogy, a West Hartford, CT-based solar energy developer dedicated to delivering industry-leading renewable energy solutions and services today announced the successful completion of a 272-kW solar installation at Mystic Aquarium in Mystic, CT. The state-of-the-art system, comprised of 600 solar modules, is set to significantly reduce the Aquarium’s carbon footprint and provide a reliable source of clean energy for decades to come.
“This project is a testament to Mystic Aquarium’s steadfast commitment to sustainability and environmental stewardship,” said Will Herchel, Verogy’s CEO. “Verogy is proud to have had the opportunity to partner with Mystic to make this great project a reality. By embracing solar energy, Mystic Aquarium is not only saving money, but also serving as a role model for other institutions, demonstrating how we can create a more sustainable future for all.”
Mystic Aquarium’s solar project will produce over 295,649 kilowatt-hours (kWh) of energy annually, enough to power 40 homes for a year. Additionally, on an annual basis, the project’s arrays will offset the equivalent of about 209 metric tons of carbon dioxide, equivalent to the amount of emissions generated by an average passenger vehicle driven more than 537,000 miles every year.
Solar energy installation on the roof of Mystic Aquarium’s Foxwoods Marine Theater
“Over the last couple of decades, Mystic Aquarium has successfully completed a variety of energy conservation initiatives. This is our first solar energy endeavor and thanks to our partnership with the Connecticut Greenbank and Verogy, the project was strategically financed, proficiently implemented, and highly successful in terms of expectations. It’s very gratifying knowing that a portion of Mystic Aquarium’s energy consumption is now being generated onsite and is truly clean and green,” said Keith Sorensen, Senior Vice President of Facilities and Capital Projects at Mystic Aquarium.
The project was executed in partnership with the Connecticut Green Bank, utilizing the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) financing and Solar Power Purchase Agreement (Solar PPA) programs. With 600 solar panel modules now in place, the installation will reduce Mystic Aquarium’s energy costs by $1.5 million over the life of the project.
Susette Tibus, President and CEO of Mystic Aquarium expressed appreciation for the project’s success, saying, “This solar installation is a significant milestone in our continued commitment to environmental stewardship. We are deeply grateful to Verogy and the Connecticut Green Bank for their partnership and expertise. Together, we are making a tangible difference in our community and setting a precedent for future sustainable initiatives.”
The Mystic Aquarium project was also selected as a recipient of a 2022 Outstanding Project Award from the Connecticut Green Bank. “This award-winning project is a testament to the power of collaboration in achieving a more sustainable future,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “We salute Verogy for their expertise and dedication, and we commend Mystic Aquarium for their forward-looking commitment to the environment, sustainability, and clean energy. We look forward to the many visitors to Mystic Aquarium bringing clean energy to their buildings as well.”
Verogy is proud to have contributed to Mystic Aquarium’s significant reduction in reliance on fossil fuels and looks forward to the positive environmental impact this project will have for years to come.
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.
About Mystic Aquarium
Mystic Aquarium, a nonprofit 501(c)(3) organization, is counted among the nation’s leading aquariums, offering exemplary care to a variety of species while also serving as the northeast’s premier marine mammal rescue and rehabilitation center. Robust conservation and education programming along with unparalleled visitor experiences serve to strengthen personal connections to the animals and their environments. The mission of Mystic Aquarium is to inspire people to care for and protect our ocean planet through conservation, education, and research, and introduces approximately 800,000 guests annually to thousands of animals through structured interpretations, specially curated exhibits, and hands-on interactions. As a leading research organization, Mystic Aquarium employs a full staff of scientists engaged in projects focused on the conservation and sustainability of our ocean planet.
Westport Tennis Club Aces Solar Installation
/in Building Solutions, NewsWTC installs rooftop solar project using C-PACE financing
Westport, CT (August 16, 2023) – The Connecticut Green Bank announces that Westport Tennis Club, 1696 Post Road East, Westport, installed a solar photovoltaic (PV) system on their roof using Commercial Property Assessed Clean Energy (C-PACE) financing. The 60.72 kW system is expected to save the facility more than $328,090 in avoided electricity costs over the 20-year financing term.
For more than 40 years, the Westport Tennis Club (WTC) has been serving the community with a safe, clean environment for play. Their facility features indoor, fully lighted Har-Tru courts providing year-round tennis lessons, clinics, and open courts for the whole family.
“We are thrilled to announce the successful installation of our state-of-the-art solar roof panels, marking a significant milestone in our commitment towards sustainable energy solutions and reducing our carbon footprint,” said Robert Mercorella of Westport Tennis Club.
Earthlight Technologies, headquartered in Ellington, installed the system.
“We are seeing more businesses with long histories in their community, like Westport Tennis Club, installing solar financed through C-PACE as part of their operations,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “Solar helps reduce their energy costs, makes a positive environmental impact, and shows the families WTC serves that they care about sustainable solutions.”
For more information about the Green Bank, please visit www.ctgreenbank.com. For more about the Tennis Club, visit https://www.westporttennisclub.com/.
Rising energy costs are an ongoing issue in Connecticut, but Green Bank is on the offensive for those families feeling the impact.
/in Newsby Lonnie Reed, Chair of Connecticut Green Bank Board of Directors and former Connecticut State Representative for District 102 and former Co-Chair of the Energy and Technology Committee, & Brenda Watson, Member of Connecticut Green Bank Board of Directors and Executive Director of Operation Fuel
Energy is not cheap in Connecticut, a painful truth addressed in the recent article, “Study: Connecticut ranked fourth in the nation for most expensive energy costs overall.” Since Connecticut households spend more on electricity and natural gas than they would in nearly any other state, there is a significant burden on our families. Home heating oil and transportation fuel also consume a significant amount of what Connecticut families spend on energy. And fluctuating energy prices have made it even more challenging for families to budget and plan for these expenses.
While rising energy costs have been difficult for everyone to handle, these costs disproportionately impact low-income and moderate-income families in Connecticut, whose energy costs make up a significant portion of their monthly expenses. That’s why providing tools and resources to families feeling the strain of rising energy costs is so important.
One innovative step the State of Connecticut took to address this need was establishing the nation’s first state-level green bank in 2011. Green banks can make energy-saving technology more accessible and affordable for families by offering innovative financing and generating new markets. These innovations can make a real difference.
Through the Solar for All program, a partnership between the Connecticut Green Bank and PosiGen Solar, more than 4,500 low-income families were able to access energy efficiency upgrades and go solar, saving more than $2.8 million in electricity costs – on average more than $600 per family. This includes nearly 840 projects in Bridgeport for a cost avoidance of $500,000. This average savings becomes even more significant when macroeconomic factors, such as the War in Ukraine, drive up electricity rates. The first half of 2023 saw electricity rates increase by roughly $0.12/kWh, and the average Solar For All household is now seeing savings on their bills for that period of about $800. Generally, going solar and improving the energy efficiency of one’s home can help reduce the cost burden and ease inflationary pressures.
Along with Solar for All, there are several other ways that the Connecticut Green Bank is working with the state to help families shoulder this burden. They include:
The Green Bank’s programs also support businesses and complement other state initiatives, resources, and organizations. Those include Operation Fuel, which provides energy assistance to families struggling to pay for their home heating fuel, and Energize Connecticut, which provides information on all the incentive and financing programs managed by the state’s utilities and the Green Bank.
Additionally, the recently passed federal Inflation Reduction Act incentivizes the adoption of heat pumps and other efficient technologies that reduce energy usage. Reduced energy usage will help families reduce energy costs as prices increase.
The cost of energy in Connecticut may be lamentably high, but the state has been confronting this issue in proactive and creative ways that also protect our families, businesses, and communities.
To learn more about Connecticut’s energy burden and residential solar financing, check out the Green Bank’s most recent StoryMap. You can also visit the free-of-charge first annual Connecticut Energy Expo in October at the Connecticut Convention Center, where renewable energy and energy efficiency strategies for residents and businesses will be on display.
Connecticut Green Bank Subsidiary’s Seventh Investment Offering for Citizens Surpasses Its Maximum Raise
/in Investment Solutions, NewsFeaturing an increased maximum raise limit, investment opportunity exceeds 100% of target for fifth consecutive time
Hartford, CT (Aug. 10, 2023) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, successfully closed their seventh Green Liberty offering, surpassing its maximum raise amount. To allow for more investors to participate in this innovative and certified green investment opportunity, the maximum offering limit was increased from $250,000 to $350,000 with the seventh offering. This is the fifth consecutive offering to exceed the maximum. In total, more than $1.5 million has been raised from Connecticut citizens and nationwide investors in support of small businesses improving their energy efficiency and reducing their energy costs. The campaign is made possible in partnership with Raise Green, an award-winning online marketplace for impact investing.
Green Liberty Notes, which are offered quarterly, can be purchased through an online platform without a broker, with a $100 minimum. To date, more than 60% of original investments have been $1,000 or less, with buyers from 35 states around the nation and more than half of the investors have been Connecticut residents.
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.
For more information about the investment opportunity, please visit invest.ctgreenbank.com.
Verogy Announces Completion of Solar Project at Mystic Aquarium
/in Building Solutions, NewsLeading solar developer completes award-winning clean energy project at Connecticut’s Mystic Aquarium using Connecticut Green Bank financing programs
Solar energy installation on the roof of Mystic Aquarium’s Milne Center for Ocean Science and Conservation
West Hartford, CT – July 26, 2023 – Verogy, a West Hartford, CT-based solar energy developer dedicated to delivering industry-leading renewable energy solutions and services today announced the successful completion of a 272-kW solar installation at Mystic Aquarium in Mystic, CT. The state-of-the-art system, comprised of 600 solar modules, is set to significantly reduce the Aquarium’s carbon footprint and provide a reliable source of clean energy for decades to come.
“This project is a testament to Mystic Aquarium’s steadfast commitment to sustainability and environmental stewardship,” said Will Herchel, Verogy’s CEO. “Verogy is proud to have had the opportunity to partner with Mystic to make this great project a reality. By embracing solar energy, Mystic Aquarium is not only saving money, but also serving as a role model for other institutions, demonstrating how we can create a more sustainable future for all.”
Mystic Aquarium’s solar project will produce over 295,649 kilowatt-hours (kWh) of energy annually, enough to power 40 homes for a year. Additionally, on an annual basis, the project’s arrays will offset the equivalent of about 209 metric tons of carbon dioxide, equivalent to the amount of emissions generated by an average passenger vehicle driven more than 537,000 miles every year.
Solar energy installation on the roof of Mystic Aquarium’s Foxwoods Marine Theater
“Over the last couple of decades, Mystic Aquarium has successfully completed a variety of energy conservation initiatives. This is our first solar energy endeavor and thanks to our partnership with the Connecticut Greenbank and Verogy, the project was strategically financed, proficiently implemented, and highly successful in terms of expectations. It’s very gratifying knowing that a portion of Mystic Aquarium’s energy consumption is now being generated onsite and is truly clean and green,” said Keith Sorensen, Senior Vice President of Facilities and Capital Projects at Mystic Aquarium.
The project was executed in partnership with the Connecticut Green Bank, utilizing the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) financing and Solar Power Purchase Agreement (Solar PPA) programs. With 600 solar panel modules now in place, the installation will reduce Mystic Aquarium’s energy costs by $1.5 million over the life of the project.
Susette Tibus, President and CEO of Mystic Aquarium expressed appreciation for the project’s success, saying, “This solar installation is a significant milestone in our continued commitment to environmental stewardship. We are deeply grateful to Verogy and the Connecticut Green Bank for their partnership and expertise. Together, we are making a tangible difference in our community and setting a precedent for future sustainable initiatives.”
The Mystic Aquarium project was also selected as a recipient of a 2022 Outstanding Project Award from the Connecticut Green Bank. “This award-winning project is a testament to the power of collaboration in achieving a more sustainable future,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “We salute Verogy for their expertise and dedication, and we commend Mystic Aquarium for their forward-looking commitment to the environment, sustainability, and clean energy. We look forward to the many visitors to Mystic Aquarium bringing clean energy to their buildings as well.”
Verogy is proud to have contributed to Mystic Aquarium’s significant reduction in reliance on fossil fuels and looks forward to the positive environmental impact this project will have for years to come.
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.
About Mystic Aquarium
Mystic Aquarium, a nonprofit 501(c)(3) organization, is counted among the nation’s leading aquariums, offering exemplary care to a variety of species while also serving as the northeast’s premier marine mammal rescue and rehabilitation center. Robust conservation and education programming along with unparalleled visitor experiences serve to strengthen personal connections to the animals and their environments. The mission of Mystic Aquarium is to inspire people to care for and protect our ocean planet through conservation, education, and research, and introduces approximately 800,000 guests annually to thousands of animals through structured interpretations, specially curated exhibits, and hands-on interactions. As a leading research organization, Mystic Aquarium employs a full staff of scientists engaged in projects focused on the conservation and sustainability of our ocean planet.
July 2023 Newsletter
/in Newsletters, NewslettersGreen Bank launches their second green liberty offering, announces enhancements to c-pace, annual awards, and more
Connecticut Green Bank Welcomes EPA Announcement of Notice of Funding Opportunities for Greenhouse Gas Reduction Fund Programs
/in Investment Solutions, NewsAs the first state level green bank, Connecticut’s model has mobilized more than $2 billion in private investment in the green economy – reducing energy costs for families and businesses, especially those in vulnerable communities, and avoiding greenhouse gas emissions.
HARTFORD, Conn (July 14, 2023) – The Connecticut Green Bank is excited by the U.S. Environmental Protection Agency’s (EPA) announcement today regarding the launch of two Notices of Funding Opportunity (NOFOs) under the $27 billion Greenhouse Gas Reduction Fund: the $14 billion National Clean Investment Fund (NCIF) and the $6 billion Clean Communities Investment Accelerator (CCIA).
The NCIF will make two to three awards to national nonprofits that will provide financing to businesses, communities, community lenders and others to deploy low- and zero-emission projects with at least 40 percent of investments benefitting low-income and disadvantaged communities.
The CCIA will make two to seven awards to hub nonprofits that will expand the clean finance ecosystem by providing funds to experienced community lenders to rapidly deploy capital in underserved markets. The entire CCIA is dedicated to projects that benefit low-income and disadvantaged communities.
Both NCIF and CCIA projects will target the decarbonization of existing buildings, the decarbonization of transportation, and distributed power generation.
“We know that the benefits of clean energy can have a profound impact on the lives of families in low-to-moderate income communities by reducing their energy burden and improving air quality,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “We have begun to see this impact in Connecticut, and we are excited that these NOFOs will help us further mobilize private investment to increase access to clean energy to reach more of those who need it most.”
“Connecticut has long positioned itself as a leader in clean energy deployment through bipartisan policies and actions that include creating the first state-level Green Bank in 2011,” said Lonnie Reed, Chair of the Connecticut Green Bank. “Along with our partners, we stand ready to ensure that our disadvantaged communities gain access to these historical funds and benefit from much healthier environments.”
Since 2011, the Connecticut Green Bank has been positioned between the state’s strong public policy goals and the private market, leveraging public dollars to mobilize multiples of private investment to confront climate change by avoiding the emissions of greenhouse gases and local air pollution.
This increased investment has led to the deployment of clean energy for families and businesses – especially those in vulnerable communities – helping them reduce energy costs, create jobs, and improve public health. Through innovative partnerships with local banks, credit unions, and community development financial institutions, the Green Bank strives to ensure that no less than 40 percent of investment benefits vulnerable communities, including low-and-moderate income households, Community Reinvestment Act eligible communities, and environmental justice communities.
Learn more about the Connecticut Green Bank at www.ctgreenbank.com. Learn more about the green bank model at www.ctgreenbank.com/strategy-impact/societal-impact/. Learn more about our impact (click here), including in vulnerable communities (click here).
DiMare Pastry Shop will save more than $20,000 in energy costs this year.
/in Building Solutions, C-PACEConnecticut Green Bank Announces Seventh Investment Offering for Citizens Across the Nation to Help Tackle Climate Change
/in Investment Solutions, NewsThrough Raise Green’s award-winning online platform, anyone can invest as low as $100 to help combat climate change and support small business energy efficiency upgrades
Hartford, CT (June 27, 2023) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly launches its seventh Green Liberty offering today. The crowdfunding campaign is made possible in partnership with Raise Green, an award-winning online marketplace for impact investing. Through this offering, Connecticut residents and citizens nationwide can invest as little as $100 to support small businesses in improving their energy efficiency and reducing energy costs.
“We are pleased to see demand for these offers increasing, as shown by our new and continuing investors, most of whom are from our home state of Connecticut. Through our six offerings, we’ve raised $1.25 million, which help small businesses lower their energy costs and allow our investors to earn a competitive return while combating climate change,” said Bryan Garcia, President and CEO of the Connecticut Green Bank.
Notes may be purchased through the online platform without a broker, with a $100 minimum. The previous Green Liberty offering was the fourth consecutive offer to surpass its maximum raised amount, so interested investors are encouraged to act quickly. To date, 67% of investments have been $1,000 or less, with buyers from 35 states nationwide, and more than half of the investors have been Connecticut residents.
Investors from the third round of Green Liberty Notes in July 2022 can reinvest their principal and interest in this latest offering. Anyone who invested in the third round and invests in this offering, either by reinvesting their principal and interest or by investing a different amount, will receive an interest rate increase as a thank-you for their early support of the Green Liberty Notes.
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.
For more information about the investment opportunity, please visit invest.ctgreenbank.com.
Second Solar Project Completed at Barker Specialty
/in Building Solutions, NewsNew solar installation brings even more sustainable savings to Barker family through C-PACE financing
Hartford, CT (June 20, 2023) – The Connecticut Green Bank proudly announces that 27 Realty Drive in Cheshire has completed a second rooftop solar photovoltaic system installation financed by Commercial Property Assessed Clean Energy (C-PACE). The property serves as the headquarters for Barker Specialty Advertising Co. Inc., a family business and leader in the promotional products industry for more than 70 years. The first solar project was installed in 2021 at 55 Realty Drive.
“I believe we all understand the benefits of using solar energy for both cost and sustainability purposes. However, the difficult part for most businesses is navigating the implementation and financing. This is where the Connecticut Green Bank and a vendor-partner such as Verogy are of tremendous value. I would encourage businesses to work with these companies to understand the benefits of a transition to solar energy,” said Gerry Barker, President of Barker Specialty.
This new 135 kW solar system was installed by Verogy, a solar developer headquartered in Hartford, who installed the other system. In total, both systems are projected to produce energy savings equal to the energy used by 425 homes in a year and gross total savings of more than $1.5 million over the 25-year effective useful life of the panels.
Barker Specialty is a one-stop source for all promotional and marketing needs, including logoed merchandise, apparel, premium gifts, awards, tradeshow displays, and signage. They have a 6,000-square-foot showroom for clients to visit. Barker has earned many industry awards and recognition for being a great family business and employer.
“We were excited in 2021 when the first solar project was completed, and even more so when the Barker team approached us for this larger second project,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank. “Not only does this speak to Barker’s continued commitment to sustainability and cost reduction, but this repeat usage of C-PACE financing is a great testament to the value the program brings to building owners.”
Click here for more information on C-PACE. A case study of this project can at https://www.ctgreenbank.com/barker-specialty-solar.
Barker Specialty will save more than $60,000 in energy costs this year.
/in Building Solutions, C-PACE