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August 1, 2013

Hartford contractor receives $495K energy financing

CONTRIBUTED PHOTO The Bushnell performing arts center in Hartford is installing a new boiler under the state's C-PACE program. The Bushnell was the first Hartford awardee in the program, joined Thursday by Crest Mechanical Services.

Hartford contractor Crest Mechanical Services will receive $495,000 in state C-PACE financing to build two solar systems.

Crest is expected to yield $1.3 million in lifetime energy savings from the two projects under the Commercial Property Assessed Clean Energy, or C-PACE, program, which allows businesses to finance renewable and efficient energy projects at no upfront costs.

Crest will use $325,000 in financing for a 100 kilowatt solar system at a 40,000-square-foot warehouse on Broad Street. The project will save the company $47,000 in annual savings, which includes $22,000 from the state’s Zero-Emissions Renewable Energy Credit, or ZREC, program.

The second loan of $170,000 will support the installation of a 55 kilowatt solar system at a 34,500-square-foot facility on Walnut Street. The owners will realize $21,000 in annual savings, including $10,600 in ZRECs.

Both loans are financed through C-PACE at 5.5 percent over 20 years. The program, administered by the Clean Energy Finance & Investment Authority, provides the funding at no upfront cost to the awardee, and the annual energy savings exceed the annual financing payment.

Founded in 1964, Crest Mechanical is a third generation family business with 100 employees with multiple divisions including sheet metal fabrication. The company joins the Bushnell as the second Hartford C-PACE awardee.

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