Connecticut
CT Green Bank
GREEN BANK FEATURES
Bank Model
Quasi-Public
Bank Scope
Statewide
Year Est.
2011
Political Landscape
Democratic Trifecta
Initial Funding
Legislative Funding
New Instit.
Repurposed
Implement. Process?
Established, with bipartisan support through Public Act 11-80 as a quasi-public agency that superseded the former Connecticut Clean Energy Fund.
Reporting
More info
- 2020: In collaboration with Inclusive Prosperity Capital, the Green Bank provided Capital for Change, a local Community Development Financial Institution, with a $7.7 million term credit facility to finance its Low-Income Multifamily Energy (LIME) Loan program
- In June 2021, Governor Lamont’s House Bill 6441 was passed with bipartisan support. This bill extended the Green Bank’s successful public-private model beyond clean energy to include environmental infrastructure
- Since 2014, more than 5,420 energy efficiency and renewable energy projects have been financed through Smart-E, and 41% of these projects have been completed in vulnerable communities.
- 2021/2022:The Connecticut Green Bank raised approximately $25 million through the sale of bonds through its new “Green Liberty Bonds” program."
FOCUS
Green energy solutions to like solar, energy improvements and upgrades to home building and multifamily property owners residential and commercial contractors towns and cities, and even capital providers.
Builds relationships with contractors and community lenders then connects borrowers to the best options. They developed a Green Bond program to help unlock additional capital for clean energy investments in communities everywhere.
APPROACH
The Connecticut Green Bank is the nation’s first green bank. Our mission is to confront climate change by increasing and accelerating investment into Connecticut’s green economy to create more resilient, healthier, and equitable communities. Our green bank model upended the government subsidy-driven approach to clean energy by working with private-sector investors to create low-cost, long-term sustainable financing to maximize the use of public funds.
GOALS
- Smart E-Loans: Can be used for over 40 home energy improvements, from insulation and energy efficient windows to heat pumps and solar panels. Ex. Customer Success Story
- Energy Storage Solutions: helps lower the cost of buying a battery by providing upfront and performance incentives. This incentive program is overseen by the Public Utilities Regulatory Authority (PURA), is paid for by electric ratepayers, and is administered by the Connecticut Green Bank, Eversource, and UI. Additionally, low-cost financing is also available through a Smart-E Loan.
- Residential Solar Options: Low-cost financing is available through a Smart-E Loan.
- C-PACE: All types of commercial properties for all types of green upgrades to new and existing buildings. They offer different financing structures more on C-PACE here
- Solar Programs: they have three ways for building owners to go solar 1. Solar PPA: “Go solar” without any upfront costs or incurring any debt. ( This is a good example for the financing techniques) 2. Solar Roof Lease: Lease your roof to the green bank to generate passive income 3. C-PACE Solar: all types of properties and organizations can use this financing for clean energy upgrades
PRODUCTS AND PORTFOLIO
CONTACT INFORMATION
WEBSITE: Click Here HQ ADDRESS: 75 Charter Oak Ave., Suite 1 – 103, Hartford, CT 06106 and 700 Canal Street, 5th Floor, Stamford, CT 06902 EMAIL: Only through their website portal PHONE: 860.563.0015 FACEBOOK: Yes LINKEDIN: Yes TWITTER: Yes INSTAGRAM: No TIKTOK: No NEWSLETTER: Yes BLOG: No YOUTUBE: No
The state of Connecticut has 2 green banks!
