Energize Connecticut Blog
An Energy Efficiency and Renewable Energy Blogfrom Energize Connecticut and its Partners
The Department of Energy and Environmental Protection (DEEP) developed the first-ever Comprehensive Energy Strategy for the State of Connecticut – an assessment and Strategy for all residential, commercial, and industrial energy issues, including energy efficiency, electricity, industry, natural gas, and transportation.
Pictured, from left to right: DEEP Commissioner Dan Esty; State Senator Bob Duff Co-Chair of Energy and Technology Committee; EL&M President Thomas Phillips; State Representative Lonnie Reed, Co-Chair of Energy and Technology Committee; Governor Dannel Malloy; CL&P Assistant Manager Timothy Simmonds; La Plaza Del Mercado Manager Toribio Diaz; La Plaza Del Mercado Owner Ramon Flores.
- Final 2013 Connecticut Comprehensive Energy Strategy [PDF]
- Executive Summary [PDF]
- Final 2013 Connecticut Comprehensive Energy Strategy - Appendices [PDF]
- Final 2013 Connecticut Comprehensive Energy Strategy - Appendix F (Comments Grid) [PDF]
Storm Sandy made headlines by causing record damage across Connecticut and communities in New England. As residents and businesses begin to recover and rebuild, Governor Malloy has announced $3 million in additional energy efficiency incentives to help residents and businesses replace furnaces, boilers, hot water heaters and refrigerators damaged by the Storm.
“Many of the homes and businesses affected by Storm Sandy will be replacing damaged appliances, and heating and cooling equipment,” Governor Malloy said. “This unfortunate situation does, however, provide a unique opportunity to help property owners improve, rather than just repair, their properties by making energy efficiency investments that will save them money for years to come.”
These special rebates are available for replacement purchases of qualifying high-efficiency units between October 29, and December 31, 2012. Special funding, in the form of low cost financing with optional on utility bill repayment, is an option for customers who are replacing heating systems. For those that require a major renovation or complete reconstruction of their residence as a result of storm Sandy certain energy efficiency upgrades, like increased insulation and air sealing, may also qualify for financing. Property owners are encouraged to take advantage of the comprehensive energy efficiency assessments available through the Home Energy Solutions programs.
For more details on rebates, qualifying appliances, equipment, and financing please call 1-877 WISE-USE (947-3873).
Connecticut is moving towards an energy future that is cleaner, cheaper, and more reliable.
In 2012, Connecticut passed legislation enabling Commercial and Industrial Property Assessed Clean Energy (C-PACE) – an innovative financing model that allows building owners to access private capital to do qualified energy upgrades on their buildings. Administered by the Clean Energy Finance and Investment Authority (CEFIA), C-PACE offers financing to commercial, industrial, and multi-family property owners. This game-changing program is available statewide: Any interested municipality can opt-in through an agreement with CEFIA.
PACE is a tax-lien financing program that allows interested property owners to finance qualifying energy efficiency and clean energy improvements on their buildings through an additional charge (“assessment”) on their property tax. Similar to a sewer tax assessment, capital provided under a PACE program is secured by a lien on the owner’s property tax bill and paid back over time. Like other benefit assessments, the PACE lien is a non-accelerating, senior lien secured by the property. The repayment obligation transfers automatically to the next owner if the property is sold. Because the payment is tied to the property tax, low interest capital can be raised from the private sector with no government financing required. This arrangement spreads the cost of clean energy improvements – such as energy efficient boilers, upgraded insulation, new windows, or solar installations – over the expected life of the measure.
CEFIA, as the program administrator, has been working to expand this program to municipalities around the state. Currently, C-PACE financing is available in Norwalk, Bridgeport, Durham, Middletown, and Simsbury. Dozens of other municipalities around the state are exploring this attractive financing option to its building owners. Additionally, CEFIA has worked to bring on Qualified Capital Providers which are prepared to invest their capital into this new financial product in the state.
C-PACE works in 4 easy steps:
- A building owner, usually working with a contractor or auditor, determines what types of energy upgrades they are interested in.
- The building owner applies for approval at www.c-pace.com.
- Once approved by CEFIA, the municipality is alerted and a tax lien is placed on the property tax bill to repay the investment. Funding will be dispersed once the project is completed.
- The building owner repays the PACE financing through a line item on their property tax bill over the course of up to 20 years. If the property is sold, the assessment stays with the building.
C-PACE is both attractive to building owners who want to secure 100% upfront low financing for energy upgrades and to municipalities eager to promote economic development in their jurisdictions. It additionally appeals to investors interested in a secure investment product in a state moving towards a privately financed clean energy future.
For more information, please contact the Clean Energy Finance and Investment Authority at email@example.com.