June 15, 2018

Green Bank extends renewable energy financing program to new construction

Photo | Contributed
Photo | Contributed
Solar panels atop St. Francis Hospital.

The Connecticut Green Bank says it's opening up a renewable energy financing program for property owners to new construction.

The Green Bank on Friday announced a two-year pilot program that will broaden the use of its popular Commercial and Industrial Property Assessed Clean Energy (C-PACE) program to those designing and constructing new buildings, as well as major redevelopments.

Buildings designed to exceed the energy and efficiency requirements mandated by the state's energy codes -- which include requirements for things like lighting, HVAC and thermal envelope -- will be eligible for the financing, which is paid for through an assessment on a property's tax bill.

The funding can be used to pay for expenses related to engineering, design and energy modeling as well as HVAC, elevators, clean energy generation, among other costs.

C-PACE has financed more than 200 retrofit projects in Connecticut so far, providing more than $114 million.

"By expanding the reach of C-PACE beyond building retrofits, C-PACE New Construction provides another financing option for developers," said Mackey Dykes, Green Bank's vice president of commercial, industrial and institutional programs. "New buildings in Connecticut will serve our residents for 50 years or more, and we want to help get them right from the start."

The Green Bank will host a launch event for the new pilot program on June 20 from 1 p.n. To 2 p.m. at the Energize CT Center on Universal Drive in North Haven.

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