Bridgeport Chamber Cheers Project Expected to Deliver $3 Million in Tax Revenue

The Bridgeport Regional Business Council (BRBC), like the largest city in Connecticut it represents, is no stranger to the connection between a chamber’s mission of advancing economic development and today’s growing opportunities in clean energy.

The BRBC has long been out front on the creation of a national urban model for renewable energy generation and green business development known as Bridgeport Eco-Technology Park.

It has been a leader in helping member businesses save on energy costs through an innovative financing program known as CT Property Assessed Clean Energy (C-PACE) that allows property owners to access affordable, long-term financing for clean energy and energy efficiency upgrades that can lower energy costs.

And now it is supporting a new plan to make Bridgeport the first city in the nation to install an innovative, reliable, and cost-effective energy technology known as a thermal loop that will convert waste heat into heating and hot water and distribute it through a network of underground pipes.

"We are very excited for Bridgeport to continue to lead by example in supporting clean energy projects like the thermal loop,” said Jeff Bishop, Economic Development Director at the BRBC.

“The Bridgeport Regional Business Council recognizes the importance clean energy has on local economic development and job creation,” he added. “We will continue to support the City in their quest to revitalize our business community." 

The project received the 2016 Mayors Climate Protection Award from the U.S. Conference of Mayors and is projected to begin construction by the end of 2018.

Once the entire thermal loop network is completed, the project will bring in about $130 million in privately funded economic development and generate roughly $3 million in property tax revenue to the city on an annual basis, according to State Rep. Steve Stafstrom.

Bridgeport Mayor Joseph Ganim said: “The city prides itself on being a leader in sustainable efforts. The beauty of [the thermal loop] is the simplicity. It makes good environmental sense while saving money.”

Learn more: “Bridgeport Takes Green Energy Lead with Thermal Loop