Middlesex Chamber’s Innovative Financing Program to Boost Local Jobs, Profits and Investment
Businesses everywhere are looking to save money when it comes to energy costs. In response, Middlesex County Chamber of Commerce is partnering with the Connecticut Green Bank to help member businesses afford energy efficiency and clean energy upgrades. Together they are promoting a clean energy financing tool called Commercial Property Assessed Clean Energy, or C-PACE. This innovative solution provides long-term, low interest financing to help local building owners take control of their energy costs. With 100% financing, no upfront cost required, and terms of up to 25 years available through C-PACE, energy upgrades are more affordable and accessible than ever.
"We're always looking for an opportunity to provide value to our members," says Jeff Pugliese, Vice President of the Middlesex Chamber. "The partnership with the Connecticut Green Bank was a no-brainer. C-PACE helps local businesses save money on their energy bills and reinvest this money into other parts of the business. When businesses thrive, it can help spur economic development and support job creation," he added.
Earlier this year, the Green Bank announced that Connecticut's C-PACE program had helped over 200 Connecticut building owners with more than $114 million in clean energy financing, making the state's program second only to California's C-PACE program in terms of clean energy financing. And C-PACE is just one of the Green Bank programs that have helped attract more than $1 billion in investment into the Connecticut economy and created more than 13,000 jobs.
"The key is to have great partners like the Middlesex Chamber, which understands that C-PACE is a terrific opportunity to help their members," says Mackey Dykes, Vice President of Commercial, Industrial and Institutional Programs at the Connecticut Green Bank. "Energy costs and building improvements are often one of the biggest challenges that Chamber members face. C-PACE can be the answer."
With C-PACE, building owners can enjoy the advantages of energy upgrades immediately and pay for them over time. It's a safe investment that produces returns immediately and for years to come.
Middlesex Chamber member Galleria Stone and Tile used C-PACE financing to install a 125kw solar photovoltaic installation while building a new factory last summer. "With this new solar installation, our energy costs have remained pretty much flat, even though we've expanded dramatically," says Rich Yuris, CFO of Galleria.
Interested in learning more about C-PACE, or want to partner with an established C-PACE program in your state? Contact Jessica Bergman at (jbergman@sfchamber.com) for more information.
See what PACE programs are available in your state at http://pacenation.us/
Pictured up top from left to right, are: Larry McHugh, President, Middlesex County Chamber of Commerce; Mackey Dykes, Vice President of Commercial and Industrial Programs, Connecticut Green Bank; Robert Schmitt, Associate Manager, Marketing, Connecticut Green Bank; and Jeff Pugliese, Vice President, Middlesex County Chamber of Commerce.