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Connecticut’s C-PACE Program Reached $163 Million in Clean Energy Financing for 2019

(Credit: Pixabay)

Connecticut’s Commercial Property Assessed Clean Energy (C-PACE) program surpassed 300 closed projects at the end of 2019, reaching a total of more than $163 million in clean energy financing investment in local businesses.

PACENation, the non-profit industry group that promotes Property Assessed Clean Energy (PACE) financing, says only California and Ohio beat out Connecticut with total investment deployed through the end of 2019 using C-PACE.

According to Connecticut Green Bank, these closed projects will provide an estimated lifetime energy cost savings of $271 million, have created 1,797 direct and indirect jobs, and have reduced energy usage by 5 million MMBTUs through efficiency upgrades and renewables, which resulted in over 39 megawatts of installed solar PV capacity.

Growth of C-PACE

Petros PACE Finance, a Commercial Property Assessed Clean Energy (C-PACE) financing company, announced recently that it completed its seventh privately rated securitization on C-PACE assets from independent credit rating agency DBRS Morningstar. This is the first rating on C-PACE assets under the new and recently released DBRS Morningstar rating methodology.

Petros PACE Financing says these ratings are a testament to the growing importance of C-PACE as an asset class.

C-PACE is a program that helps commercial, industrial, and multifamily property owners access affordable, long-term financing to make smart energy upgrades to their buildings that can create immediate savings.

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