Small Business Energy Advantage Program Continues to Grow; Surpasses $100 Million in Loans Since 2018
Eversource’s program is supported through a financing agreement with Amalgamated Bank and the Green Liberty Note offerings from the Connecticut Green Bank
Hartford, CT (November 13, 2024) – The Connecticut Green Bank and Amalgamated Bank recently celebrated the cumulative purchase of $100 million in loans through 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 on bill financing.
“This is a great example of an innovative public-private partnership that creates significant benefits for our communities,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Through this program, small businesses are empowered to improve their operations, which helps strengthen our economy.
Since December 2018, Amalgamated and the Green Bank have been in an agreement with Eversource to purchase tranches of SBEA loans. The loans are initially funded by Eversource, and Amalgamated Bank and the Green Bank purchase the loans to ensure the program has a continuous flow of affordable capital to support additional loans in the future. This allows all customers to benefit as program costs are lowered.
“Ensuring access to energy efficiency programs like SBEA helps small businesses overcome the financial hurdles that typically hinders their participation in energy saving initiatives which often times saves them money in the long run,” said Edgar Romney, Amalgamated Bank’s Chief Strategy and Administrative Officer. “Our partnership with Connecticut Green Bank to fund energy efficiency improvements and reduce greenhouse gas emissions through the SBEA is an excellent example of how financial institutions can support small businesses in addressing climate change and support sustainability efforts.”
To further support the Small Business Energy Advantage program, the Green Bank created Green Liberty Notes, an investment opportunity that allows anyone to earn a return while directly supporting energy efficiency in Connecticut. Notes are offered quarterly through Raise Green’s online investment platform with a minimum investment of $100 so everyone can support Connecticut’s small businesses’ efforts to become more energy efficient. The Green Liberty Notes program was recently honored as a 2024 State Leadership in Clean Energy Awards winner by the Clean Energy States Alliance (CESA).
“The Small Business Energy Advantage program has helped small businesses across Connecticut gain access to the incentives and expertise necessary to improve their energy efficiency,” said Eversource Vice President of Energy Efficiency and Electric Mobility Tilak Subrahmanian. “We are pleased to see so many business owners taking advantage of this program while lowering their energy bills and reducing their carbon footprint in the process. Through this partnership with Connecticut Green Bank and Amalgamated Bank, we are helping to provide the resources, information and funding that will allow Connecticut’s clean energy economy to continue to grow and flourish.”
SBEA offers a no-cost, no-obligation energy assessment to small businesses, providing a one-stop service that combines easy access to energy efficiency measures as well as incentives and payment plans.
“Through the Energize Connecticut℠ Small Business Energy Advantage Program, we received customized recommendations from Eversource’s energy experts for improving efficiency at our center,” said Mary Etter, Executive Director, Bristol Adult Resource Center. “Eversource connected us with Energy Resources USA to replace old fluorescent lighting, which we had in every room, with LED bulbs. They also installed faucet aerators to improve our water flow, decreasing demand on our boiler system to heat the water. We have since seen electric and gas savings thanks to these upgrades, and Eversource and Energy Resources were great partners for us.”
To learn more about the SBEA program, please visit https://energizect.com/energy-assessments/small-business
About Amalgamated Bank
Amalgamated Bank, the wholly owned banking subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), is a mission-driven New York-based full-service commercial bank and a chartered trust company with a combined network of six branches in New York City, Washington D.C., San Francisco, and Boston. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Since their founding in 1923, Amalgamated Bank has used the power of banking to create impact and empower organizations and individuals to advance positive social change. Amalgamated Bank advocates alongside those working to make the world more just, compassionate, and sustainable. Amalgamated Bank is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. Learn more at www.amalgamatedbank.com.
About Eversource
Eversource (NYSE: ES), celebrated as a national leader for its corporate citizenship, is among the top energy companies in Newsweek’s list of America’s Most Responsible Companies for 2024 and recognized as a Five-Year Champion, appearing in every edition of the list. Eversource transmits and delivers electricity to 1.28 million customers in 149 cities and towns, provides natural gas to 251,000 customers in 74 communities, and supplies water to approximately 217,000 customers in 59 communities across Connecticut. Eversource harnesses the commitment of approximately 9,900 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The #1 energy efficiency provider in the nation, the company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like a first-in-the-nation networked geothermal pilot project, solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on X, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.
