Our Road Map tracks three critical steps of the Connecticut Green Bank – planning, reporting, and evaluation.
The Connecticut Green Bank was established to promote investment in clean energy in accordance with a comprehensive plan developed by it to foster the growth, development, and commercialization of clean energy sources, related enterprises, and stimulate demand for clean energy and deployment of clean energy sources that serve end-use customers in this state.
The Board of Directors of the Connecticut Green Bank has approved of the following comprehensive plans and budgets:
The Connecticut Green Bank issues an annual report to the Connecticut Department of Energy and Environmental Protection, the Connecticut General Assembly’s Energy & Technology Committee, and all local elected officials in cities and towns throughout Connecticut.
The Board of Directors of the Connecticut Green Bank has issued the following annual reports:
- Connecticut Green Bank FY 2016 Annual Report
- Connecticut Green Bank FY 2015 Annual Report
- Connecticut Green Bank FY 2014 Annual Report
- Connecticut Green Bank FY 2013 Annual Report
- Connecticut Green Bank FY 2012 Annual Report
For earlier annual reports – click here.
Comprehensive Annual Financial Report
The Connecticut Green Bank also issues an audited Comprehensive Annual Financial Report (CAFR) that is compiled by the accounting staff and audited by an external certified public accounting firm in accordance with generally accepted accounting principles. A CAFR submitted to the Government Finance Officers Association (GFOA) which is awarded Certificate of Achievement for Excellence in Financial Reporting represents the highest award in government financial reporting. Included in the CAFR are the public benefits estimated to have been achieved through the Connecticut Green Bank’s use of its financial resources.
The Board of Directors of the Connecticut Green Bank issued the following audited CAFRs:
- Connecticut Green Bank FY 2017 Comprehensive Annual Financial Report
- Connecticut Green Bank FY 2016 Comprehensive Annual Financial Report
(Certificate of Achievement)
- Connecticut Green Bank FY 2015 Comprehensive Annual Financial Report
(Certificate of Achievement)
- Connecticut Green Bank FY 2014 Comprehensive Annual Financial Report
(Certificate of Achievement)
It should be noted that the Connecticut Green Bank has received a Certificate of Achievement from the GFOA for the above Comprehensive Annual Financial Reports.
For earlier audited financial statements – click here.
Auditors of Public Account
The office of the Auditors of Public Accounts (APA) is a legislative agency of the State of Connecticut whose primary mission is to conduct audits of all state agencies, including quasi-public agencies. Included in such audits is an annual Statewide Single Audit of the State of Connecticut to meet federal requirements. The office is under the direction of two state auditors appointed by the state legislature. The APA audited certain operations of the Connecticut Green Bank in fulfillment of its duties under Sections 1-122 and Section 2-90 of the Connecticut General Statutes.
- Fiscal Years 2012 and 2013 (Issue Date: November 8, 2014)
- Fiscal Years 2014 and 2015 (Issue Date: February 15, 2018)
Open Connecticut centralizes state financial information to make it easier to follow state dollars. In Connecticut quasi-public agencies are required to submit annual reports to the legislature, including a summary of their activities and financial information. In addition, the comptroller’s office requested that quasi-public agencies voluntarily provide checkbook-level vendor payment data for display on Open Connecticut. The Connecticut Green Bank has voluntarily submitted this information since the inception of Open Connecticut. To access this information, click here.
The Connecticut Green Bank’s evaluation efforts seek to understand how the increase in investment and deployment of clean energy supported by the Green Bank, result in benefits to society. To that end, the Green Bank has devised an evaluation framework, conducts program evaluations and other studies, and supports market studies.
The Connecticut Green Bank has established an evaluation framework to guide the assessment, monitoring and reporting of the program impacts and processes, including, but not limited to energy savings and clean energy production and the resulting societal impacts or benefits arising from clean energy investment. Evaluation studies and analyses conducted or commissioned by the Green Bank fall within the various study categories presented in the Evaluation Framework.
Program Evaluations and Other Studies
The Green Bank hires consultants to conduct evaluations of its programs, both on its own and in response to legislative mandates. Other studies are also commissioned to independent firms on topics of relevance to the clean energy industry and the Green Bank.
The following program evaluation studies were prepared and have been conducted in response to mandates by the Connecticut General Assembly, including:
- Cost-Effectiveness Assessment of the Residential Solar Investment Program – The Cadmus Group, Inc. (March 9, 2016)
- Residential Solar Investment Program Evaluation – The Cadmus Group, Inc. (January 30, 2015)
From time-to-time, other studies are prepared by independent consultants on topics or programs of relevance to the Green Bank, including:
- Connecticut Green Bank’s Residential Solar Investment Program: Economic Impact Analysis of Existing Commitments and Future Scenarios – Connecticut Center for Economic Analysis (CCEA) at the University of Connecticut, and Semnia LLC (February 9, 2015)
- Analysis of Solar Home Renewable Energy Credit (SHREC) Program – Sustainable Energy Advantage, LLC – January 20, 2015
The Green Bank has identified a number of societal benefits that accrue from the installation and operation of clean energy projects. It is collaborating with other parties to prepare reports that quantify those benefits and thus demonstrate more of the value that these projects deliver.
- Energy Burden [Coming in 2018]
- Economic Development
- Environmental Impact
- Public Health
Market assessments are intended to provide data and information about aspects of markets associated with a particular technology, condition, or program strategy. These vary in design and purpose, and are generally undertaken as baseline, market effects, or market potential studies, including:
- Feasibility of Renewable Thermal Technologies in Connecticut: Market
Potential – March 2017
- Feasibility of Renewable Thermal Technologies in Connecticut: A Field Study on Barriers and Drivers – March 2017
- Moving Forward with Green Energy: Market Potential Assessment for Alternative Fuels in Connecticut – Atlas Public Policy and The Cadmus Group, (September 2016)
- The Addressable Solar Market in Connecticut – Geostellar, Inc., December 6, 2013