Hartford, CT The Connecticut Department of Economic and Community Development (DECD) and Connecticut Green Bank unveiled a new initiative that provides manufacturers an innovative way to lower their energy costs. The Energy on the Line program offers grants for renewable energy and energy efficiency building upgrades.
“This is yet another example of how we are supporting Connecticut manufacturers – and we’re doing it by bolstering our green energy efforts. By lowering energy costs for businesses, we’re helping them remain competitive and doing it with environmentally positive methods,” said governor Dannel Malloy. “It’s another step forward not just in our support for businesses, but also in our efforts to protect the environment.”
The Energy on the Line program will provide supplemental funds to manufacturers who complete a qualifying green energy project using the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program. C-PACE provides commercial property owners with full financing for green energy projects that help reduce the plant’s total energy cost and improve emissions. The supplemental funding from Energy on the Line (up to $50,000) may be used for any project-related expenses at the discretion of the recipients, thereby reducing the amount of financing from C-PACE needed to complete the project and lowering the company’s borrowing costs.
The $800,000 program is funded through the DECD’s Manufacturing Innovation Fund and will be matched by more than $8 million of private sector funds through the Connecticut Green Bank. The Connecticut Green Bank will administer the program.
“It’s all about being competitive,” said Catherine Smith, commissioner of DECD. “Energy on the Line will help our manufacturers reduce cost, enabling more competitive pricing and future growth in the state. This is a great economic development tool for the manufacturing sector.”
“Connecticut manufacturers feel the burden of high energy costs more than anyone, and we’re excited to see C-PACE put manufacturers back in control of their businesses through the Energy on the Line program,” said Bryan Garcia, president and CEO of the Connecticut Green Bank.
“We look forward to working with the manufacturing community and to making green energy financing more accessible and affordable to them. That’s a win for Connecticut’s environment and economy.”
The Energy on the Line program begins today and is open to all Connecticut manufacturing companies that have owner-occupied facilities. Applications must be received by September 16, 2016. To learn more, please visit: www.EnergyOnTheLine.com.
The Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority) was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. As the nation’s first full-scale green bank, it is leading the clean energy finance movement by leveraging public and private funds to scale-up renewable energy deployment and energy efficiency projects across Connecticut. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.
The Department of Economic and Community Development is the state’s lead agency responsible for strengthening Connecticut’s competitive position in the rapidly changing knowledge-based global economy. The department administers the Manufacturing Innovation Fund that was created to support and strengthen Connecticut’s manufacturing sector.