Connecticut Green Bank program reaches milestone

ROCKY HILL >> A program overseen by the Connecticut Green Bank has topped the $100 million mark in terms of closed financing for energy efficiency and renewable energy projects that benefit businesses around the state.

The project that pushed the Green Bank’s Commercial Property Assessed Clean Energy, or C-PACE, program over the top was one that will be installed at the Farmington Sports Arena. The Farmington Sports Arena is a 130,000-square-foot, indoor sports facility with four indoor and three outdoor artificial turf fields as well as four natural grass outdoor fields.

The project involves installation of two solar photovoltaic systems that will generate 170 kilowatts of electricity between them. The solar power generation systems are being installed by 64 Solar, a Port Chester, New York-based company.

“This achievement shows our state’s continued leadership in combating climate change while simultaneously supporting the business and nonprofit sectors,” Governor Dannel Malloy said in a statement.

C-PACE allows building owners to finance qualifying energy efficiency and renewable energy improvements via a voluntary assessment on their property tax bill. Solar photovoltaic systems similar to the one in Farmington and energy efficiency projects are saving more than $9.29 million annually in energy costs for nearly 170 building owners.

The level of closed financing that Connecticut has achieved with C-PACE puts the program in second place nationally, according to market data from PACENation, an industry group promoting similar programs. Only California has financed a greater total dollar value of commercial PACE projects.

Read the full article at the New Haven Register.