Five Years and $1B Later, Connecticut Green Bank Remains Strong

DANBURY — “This wouldn’t have happened without it” is becoming a common refrain among business and building owners in the state.

They are referring to the Connecticut Green Bank, which recently celebrated the five-year anniversary of its launch. It also marked last week the milestone of arranging $1 billion in capital for clean energy projects in the state. The Connecticut Green Bank is a public/private partnership that arranges low-interest, long-term loans for clean-energy projects such as energy-efficiency upgrades and solar roof installations.

“There’s a green aspect to it, of course, but there’s also a green dollar aspect to it,” Mackey Dykes, the Green Bank’s vice president of commercial and industrial programs, said. “Energy efficiency means using less energy to get the same results, or even better results. You’re buying less electricity or gas. There’s a dollar savings in green energy.”

The greater Danbury area has played a major role in the growth of the Green Bank as more than $5.5 million in financing has funded projects in and around the city.

“Everyone wins in this deal and we couldn’t have done it without the Connecticut Green Bank,” said Don Droppo Jr., president and CEO of Curtis Packaging in Newtown.

His company is undergoing a $2.5 million renovation and financed the project over a 16-year term. The project includes a roof-top solar array as well as a conversion to natural gas and new HVAC and lighting systems. To date, it is the largest project in the Danbury area financed by the Green Bank.

Also in Newtown, Tier ONE Machining and Assembly faced a $1 million roof replacement project. Joe Young, the owner of the company, also turned to the Green Bank.

Defeo Manufacturing in Brookfield is undergoing an upgrade that includes rooftop solar panels. The work is being done by Danbury-based Ross Solar Group.

The largest project in Danbury has been the $700,000 boiler replacement and solar array installation at Immaculate High School.

The Green Bank works with homeowners, nonprofits and commercial building owners seeking energy-efficient upgrades. Its commercial arm is known as Commercial Property Assessed Clean Energy, or C-PACE, and has arranged nearly $100 million in loans for industrial buildings, office buildings, nonprofits and retail buildings

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