Connecticut’s “Green Bank,” the Clean Energy Finance and Investment Authority (CEFIA), celebrated today the successful first year of its nationally-recognized Commercial and Industrial Property Assessed Clean Energy, or C-PACE program. The program helps Connecticut commercial, industrial and multi-family property owners access affordable, long-term financing for smart energy upgrades to their buildings.
Over 100 guests, including officials from the Connecticut Department of Energy and Environmental Protection (DEEP), state legislators, municipal leaders, property owners and contractors from across Connecticut attended Tuesday’s ceremony held at Hartford’s Bushnell Center for the Performing Arts, a C-PACE program participant.
Building owners from Avon, Bridgeport, Canton, Danbury, Hartford, Killingworth, Meriden, Middletown, Norwalk, Norwich, Simsbury, Trumbull and Windsor were celebrated at the event for being first movers taking advantage of this program.
“A year ago, we announced the launch of this innovative program that helps Connecticut business owners cut down on energy costs and access cleaner, cheaper, more reliable energy,” said Governor Dannel P. Malloy. “I am pleased to see that the C-PACE program is taking off and I commend CEFIA for helping position Connecticut as a national leader in clean energy finance initiatives.”
The recognized properties completed or will be completing energy-saving and renewable energy projects worth more than $15 million, including the installation of more than 1 megawatt of clean energy. The properties in aggregate total over 1.3 million square feet, and are estimated to save $25 million dollars over the lifetime of the projects – on average each facility is expected to achieve a reduction of between 40 to 50 percent of their energy consumption or over 31,000,000 mmbtu.
“C-PACE’s success is a testament to the municipal leaders that see the value in providing their property owners with access to affordable capital, the property owners that embrace energy efficient and renewable energy technologies, and the contractors that deliver these improvements,” said Jessica Bailey, CEFIA Director Commercial and Industrial Programs. “With over 75 Connecticut cities and towns signed on to the program, and over 120 project applications in the pipeline, C-PACE’s future looks promising as we work in support of Connecticut’s overall energy goals.”
C-PACE allows building owners to access capital to finance qualifying energy-saving and clean energy improvements. Property owners pay for these improvements over time through an additional charge on their property tax bill. The repayment obligation transfers automatically to the next owner if the property is sold. Out of the energy savings they realize, the owners repay the CEFIA investment.
Typical C-PACE measures include the installation of high efficiency lighting, heating ventilation air conditioning (HVAC) upgrades and controls, high efficiency chillers, boilers, furnaces and water heating systems, building envelope improvements, energy management systems, and renewable energy systems such as solar and fuel cells.
Upgrades eligible for financing must lower the energy consumption of the building or enable the building to produce clean energy. While there is no financing minimum, C-PACE financing is best suited for capital improvements above $150,000.
C-PACE is part of the State’s Energize Connecticut initiative, which help consumers save money and use clean energy. Please visit EnergizeCT.com/c-pace for additional information and opportunities.
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 supports 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 Green Bank, 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.