The Connecticut Green Bank is marking five years of progress toward its goal of reducing the energy burden on households and businesses by mobilizing private investment into the state’s clean energy economy.
Formed by Gov. Dannel Malloy and the General Assembly in 2011, the Connecticut Green Bank says it and its private investment partners have deployed over a $1 billion in capital for clean energy projects across the state since the bank’s inception. Projects recorded through fiscal-year 2016 show that for every $1 of public funds committed by the Green Bank, an additional $6 in private investment occurred in the economy. As a result, the Connecticut Green Bank says its projects have helped create thousands of jobs in communities, prevented the emissions of millions of tons of greenhouse-gas emissions, and facilitated rapid growth in the deployment of clean energy.
Through its public-private partnerships, the Green Bank helps make clean energy more affordable and accessible to Connecticut households and businesses by making capital available for them to finance clean energy improvements on their properties.
To that end, the Connecticut Green Bank says it is demonstrating how the smart use of public funds can mobilize more private investment in the state’s economy. One such example is the rapid deployment of rooftop solar PV on homes throughout Connecticut. The banks says that, although state incentives have dropped by more than 80% in the past five years, the deployment has increased by over 2,500% as a result of providing households with more affordable and accessible financing solutions from local lenders.
“The Connecticut Green Bank is leading the green bank movement to accelerate private capital investment in clean energy deployment in Connecticut to achieve economic prosperity, create jobs, promote energy security, and address climate change,” comments Bryan Garcia, president of the Connecticut Green Bank. “Thank you to the Governor, Connecticut General Assembly, board of directors and staff, and our partners and stakeholders for mobilizing investment into our state’s clean energy economy.”