Two years after it was launched, the Commercial Property Assessed Clean Energy (C-PACE) program is rapidly gaining traction with commercial property owners in Connecticut, who are utilizing its long-term financing to fund valuable energy improvements with no upfront costs and immediate energy savings.
The Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority, or CEFIA), which administers C-PACEreported major program success.
To date, the Connecticut Green Bank has allocated more than $65 million for over 90 projects, ranging from boiler replacements to comprehensive solar and other energy-efficiency retrofits, for businesses and non-profit organizations across the state. Enhanced properties have included office towers, a shopping center, a performing arts center, industrial facilities, a recreation center, and nonprofit buildings. The Connecticut Green Bank has developed case studies (c-pace.com/pacesetters/) on several property owners, called PACEsetters, who are taking the lead in improving their buildings across the state.
“We are thrilled by the success of the C-PACE program,” said Connecticut Green Bank President and CEO, Bryan Garcia, “In just two years, we’ve seen the first securitization of C-PACE transactions in the country and allocated more than $65 million of capital, enabling property owners to make deep energy upgrades and control their energy costs. Clean energy is now more accessible and affordable to the commercial and industrial sector, we are supporting economic development and creating jobs, and the Connecticut Green Bank is leveraging limited public dollars to attract private investment. It’s a sustainable model for financing energy upgrades in the commercial and industrial sector.” Read more.