2014 Annual Report

Click to download the 2014 Annual Report

What’s a green bank?

It’s an entity that accelerates the deployment of clean energy by using limited public dollars to attract private capital investment in clean energy projects. In doing so, it makes clean energy more affordable and accessible to consumers. As the Connecticut Green Bank, we innovate, educate and activate to advance clean energy. We partner with private-sector investors to create low-cost, long-term, sustainable financing to implement energy efficiency and clean energy measures in the residential, commercial, industrial, institutional and infrastructure sectors. The model works: We are deploying more clean energy more quickly and efficiently than ever, while making optimal use of public funding.

The Connecticut Green Bank was the first of its kind in the country, and it has been enormously successful. Our award-winning C-PACE Program is a good example. As you’ll read in this report, this year the program deployed nearly $20 million and approved an additional $5 million for projects. It enabled the deployment of 3.5 megawatts of clean energy and is estimated to have created 154 direct and 246 indirect and induced jobs, while preventing the emission of more than 61,000 tons of CO2. Cities and towns participating in C-PACE represent 90 percent of the state’s commercial and industrial properties.

In other examples of achievements to date, we:

  • Supported about 40 megawatts of behind-the-meter distributed energy resources
  • Attracted total investment of $225 million, leading to the creation of over 700 direct jobs and nearly 1,200 indirect and induced jobs
  • Enabled the reduction of an estimated 370,000 tons of CO2 emissions over the life of these projects—the equivalent of adding more than 4,000 acres of trees or removing approximately 2,500 cars from the road

The success of Connecticut’s pioneering green bank has delivered positive results to our state. It has laid the groundwork for continued economic prosperity, created quality jobs, enhanced our energy security and contributed to a cleaner environment. What’s more, Connecticut has become a model for others nationwide. In 2014, a bill was introduced in the U.S. Congress to create a $50 billion federal green bank modeled after the Connecticut Green Bank, and other states are now creating their own green banks. President Barack Obama himself spotlighted Connecticut’s program in a May 2014 speech on American energy. Connecticut can be proud of its leadership in the green bank movement.

Energy is the force that powers our lives, businesses and communities. By innovating, educating and activating, the Connecticut Green Bank helps ensure that the energy Connecticut needs to thrive is clean, abundant and affordable, now and for years to come.

Bryan Garcia

President and Chief Executive Officer
Connecticut Green Bank