The Connecticut Green Bank has announced that the state’s Commercial Property Assessed Clean Energy (C-PACE) program surpassed $200 million in clean energy investment in local businesses. C-PACE is an innovative program that helps commercial, industrial and multifamily property owners access affordable, long-term financing to make smart energy upgrades to their buildings that can create immediate savings.
According to PACENation, the non-profit industry group that promotes Property Assessed Clean Energy (PACE) financing, Connecticut’s C-PACE program is the most successful in per capita deployment when compared to other state programs.
This $200 million supported nearly 340 closed projects, which will provide an estimated lifetime energy cost savings of $300 million, and reducing energy usage by over 5 million MMBTUs through efficiency upgrades and renewables, which resulted in over 42 megawatts of installed solar PV capacity. The implementation of these projects also created more than 2,000 direct and indirect job years. The lifetime energy savings of these projects is equal to the home energy use of 88,000 homes, or the avoidance of the use of 86 million gallons of gasoline for automobiles.
Last year, Environment + Energy Leader reported that Connecticut’s C-PACE program surpassed 300 closed projects at the end of 2019, reaching a total of more than $163 million in clean energy financing investment in local businesses.
At that time, PACENation reported that only California and Ohio beat out Connecticut with total investment deployed through the end of 2019 using C-PACE.