February 10, 2015

C-PACE allocated $65M in first two years

HBJ File Photo
HBJ File Photo
Bryan Garcia, president and CEO of the Green Bank.

Connecticut's C-PACE program allocated $65 million for more than 90 energy efficiency and renewable energy projects in its first two years, according to a report by administrator Connecticut Green Bank.

The Commercial Property Assessed Clean Energy program allows business property owners to make energy upgrades with no upfront costs by providing low-cost financing where the monthly debt service is less than the energy cost savings achieved.

In the two years of the program, more than 6 megawatts of renewable energy has been installed. The C-PACE-financed energy efficiency projects have reduced energy costs 20-40 percent while those with solar installations have seen more than 50 percent savings.

The Green Bank has convinced 105 cities and towns to participate in the program, as the payments against the energy improvements are fixed to property tax bills. More than 90 percent of the state's commercial and industrial properties are eligible to participate in the program.

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