After only 10 months, Connecticut’s clean energy financing program for commercial buildings is among the largest in the nation.
Since the program’s launch in January, nearly 20 building owners across the state have received $15 million in funding to finance building energy improvements. The only state to finance more is California, though its programs are much older.
“We’re beyond our expectations,” said Genevieve Sherman, a senior manager at the Clean Energy Finance and Investment Authority (CEFIA). “It really illustrates the interest and need for this kind of financing.”
Whereas energy upgrades often produce savings over time, finding the upfront capital can be a challenge for business owners. To solve the issue, Connecticut’s General Assembly created last year the Commercial Property Assessed Clean Energy (C-PACE) program, to help building owners connect with lenders to secure the necessary funding. Read more.