PACE in Connecticut
Connecticut passed PACE-enabling legislation in 2011 and a series of amendments in 2012 and 2015. There is one active PACE program — CT CPACE — which is a statewide program administered by the CT Green Bank. The state’s legislation allows any municipality in Connecticut to join the statewide program, and any eligible financial institution can provide funding for PACE projects within the program.
Active PACE programs
On June 12th, the Connecticut legislature approved a revised PACE statute, allowing the State’s newly formed “Green Bank”, previously the Clean Energy Finance and Investment Authority (CEFIA), to offer property assessed clean energy financing and program services to municipalities and commercial property owners throughout the state. The revised statute restores senior lien status to PACE assessments, and gained the support of bankers and mortgage lenders in the state, by making them part of the project approval process.
Connecticut’s approach to C-PACE is exciting because the Green Bank plays a central role in developing statewide program standards and guidelines that municipalities will agree to follow when joining. The Green Bank is also empowered by the legislation to provide financing for projects.
All properties located within the boundaries of a municipality that has adopted a resolution joining the C-PACE program are eligible.
Program measures are designed to ensure that energy efficiency and renewable energy projects help property owners and local governments achieve their goals of saving costs, safeguarding the environment, and creating jobs. Please refer to the list of eligible improvements.
The Green Bank has developed a list of pre-approved capital providers (building owners are also free to use their own capital provider). This list could be viewed here.
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PACE Municipalities in Connecticut
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