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August 2, 2024

CT Green Bank partners with West Hartford energy consultant to help building owners improve energy efficiency

Contributed Commercial building owners can improve energy efficiency with help from the Connecticut Green Bank and OCOsink.
By David Krechevsky

The Connecticut Green Bank on Wednesday announced a partnership with OCOsink, a West Hartford-based energy consultant, intended to help commercial building owners improve the energy efficiency of their buildings while saving money.

The partnership will leverage OCOsink’s Energy Program Facilitation (EPF) services, enabling building owners to make improvements with measurable results. 

“This comprehensive solution is a cost-effective way to professionally engineer and manage energy-efficiency projects, while taking advantage of the benefits of Commercial Property Assessed Clean Energy, or C-PACE,  financing,” the Green Bank said.

C-PACE is a state financing program that allows building owners and developers to access capital to make energy-related upgrades. It also supports the cost of new construction and makes renewable energy accessible and cost-effective, according to Nuveen Green Capital. 

Building owners who take advantage of OCOsink’s EPF services could be eligible for a reduced interest rate when they use C-PACE financing, the Green Bank said, adding that the reduction would offset the cost of EPF services and result in a better financial return on investment for building owners.

“Buildings have been increasingly expensive to operate, due to rising utility rates and maintenance costs,” said DJ Plis, founder and managing director of OCOSink. “Our process provides owners with the resources and framework to make impactful energy efficiency upgrades, transforming energy audits into comprehensive energy projects.”

Plis said the goal is “to make decarbonization accessible and to ensure long-term benefits for our clients and the environment.”

OCOsink’s EPF services are tailored to each property’s unique needs. The process includes developing a project, engineering and procuring the equipment, implementing oversight, and assuring performance.

“We understand the challenges property owners face when trying to address complicated energy efficiency projects and their need for these improvements to be cash-flow positive,” said Alysse Lembo-Buzzelli, the Green Bank’s director of program development and origination. “Designing projects is a major pain point for owners interested in making changes but are uncertain how to get started.”

Lembo-Buzzelli said the Green Bank’s partnership with OCOsink solves that problem by providing assistance from development through completion, as well as performance assurance for energy efficiency projects.

The Green Bank said that, with C-PACE financing, building owners can cover up to 100% of their energy improvement costs, with terms up to 25 years repaid through a voluntary benefit assessment. It added that projects financed through C-PACE are often cash-flow positive in year one. 

Information about the program is available here.

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