The Connecticut Green Bank recently more than doubled the allocation of funding to support the continued growth of commercial-scale solar photovoltaic (PV) projects for businesses, towns, schools, non-profits and state agencies. Originally approved in 2020 at $49.5 million, the allocation was increased to $110 million due to the ongoing, demonstrated need for flexible capital for commercial, municipal and state customers seeking to use solar energy to reduce their costs as well as take advantage of new opportunities created through the Inflation Reduction Act.
In this increased authority, $50 million is dedicated to solar at businesses, towns, and schools. To date, this facility has been used for $30 million in capital for over 100 solar projects totaling 25 megawatts (MW) of capacity across the state under solar power purchase agreements (PPAs). Some of these projects are generating savings for manufacturers, schools, nonprofits, and important tourist destinations like Mystic Aquarium.
"The increased need for funding reflects the success of the State's Non-Residential Energy Solutions (NRES) program and the increase in federal incentives that are enabling more investment in and deployment of clean energy in our communities. Businesses, schools, and towns are looking for relief from higher energy costs and protecting themselves against grid outages," said Bert Hunter, Executive Vice President and Chief Investment Officer at the Green Bank. "At the same time, these projects help achieve the Governor's goal to achieve a zero-carbon electric grid by 2040."
Additionally, there is growing interest in pairing solar with storage which creates on-site energy burden reduction and greater resilience while bringing benefits to all ratepayers through peak demand reduction through the passive and active dispatch of these batteries to the grid.
Also approved was an increase to funding for State projects under the Green Bank's Solar Marketplace Assistance Program (MAP), which has helped state properties and municipalities navigate the process of going solar. Through Solar MAP, the Green Bank assists in site feasibility analysis, incentive procurement, and facilitating a procurement process for development and construction.
To date, Solar MAP has successfully helped install 4.5 MW of solar, including projects at schools in Portland, Manchester, and Branford. The Green Bank's Board of Directors expanded funding authority from $20 to $60 million to enable 26 projects totaling over 17 MW of capacity across several state agencies, with a majority of these projects destined for the Department of Corrections, Department of Transportation, Department of Energy and Environmental Protection, and CT Technical Education and Career System (CTECS). The CTECS solar projects will include job shadowing by students for these community projects.
About the Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation's first state-level green bank and has since supported the creation of more than 27,000 green jobs in the state, while reducing the energy cost burden on over 69,000 families, businesses, and nonprofits. The Green Bank's vision is a planet protected by the love of humanity and its mission is to confront climate change by increasing and accelerating investment into Connecticut's green economy to create more resilient, healthier, and equitable communities. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and Innovation for their "Sparking the Green Bank Movement" entry. To date, the Green Bank has mobilized nearly $2.5 billion into the State's green economy. This has reduced the energy costs for thousands of families and businesses, and reduced greenhouse gas emissions that cause climate change and worsen public health.
Learn more at www.ctgreenbank.com.
For More Information, Contact:
Rudy Sturk (rudy.sturk@ctgreenbank.com)
