Commercial, Energy Efficiency, Sourcing Renewables - May 13, 2021
Connecticut C-PACE Program Spurs $200M in Investments
The Connecticut Green Bank surpassed $200 million in clean energy investment in local businesses through the state’s Commercial Property Assessed Clean Energy (C-PACE) program.
The bank announced that this achievement makes Connecticut’s C-PACE program the most successful in per capita development compared to other state programs.
The program supported nearly 340 closed projects that account for an estimated lifetime energy cost savings of $300 million. The projects include energy efficiency upgrades and renewable energy installations, including over 42 MW of installed solar capacity, which in total is expected to reduce energy usage by over 5 million MMBTUs.
“The continued growth of C-PACE, particularly during the unique challenges created by the global COVID-19 pandemic, is a testament to many stakeholders working together to help property owners take advantage of a financing tool that helps them become more energy efficient and save money. With many businesses struggling, finding new ways of reducing expenses and becoming more sustainable was a top priority,” Bryan Garcia, President and CEO of the Green Bank, said in a statement. “We know that businesses and nonprofits that lower their energy burden are better equipped to face ongoing challenges and help us transition into a greener, more prosperous future.”
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