Energizing Clean Energy Finance
Connecticut’s green bank, the Clean Energy Finance and Investment Authority, has energized the state’s clean energy economy by attracting private investment and deploying more clean energy to achieve greater public benefit.
In 2011, Connecticut became the first state to establish a green bank when Governor Dannel Malloy and the Connecticut General Assembly created the Clean Energy Finance and Investment Authority. As a green bank, CEFIA was charged with promoting clean energy growth by using limited ratepayer dollars to attract private capital investment. The idea was to transition the clean energy market to one that would become self-sustaining rather than rely indefinitely on public sources of funds.
CEFIA’s results demonstrate that the green bank model is at work in Connecticut. Because of CEFIA’s initiatives, more than $220 million is being invested in deploying clean energy in Connecticut communities. For every $1 of ratepayer funds CEFIA invested, about another $10 was invested by private sources. This investment has led to the deployment of record amounts of clean energy. It has created nearly 1,200 jobs. And, over the lives of the projects, it will prevent the release of more than 250,000 tons of greenhouse gas emissions.
Connecticut’s green bank is at work throughout our state. On a reclaimed brownfield in Bridgeport, the second largest fuel cell power plant in the world is now operational. Across Connecticut, businesses, institutions and homes are deploying rooftop solar photovoltaic systems in record numbers, installing twice as many systems this year as in years past. Communities statewide have launched local Solarize and Energize campaigns that are making clean energy more accessible and affordable to consumers.
This all translates into cleaner, cheaper and more reliable sources of energy for Connecticut, more jobs and local economic development. At the same time, Connecticut’s green bank is working with local lenders and contractors to provide easy access to affordable capital to help consumers access this clean energy economy.
As Connecticut’s green bank, CEFIA is building on the vision of elected officials in Hartford to make steady progress toward a vibrant clean energy economy. We are deploying more clean energy quickly and more efficiently while using public funding effectively.
Connecticut has always been revolutionary in clean energy, having pioneered the first self-regulating wind turbine, the first electric vehicles and fuel cells. It is still revolutionary today, leading the nation in establishing the first green bank, demonstrating that it is at work in our state and creating a model for other states to follow.
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