Last DSIRE Review: 10/16/2012
Program Overview:
| State: |
Connecticut |
| Incentive Type: |
PACE Financing |
| Eligible Efficiency Technologies: |
Lighting, Lighting Controls/Sensors, Chillers , Furnaces , Boilers, Heat pumps, Central Air conditioners, Programmable Thermostats, Energy Mgmt. Systems/Building Controls, Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Siding, Roofs, Motor VFDs, Processing and Manufacturing Equipment, Comprehensive Measures/Whole Building, Custom/Others pending approval, Unspecified Technologies, Data Center Equipment, LED Lighting, Other Measures (locally determined) |
| Eligible Renewable/Other Technologies: |
Solar Water Heat, Solar Space Heat, Photovoltaics, Landfill Gas, Wind, Biomass, Fuel Cells, Geothermal Heat Pumps, Municipal Solid Waste, Locally determined, Small Hydroelectric, Fuel Cells using Renewable Fuels, Other Distributed Generation Technologies |
| Applicable Sectors: |
Commercial, Industrial, Multi-Family Residential, Low-Income Residential |
| Terms: | Locally determined; 20-year payback term |
| Start Date: | 10/2012 |
| Web Site: |
http://www.ctcleanenergy.com/YourBusinessorInstitution/Commercial...
|
Authority 1:
Date Enacted:
Date Effective:
|
Conn. Gen. Stat. ยง 7-121n
07/01/2011
07/01/2011
|
Authority 2:
Date Enacted:
Date Effective:
|
S.B. 501
06/15/2012
06/15/2012
|
Summary:
In June 2012, Connecticut passed legislation enabling Commercial Property Assessed Clean Energy financing (C-PACE), targeting commercial, industrial and multifamily property owners. C-PACE is a financial policy tool that allows property owners to finance qualifying energy efficiency and clean energy improvements on their properties through a special assessment on the property tax bill, which is repaid over a period of years (up to 20 years). Connecticut's C-PACE program is “owner-arranged,” meaning the property owner contracts directly with a private capital provider to obtain financing. The special assessment (also called a lien) on the property automatically transfers to the next owner in the event of a sale or transfer of ownership. The lien is senior to a mortgage, although it is non-accelerated, meaning in the event of default, only the payments in arrears would come due.
To participate in C-PACE financing, interested property owners must:
- Be located in a participating municipality. The first two towns to opt into C-PACE are Bridgeport and Norwalk. CEFIA maintains a list of participating municipalities. Interested property owners should contact CEFIA if their municipality is not on the list of participating municipalities.
- Work with an approved energy professional (such as an auditor or contractor) to identify eligible projects. CEFIA will maintain a list of approved contractors. In general, improvements must be permanently affixed to the property and should either lower the building’s energy consumption or produce clean energy.
- Apply for financing via CEFIA's C-PACE web site.* If approved, CEFIA will place a lien on the property and financing will become available. Property owners repay the financing via the local property tax bills over the course of 20 years.
- Obtain written consent of existing mortgage holders.
While there is no financing minimum, PACE financing is best suited for capital improvements above $150,000, due to transaction costs.
* The online application will be available in early December 2012. |
