Innovative approach using EV charging carbon credits helps achieve a lower carbon future by accessing private sector funds
HARTFORD, CT (February 27, 2023) — The Connecticut Green Bank and its partners are proud to announce that their pioneering collaboration has secured innovative carbon credit capital funding to help accelerate the deployment of electric vehicle (EV) charging systems across the United States. Acting as an aggregator and facilitator for its partners, the Green Bank has opened access to a stream of patient capital that will help ensure the future viability of these charging networks and draws upon private sector funds to deliver a lower carbon transportation future for our communities.
Using an independent third-party certification methodology for electric vehicle (EV) charging systems, the Green Bank’s project has resulted in the issuance of valuable carbon credits by Verra’s internationally recognized Verified Carbon Standard (VCS) Program. The project was verified by third-party verification firm, SCS Global Services. The carbon credit proceeds are generated by the Green Bank’s project partners, which include large-scale utilities, small fast-growing charging networks, and telemetric-based start-ups, to strengthen the provision of their EV charging services.
The issuance of these EV charging carbon credits represents the Green Bank’s first entry into the carbon markets.
“This process has taught us how we can leverage carbon markets to unlock added revenue streams for ourselves and our partners. I expect us to examine where else we can be a participant in these markets, which will open doors for us both in terms of clean energy and environmental infrastructure,” said Eric Shrago, Vice President of Operations at the Green Bank.
The environmental benefits of these initial credits are the equivalent of removing 5,278 tons of carbon dioxide from the atmosphere, the equivalent of not burning 538,778 gallons of gas, or the carbon sequestered by 5,666 acres of U.S. forests for one year. The minting of these very first EV charging credits proves the success of this public-private partnership model designed to ensure the vibrancy of the carbon market as applied to e-transportation and create low-fee access to such capital for smaller EV charging partners.
The transportation sector accounted for the largest portion (27%) of total U.S. greenhouse gas (GHG) emissions in 2020, according to the Inventory of U.S. Greenhouse Gas Emissions and Sinks 1990–2020. Efforts to create greater access to more efficient forms of transportation will decrease the sector’s environmental impact. Carbon credits are a tool used to incentivize activities that lower carbon emissions, such as charging and driving electric vehicles. Organizations and individuals purchase these credits to invest in and support a lower carbon future, including offsetting their own carbon-intensive activities. Credits from this project stem from the usage of electrical vehicle charging enabled by consortium partners’ EV charging services.
These voluntary carbon market credits accelerate the deployment of EV charging services to help communities more rapidly achieve their low carbon transportation goals. As credits are sold, this transaction secures funding from the private carbon capital markets to help accelerate mission-critical low carbon technology deployment, which is complementary to the policies that states might otherwise adopt. EV charging carbon credits represent an innovative way to help accelerate the shift to electric transportation using private sector funds rather than public resources. Leading states have therefore appreciated the leadership that the Green Bank and its partners have brought to the challenge of funding and expanding EV charging infrastructure.
The Green Bank’s roster of project partners originally included EV charging pioneers Volta, U-Go Stations, which Blink Charging recently acquired, Proterra, and the EV Structure Company. The consortium’s partners have expanded to now include Dominion Energy, Exelon, Optiwatt, EV Match, BLINK, AmpUp, and OpConnect. Together, these partners already have 725 EV charging stations across the United States enrolled with the project. The project is now poised to expand dramatically in size and geographic scope.
Partner quotes:
Blink Charging: “With nearly 59,000 chargers deployed across 25 countries, Blink has the opportunity to have a meaningful impact on our environment and reduce the carbon credit footprint of the drivers that use our chargers around the world by participating in programs such as Connecticut Green Bank,” said Juan Barahona, U.S. and Global Director of Operations at Blink Charging. “With our advanced, industry-leading equipment and robust network of public charging stations, we continue to develop the charging infrastructure required to meet the growing needs of EV drivers.”
Evstructure: “It is a continued pleasure to work with the Green Bank team. Evstructure is absolutely CHARGED UP to be a partner in the program. We look forward to new successes by continuing to do our part of carbon reductions with 1,000’s of EVSE deployments and their infrastructures today and into the near future together as a team,” said Todd Ritter, CMO, Evstructure Inc.
EVmatch, Inc.: “EVmatch is proud to partner with the Connecticut Green Bank to verify, generate, and monetize voluntary carbon credits for EVmatch’s EV charging activities,” said Heather Hochrein, Founder and CEO of EVmatch, Inc. “This innovative funding structure and partnership supports EVmatch’s continued efforts to develop new charging infrastructure in communities that have historically had limited access to EV charging and clean technology more broadly. This is a win-win partnership that will drive further investment into EV charging infrastructure, make chargers more profitable, and accelerate EV adoption across the country.”
Dominion Energy: “Dominion Energy is committed to reducing its carbon footprint and helping our customers do the same,” said Mark Webb, Senior Vice President and Chief Innovation Officer for Dominion Energy. “We have an ambitious Green Fleet goal, with plans to electrify 75% of our passenger fleet by 2030. Partnering with the Connecticut Green Bank to secure EV charging carbon credits is an innovative way to help accelerate the transition to clean transportation.”
C-PACE retrofit financing expands to support electric vehicle (EV) charging infrastructure
/in Building Owner, Building Solutions, C-PACE, Developer, Electric Vehicles, Financing, Mortgage Holder, NewsFinancing improves access for building owners seeking to install EV chargers
Hartford, CT (March 28, 2023) – The Connecticut Green Bank is proud to announce that building owners can now use C-PACE (Commercial Property Assessed Clean Energy) retrofit financing to pay for the installation of electric vehicle charging infrastructure. With the Green Bank’s C-PACE program, owners can fund EV charging infrastructure, which can be bundled with other green solutions, including solar and energy-efficiency measures.
“While state and federal incentives provide significant cost reduction for electric vehicle supply equipment installed at commercial properties, we realized that the upfront cost can still be prohibitive for building owners. Expanding the scope of our building solutions to include these projects allows us to help businesses and workplaces support the adoption of this vital infrastructure throughout the state,” said Mackey Dykes, Vice President of Financing Programs at the Green Bank.
Expanding C-PACE retrofit financing to support EV charging infrastructure strongly supports the Green Bank’s mission to confront climate change by increasing and accelerating investment into Connecticut’s green economy. When building owners install EV charging infrastructure, they improve their ability to attract and retain tenants, provide value to employees and customers, and help Connecticut achieve electrification goals. Plus, a growing network of EV chargers makes it easier for consumers to overcome “range anxiety” and purchase electric vehicles for their daily use, making widespread adoption of this technology possible.
With C-PACE retrofit financing, building owners can immediately enjoy the advantages of energy and infrastructure upgrades and pay for them over time through a voluntary benefit assessment. Building owners work with a contractor to develop clean energy projects, including EV charging infrastructure, lighting, heating and cooling, insulation, motors, pumps, solar panels, and other beneficial upgrades.
C-PACE retrofit projects are structured so that energy savings are greater than the payments, however, EV charging infrastructure is exempt from this requirement to accommodate increased on-site energy demand from vehicle charging. C-PACE has been used to finance projects as small as $30,000.
EV charging infrastructure can also be included in C-PACE new construction financing projects, which provides capital for new construction projects, repositionings, and gut renovations. Developers and owners can use this innovative financing as part of their capital stack when designing more efficient, higher-performing buildings.
To learn more, register for an informational webinar on Wednesday, April 19, at 11 am by visiting https://attendee.gotowebinar.com/register/7196893371671427159 or visit www.ctgreenbank.com/c-pace-ev/.
Energy Storage Solutions Commercial Tranche 2 Opens Two Years Ahead of Schedule Due to Demand
/in Building Solutions, Community Solutions, Home Solutions, NewsThe next 100 MW tranche will open for Commercial and Industrial customers on March 15, 2023. Residential approvals surpass 1 megawatt of capacity.
Hartford, CT (March 15, 2023) – The co-program administrators, the Connecticut Green Bank, Eversource, and UI, announce the opening of the second Commercial & Industrial (C&I) capacity tranche for Energy Storage Solutions, a program approved by the Public Utilities Regulatory Authority (PURA) and launched in 2022 to provide upfront and performance-based incentives for the installation of battery storage. The 100-megawatt (MW) tranche – twice the capacity of the first tranche – will open two years ahead of schedule due to overwhelming demand for energy storage in Connecticut’s C&I sector.
To date, the program has approved 46.4 MW of C&I energy storage with a total energy capacity of 139.4 megawatt hours (MWh). Once installed, interconnected, and operational, these battery systems will not only provide resilience for host customers, but will also pay on-going incentives for a period of 10 years as the batteries send energy to the grid on high demand days, resulting in lower electric rates for all Eversource and UI ratepayers. “Working with our utility colleagues as co-administrators of Energy Storage Solutions, we look forward to the interconnection and dispatch of these systems around our state,” says Sergio Carrillo, Managing Director of Incentive Programs for the Connecticut Green Bank. “We are seeing more and more small businesses and critical community facilities installing battery storage through the program.”
The 27 projects comprising C&I tranche 1 were submitted by six developers representing 20 towns and a variety of host customers including water treatment plants, manufacturing facilities, public schools, and health clubs.
The opening of C&I tranche 2 comes as the residential portion of ESS crosses the important milestone of 1 MW of approved capacity.
“While the residential sector has progressed at a slower pace than C&I, we are confident that recent program changes approved by PURA and new investment as a result of the Inflation Reduction Act, will spur interest and investment in the residential energy storage sector in 2023,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “In these times of high electric rates and climate instability, we expect to see solar PV deployment, in combination with battery storage, to both reduce energy burden and increase energy security for Connecticut families, especially those in vulnerable communities.”
“We’re excited to play a role in the state’s efforts to further promote the adoption of battery storage in Connecticut through this partnership and we look forward to working with PURA and the Connecticut Green Bank to make the program successful,” said Eversource Vice President of Energy Efficiency and Electric Mobility Tilak Subrahmanian. “Advancing clean energy is a priority for us and the additional capacity available through the Energy Storage Solutions program allows us to accommodate a greater number of battery storage installations for customers across the state.”
“Energy storage has a critical role to play in our effort to build a modern, reliable, and resilient grid, and we’re pleased to work with our customer and developer communities to unlock these substantial benefits,” said United Illuminating President and CEO Frank Reynolds. “We look forward to working with PURA, the Connecticut Green Bank, our commercial and industrial partners, small businesses, and critical care facilities to advance this program and help Connecticut build a stronger, cleaner, more resilient energy future.”
Energy Storage Solutions accepts residential and C&I applications on an ongoing basis. For more information about Energy Storage Solutions, please visit www.energystorageCT.com.
About Energy Storage Solutions
Energy Storage Solutions is overseen by the Public Utilities Regulatory Authority (PURA), is paid for by electric ratepayers, and is administered by the Connecticut Green Bank, Eversource, and UI.
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Connecticut Green Bank and partners secure carbon credit capital funding to deploy electric vehicle charging
/in Investment Solutions, NewsInnovative approach using EV charging carbon credits helps achieve a lower carbon future by accessing private sector funds
HARTFORD, CT (February 27, 2023) — The Connecticut Green Bank and its partners are proud to announce that their pioneering collaboration has secured innovative carbon credit capital funding to help accelerate the deployment of electric vehicle (EV) charging systems across the United States. Acting as an aggregator and facilitator for its partners, the Green Bank has opened access to a stream of patient capital that will help ensure the future viability of these charging networks and draws upon private sector funds to deliver a lower carbon transportation future for our communities.
Using an independent third-party certification methodology for electric vehicle (EV) charging systems, the Green Bank’s project has resulted in the issuance of valuable carbon credits by Verra’s internationally recognized Verified Carbon Standard (VCS) Program. The project was verified by third-party verification firm, SCS Global Services. The carbon credit proceeds are generated by the Green Bank’s project partners, which include large-scale utilities, small fast-growing charging networks, and telemetric-based start-ups, to strengthen the provision of their EV charging services.
The issuance of these EV charging carbon credits represents the Green Bank’s first entry into the carbon markets.
“This process has taught us how we can leverage carbon markets to unlock added revenue streams for ourselves and our partners. I expect us to examine where else we can be a participant in these markets, which will open doors for us both in terms of clean energy and environmental infrastructure,” said Eric Shrago, Vice President of Operations at the Green Bank.
The environmental benefits of these initial credits are the equivalent of removing 5,278 tons of carbon dioxide from the atmosphere, the equivalent of not burning 538,778 gallons of gas, or the carbon sequestered by 5,666 acres of U.S. forests for one year. The minting of these very first EV charging credits proves the success of this public-private partnership model designed to ensure the vibrancy of the carbon market as applied to e-transportation and create low-fee access to such capital for smaller EV charging partners.
The transportation sector accounted for the largest portion (27%) of total U.S. greenhouse gas (GHG) emissions in 2020, according to the Inventory of U.S. Greenhouse Gas Emissions and Sinks 1990–2020. Efforts to create greater access to more efficient forms of transportation will decrease the sector’s environmental impact. Carbon credits are a tool used to incentivize activities that lower carbon emissions, such as charging and driving electric vehicles. Organizations and individuals purchase these credits to invest in and support a lower carbon future, including offsetting their own carbon-intensive activities. Credits from this project stem from the usage of electrical vehicle charging enabled by consortium partners’ EV charging services.
These voluntary carbon market credits accelerate the deployment of EV charging services to help communities more rapidly achieve their low carbon transportation goals. As credits are sold, this transaction secures funding from the private carbon capital markets to help accelerate mission-critical low carbon technology deployment, which is complementary to the policies that states might otherwise adopt. EV charging carbon credits represent an innovative way to help accelerate the shift to electric transportation using private sector funds rather than public resources. Leading states have therefore appreciated the leadership that the Green Bank and its partners have brought to the challenge of funding and expanding EV charging infrastructure.
The Green Bank’s roster of project partners originally included EV charging pioneers Volta, U-Go Stations, which Blink Charging recently acquired, Proterra, and the EV Structure Company. The consortium’s partners have expanded to now include Dominion Energy, Exelon, Optiwatt, EV Match, BLINK, AmpUp, and OpConnect. Together, these partners already have 725 EV charging stations across the United States enrolled with the project. The project is now poised to expand dramatically in size and geographic scope.
Partner quotes:
Blink Charging: “With nearly 59,000 chargers deployed across 25 countries, Blink has the opportunity to have a meaningful impact on our environment and reduce the carbon credit footprint of the drivers that use our chargers around the world by participating in programs such as Connecticut Green Bank,” said Juan Barahona, U.S. and Global Director of Operations at Blink Charging. “With our advanced, industry-leading equipment and robust network of public charging stations, we continue to develop the charging infrastructure required to meet the growing needs of EV drivers.”
Evstructure: “It is a continued pleasure to work with the Green Bank team. Evstructure is absolutely CHARGED UP to be a partner in the program. We look forward to new successes by continuing to do our part of carbon reductions with 1,000’s of EVSE deployments and their infrastructures today and into the near future together as a team,” said Todd Ritter, CMO, Evstructure Inc.
EVmatch, Inc.: “EVmatch is proud to partner with the Connecticut Green Bank to verify, generate, and monetize voluntary carbon credits for EVmatch’s EV charging activities,” said Heather Hochrein, Founder and CEO of EVmatch, Inc. “This innovative funding structure and partnership supports EVmatch’s continued efforts to develop new charging infrastructure in communities that have historically had limited access to EV charging and clean technology more broadly. This is a win-win partnership that will drive further investment into EV charging infrastructure, make chargers more profitable, and accelerate EV adoption across the country.”
Dominion Energy: “Dominion Energy is committed to reducing its carbon footprint and helping our customers do the same,” said Mark Webb, Senior Vice President and Chief Innovation Officer for Dominion Energy. “We have an ambitious Green Fleet goal, with plans to electrify 75% of our passenger fleet by 2030. Partnering with the Connecticut Green Bank to secure EV charging carbon credits is an innovative way to help accelerate the transition to clean transportation.”
Connecticut Green Bank Applauds EPA’s Announcement of Federal Assistance Listings as Key Step Towards Creation of Greenhouse Gas Reduction Fund
/in 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, CT (Feb. 14, 2023) – The Connecticut Green Bank is excited by the U.S. Environmental Protection Agency’s (EPA) announcement today that advances the Greenhouse Gas Reduction Fund, as authorized in the Inflation Reduction Act, including the establishment of a national climate bank based on the model proven successful in Connecticut. 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 40 percent of investment benefits vulnerable communities, including low-and-moderate income households, Community Reinvestment Act eligible communities, and environmental justice communities.
“With energy costs expected to remain elevated, funding from the $27 billion Greenhouse Gas Reduction Fund is a generational opportunity to help working families and local businesses cope with the burdens of bigger utility bills, address the climate crisis and create thousands of good paying jobs, particularly for those communities that have been left behind,” observed Bryan Garcia, President and CEO of the Connecticut Green Bank.
The Green Bank is proud to partner with the Coalition for Green Capital as it seeks EPA funding to support the green bank model and unlock capital that will deliver immediate results for the green economy.
The EPA’s announcement can be found here: https://www.epa.gov/newsreleases/epa-announces-initial-program-design-greenhouse-gas-reduction-fund. Learn more at www.ctgreenbank.com. Learn more about the green bank model at https://www.ctgreenbank.com/strategy-impact/societal-impact/. Learn more about our impact (click here), including in vulnerable communities (click here).
Fifth Green Liberty Note Investment Offering Exceeds Maximum Raise Amount in 6 Days
/in Investment Solutions, NewsDemand to invest in Green Liberty Notes offered with as little as $100 through Raise Green’s award-winning online platform surpasses $368,000
Hartford, CT (February 10, 2023) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, announces the closing of their fifth Green Liberty offering, which far-exceeded the maximum raise amount of $250,000 in less than one week (total investment demand surpassed $368,000). The crowdfunding campaign has been made possible in partnership with Raise Green, an award-winning online marketplace for impact investing. In total, more than $1 million has been raised from Connecticut residents and citizens nationwide who are able to invest as little as $100 to support small businesses improving their energy efficiency and reducing energy costs.
“We are pleased to see increasing demand for these offerings. This is the third consecutive offering that has sold out, and this one was over-subscribed by more than $100,000,” said Bryan Garcia, President and CEO of the Green Bank. “We were also encouraged by the continued show of support from previous investors, and an influx of new investors wanting to earn a competitive return while helping confront climate change through energy efficiency assistance to small businesses.”
Notes are easy to purchase through an online platform without a broker, with $100 minimums. For this latest offering, more than 60% of accepted investments were $1,000 or less, and more than 60% 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 Verifiers.
For more information about the investment opportunity, please visit invest.ctgreenbank.com.
Fiscal Year 2022 Annual Report Highlights Most Recent Successes Reducing Energy Cost Burdens on Families and Businesses
/in NewsBased on 11 years of programs designed to benefit residents, state’s Green Bank now serves as model for the nation
Hartford, CT (Jan. 23, 2023) – More than 66,500 families and businesses have been able to reduce the burden of energy costs in their homes and buildings since 2011 through programs offered by the Connecticut Green Bank, according to the recently released annual report for fiscal year 2022. In total, the Green Bank has mobilized nearly $2.3 billion into the state’s economy by leveraging public funds (roughly 70 cents a month from the typical household) to attract multiples of private investment at a seven-to-one ratio.
This investment has helped create over 26,000 thousand job-years, generated millions of dollars in tax revenues, and limited greenhouse gas emissions that harm public health. The Green Bank measures its impact in terms of economic development, energy, environmental protection, and equity (E4 metrics). These statistics can be found in the annual report.
“Our E4 metrics includes a goal of directing no less than 40 percent of investment and benefits from our programs into vulnerable communities that are disproportionately impacted by the effects of climate change by 2025. We do this because our vision for a planet protected by the love of humanity reflects an unwavering commitment to and incessant hope for the betterment of our communities and country,” said Bryan Garcia, President and CEO of the Green Bank. “Through our annual report and our annual Comprehensive Financial Report, we demonstrate our data-driven, transparent approach to sharing our progress so that residents and state leaders can proudly tell the story of what we are achieving together in helping families and businesses reduce energy costs by installing clean energy in their homes and buildings.”
Some highlights of the fiscal year 2022 include:
To access the FY22 report, please visit https://www.ctgreenbank.com/strategy-impact/reporting-and-transparency/.
Connecticut Green Bank Subsidiary Opens Investment Offering to Citizens to Kick Off 2023
/in Investment Solutions, NewsUsing Raise Green’s award-winning online platform, anyone can invest as low as $100 to support small business energy efficiency in Connecticut and help confront climate change
Hartford, CT (January 10, 2023) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly launches their fifth Green Liberty offering, a crowdfunding campaign 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 improving their energy efficiency and reducing energy costs.
“Through four offerings in 2022, we have raised more than $800,000, primarily from investors here in Connecticut. The last two offerings were sold out and the number of investors across the country continues to grow. We are encouraging citizens to learn about the opportunity to make a difference and earn a competitive return on their money,” said Bryan Garcia, President and CEO of the Green Bank.
Notes are easy to purchase through an online platform without a broker, with $100 minimums. To date, 67% of the investments made have been $1,000 or less, and more than half of the investors have been Connecticut residents.
New to this offering, the Green Bank is proud to offer investors from the first round of Green Liberty Notes in January 2022 the opportunity to reinvest their principal and interest in this offering. Anyone who invested in the first round and who 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 Verifiers.
For more information about the investment opportunity, please visit invest.ctgreenbank.com.
Become a Solar PPA and Roof Lease Eligible Contractor!
/in Building Contractors, Contractor AnnouncementsManchester Announces Solar Installations at Seven Municipal Buildings
/in Building Solutions, Community Solutions, NewsConnecticut Green Bank Subsidiary’s Fourth Green Liberty Notes Offering is Second Consecutive Sell-Out, Brings Cumulative Raise Over $800,000
/in Investment Solutions, News