Rocky Hill, CT, November 4, 2013 – The Clean Energy Finance and Investment Authority (CEFIA) proudly announces that three Connecticut Commercial buildings owned in majority by Mark Greenberg (Roscommon Infinity, LLC, Tower Business Park 86 Infinity, LLC , 80 Lamberton Road Realty, LLC) were recently approved for financing through the Commercial Property Assessed Clean Energy (C-PACE) program.
The property owner is financeing energy-saving technologies that are designed to deliver a substantial reduction in energy consumption and operating costs, thus realizing cleaner and cheaper energy. C-PACE is part of the Energize Connecticut initiative, which helps consumers and businesses save money and access clean energy.
“C-PACE provided me an opportunity to tackle several energy projects at various commercial buildings,” stated Mark Greenberg. “We knew we were looking at a major investment sometime soon. We considered several options, but between no money down and the energy savings of the C-PACE program, the answer was a no-brainer-- and that is good news for any business owner in Connecticut.”
It is anticipated that these three properties will collectively save approximately 9 million kBTUs of energy and $420,000 annually, exclusive of additional federal tax benefits the properties will realize from installing renewable energy. The projects are summarized below:
- 100 Roscommon Drive Middletown, CT -- Office facility receiving C-PACE construction financing of $2,535,766 to support energy efficiency improvements including air units, variable frequency drives, high efficiency lights, occupancy sensors, upgraded energy management system and a 260kW solar photovoltaic system.
Projected energy savings are greater than 65% and cost savings of ~$192,000 annually.
- 86 Hopmeadow Street Simsbury, CT -- Office and business facilities receiving C-PACE construction financing of $693,227 for energy efficiency upgrades including, air leakage improvements, high efficiency lights, occupancy sensors, new rooftop units, and an upgraded energy management system.
Projected energy savings are ~35% and cost savings of ~$62,000 annually.
- 80 Lamberton Road Windsor, CT -- Office complex receiving C-PACE construction financing of $1,818,486 for energy efficiency improvements including, high efficiency lighting, occupancy sensors, envelope improvements, and new rooftop units.
Projected energy savings are ~40% and cost savings of ~$168,000.
Trane U.S. Inc., a full service energy services company based in Rocky Hill, CT will be performing the work on all three properties.
“Our organization has seen first-hand the value and power of C-PACE financing”, said David Ford, TRANE U.S. Inc. “This program will allow more and more property owners to proceed with sound energy and economic investments. We anticipate growth in our business as a result of the easy access to affordable capital being made available to commercial property owners throughout the state through C-PACE.”
The combination of incentives through the Energy Efficiency Fund and low-cost C-PACE financing will support the installation of deeper energy efficiency and onsite distributed generation measures.
CEFIA has approved over $15M in C-PACE financing since launching in January 2013.
“The Greenberg hat trick is the latest demonstration of the power of C-PACE. Through the combination of Energy Efficiency Fund incentives and long-term C-PACE financing, Connecticut is providing a platform for which businesses can easily engage in smart energy opportunities”, said Bryan Garcia, President CEFIA. “We are truly thrilled with the variety of properties and projects we are seeing come through the C-PACE program---and to think that C-PACE is not yet 1-year old.”
Administered by CEFIA, C-PACE is a tax-lien financing program that allows interested property owners to finance qualifying energy efficiency and clean energy improvements on their buildings with no upfront costs through a voluntary assessment on their property tax. Similar to a sewer tax assessment, capital provided under the C-PACE Program is secured by a senior lien on the owner’s property tax bill and paid back over time, spreading the cost of energy improvements over the expected life of the measures. C-PACE is a policy that promotes economic development upgrades, keeps energy costs down, and provides a platform for Connecticut businesses to maintain a competitive advantage. For more information on the program, please visit www.c-pace.com.
About the Clean Energy Finance and Investment Authority
CEFIA was established by Connecticut’s General Assembly on July 1, 2011 as a part of Public Act 11-80. This new quasi-public agency supersedes the former Connecticut Clean Energy Fund. CEFIA’s mission is to help ensure Connecticut’s energy security and community prosperity by realizing its environmental and economic opportunities through clean energy finance and investments. As the nation’s first full-scale clean energy finance authority, CEFIA leverages public and private funds to drive investment and scale-up clean energy deployment in Connecticut. For more information about CEFIA, please visit www.ctcleanenergy.com.
About Energize Connecticut
Energize Connecticut helps you save money and use clean energy. It is an initiative of the Clean Energy Finance and Investment Authority, the Energy Efficiency Fund, the State, and your local electric and gas utilities, with funding from a charge on customer energy bills. Information on energy programs can be found at www.EnergizeCT.com.