Connecticut Green Bank surpasses $2 billion in total investment

According to the Connecticut Green Bank’s annual report for fiscal year 2021, the bank exceeded $2 billion of cumulative investment in the state’s green economy.  The first in the nation–formed July 2011– the Green Bank has mobilized $288.4 million in public dollars to attract $1.85 billion in private investment, a leverage ratio of $7.40 for every $1.

The Connecticut Green Bank uses public funds to attract private investments to bring renewable energy and energy efficiency to families, businesses, and communities in terms of economic development, environmental protection, equity, and energy (E4 metrics).

In addition to its investments, the Connecticut Green Bank has supported the creation of more than 23,000 green energy jobs in the state, while reducing the energy cost burden on over 55,000 families, businesses, and nonprofits. 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.

Some highlights of the fiscal year 2021 include:

• The Residential Solar Investment Program (RSIP) surpassed its public policy target of 350 megawatts of solar deployment one year ahead of schedule, with $1.33 billion of investment and more than 43,000 homes adding solar. The program has ensured equitable access for low-to-moderate income families, making Connecticut a “solar with justice” state.
• A second successful issuance of Green Liberty Bonds sold nearly $25 million of bonds to retail and institutional investors in the two-day period, with almost $100 million in demand, in April 2021.
• The Smart-E Loan, which allows homeowners to finance energy upgrades improvements through a network of local community banks and credit unions, surpassed $100 million of investment.
• The State’s Commercial Property Assessed Clean Energy (C-PACE) program exceeded $200 million of total investment across more than 348 energy efficiency and renewable energy projects.
• More than $100 million of investment to deploy solar on nearly 200 commercial and industrial buildings, including state and municipal facilities and nonprofit organizations.

In January of this year, the Connecticut Public Utilities Regulatory Authority (PURA) launched Energy Storage Solutions, a statewide electric storage program, which will be administered by the Connecticut Green Bank, along with Eversource and UI. The nine-year program officially launched on January 1, 2022, and will continue through at least December 31, 2030.