Green Bank incentive focuses on EVs
Connecticut’s Green Bank, the quasi-public agency tasked with attracting private investment in energy efficiency and renewable power projects, is offering commercial property owners a new incentive to sign on to one of its programs.
Commercial property owners who apply for financing with the agency’s Commercial Property Assessed Clean Energy program between now and May 15 will be able to receive a free electric vehicle charging station. The program, also known as C-PACE, allows building owners to finance qualifying energy efficiency and renewable energy improvements via a voluntary assessment on their property tax bill.
Mackey Dykes, vice president of financing programs at Connecticut Green Bank, said the incentive being offered by the agency “simultaneously addresses two of the state’s largest contributors to greenhouse gas emissions: transportation and commercial/industrial properties.”
“The Green Bank is reinvesting in the buildings of property owners who use C-PACE financing,” Dykes said in a statement. “The cost of the EV charging stations offered through this initiative will be offset by future interest income generated by the C-PACE financing — and by repurposing this future income into an electric vehicle charging station, these properties will create an even bigger impact on reducing emissions. Not only is the Green Bank enabling building owners to take control of their energy costs and save money, we’re also helping them to position their business and our community for future success.”
Hundreds of property owners across Connecticut already have taken advantage of C-PACE to finance energy-saving upgrades. To qualify for a free EV charging station, energy-saving projects must utilize $150,000 in Green Bank C-PACE financing.
Larger projects may be eligible to receive up to three electric vehicle charging stations. Connecticut Green Bank’s C-PACE team will work with building owners to determine whether their project is eligible for the C-PACE program and the incentive.
A broad range of properties could benefit from this initiative, including retail spaces, nonprofit organizations, houses of worship, recreational facilities, restaurants, manufacturers,
hotels and other non-residential properties, according to Green Bank officials.
The state currently has more than 13,000 electric vehicles registered to date, and officials project 125,000 to 150,000 vehicles by 2025. Bryan Garcia, president and chief executive officer of the Green Bank, said in a statement that agency officials see “this initiative as having many benefits to building owners, tenants, employees and customers — as well as to our communities.”
“Property owners who choose to host electric vehicle charging stations are not only doing something positive to promote and grow their businesses, they’re also doing something positive for Connecticut and playing an important role in building a cleaner, greener and more prosperous future where our state has a robust electric vehicle charging infrastructure and where we are all less reliant on fossil fuels,” Garcia said.
Building owners can learn more about the incentive program during an open house on March 23 at J Roos, 243 State St. in North Haven.