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Torrington City Council adopts resolution to join statewide PACE program

During City Council’s regular meeting Monday night, a resolution was adopted authorizing Mayor Ryan Bingham on the behalf of the city, to enter into a Commercial Property Assessed Clean Energy (C-PACE) Agreement with the Clean Energy Finance and Investment Authority (CEFIA).

According to the program’s website, C-PACE is, “an innovative program that is helping commercial, industrial and multi-family property owners access affordable, long-term financing for smart energy upgrades to their buildings.”

That means CEFIA, formally the CT Clean Energy Fund, helps property owners make clean energy upgrades with the understanding that they will repay the cost overtime out of the energy savings.

“Legislation passed in June 2012 allows interested municipalities to opt in to this financing program,” according to the website. Read full story.