Connecticut Green Bank

The CGB is leading the transition of low carbon, climate-resilient infrastructure finance away from only government-funded grants, rebates, and other subsidies and toward deploying increasing levels of private capital. It participates in the market by offering incentives, co-investment, credit support, warehousing, marketing, and other market-based tools. Additionally, it participates in building awareness of green banks globally by being a leader in transparency with the public and sharing its lessons learned with other existing or potential green banks.

The CGB offers green energy solutions to home, building, and multifamily property owners; residential and commercial contractors; and even whole towns and cities. Contractors can increase their reach and value offerings by becoming a Connecticut Green Bank–certified contractor, thus gaining access to customer financing programs. The CGB works with a variety of local lenders and capital providers to both spark and sustain the green energy movement across the state.

Building owners can take advantage of the CGB’s Commercial Property Assessed Clean Energy (C-PACE) program, which offers low-cost capital to fund energy efficiency and renewable energy projects that lower building operating costs. C-PACE allows building managers to pay for green energy improvements over time through a voluntary benefit assessment on their property tax bill, and programs are structured so that monthly energy savings more than offset the monthly loan repayment. As of June 30, 2023, the CGB has facilitated over $266.6 million in closed C-PACE projects ranging from small ($30,000) to large (more than $8 million). As the financing model continues to demonstrate its effectiveness, C-PACE has a leverage ratio of $4.3 of private capital for every $1 of public funds. 

In additional to C-PACE, CGB offers homeowners low-interest loans with flexible terms for energy efficiency improvements. 

In 2021, CGB’s model was expanded beyond clean energy to environmental infrastructure. This scope expansion will allow green bank programs and methods to be applied to structures, facilities, systems, services, and improvement projects related to water; waste and recycling; climate adaptation; agriculture; land conservation; parks and recreation; and environmental markets.

In January 2022, Connecticut’s Public Utilities Regulatory Authority (PURA) launched Energy Storage Solutions with CGB as a co-administrator. The program was designed to leverage upfront and performance-based incentives to encourage the installation of residential and nonresidential battery storage systems.

LEARN MORE ABOUT CGB'S TRANSACTIONS

Through comprehensive annual financial reports and public meetings, including its Annual Comprehensive Financial Reports (ACFR), CGB is a leader in tracking its progress against performance metrics and reporting them to the public. Through June 2023, the bank had invested a total of $362.7 million into projects with a total value of more than $2.43 billion, achieving an overall leverage ratio of 6.7 to 1. CGB estimates these investments have led to the creation of more than 27,113 direct, indirect, and induced job-years and have generated an estimated $129.6 million in state tax revenues. CGB has supported deployment of 571.8 MW of installed clean energy capacity. Investments are expected to avoid over 11 million tonnes of CO2 emissions. This helps families avoid sick days and hospitals visits, creating an estimated $207.2 million to $468.5 million in public health value. CGB has a goal to assure that 40 percent of investment and its benefits reach vulnerable communities that may be disproportionately harmed by climate change.