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April 21, 2015

Cap-and-trade yields $99M for Connecticut

HBJ File Photo The Connecticut Energy Efficiency Fund includes programs like Home Energy Solutions, which assesses residents' energy use and how it can be more efficient.

Connecticut spent 72 percent of the $98.5 million it received from the Northeast’s cap-and-trade system – the Regional Greenhouse Gas Initiative – on energy efficiency programs, according to a report by RGGI.

RGGI was instituted in 2005 to make major air polluters such as power plants pay for their greenhouse gas emissions that rose above a certain set threshold. In addition to Connecticut, the states participating in RGGI are Massachusetts, New York, Rhode Island, New Hampshire, Maryland, Maine, Vermont, and Delaware. New Jersey was originally involved in the program but has since pulled out.

From 2005 through the end of 2013, Connecticut received $98.5 million from the RGGI auctions, the fourth most of any state following New York, Massachusetts, and Maryland.

With its money, Connecticut spend 72 percent on energy efficiency programs administered by the Connecticut Green Bank and the Connecticut Energy Efficiency Fund, another 20 percent went to renewable energy programs, with 8 percent going to administration, and 1 percent supporting RGGI.

The energy efficiency programs include the Home Energy Solutions program, which has served more than 39,000 homes and the Small Business Energy Advantage program. In all, 4,040 businesses has been served by Connecticut Energy Efficiency Fund programs.

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