News Story

Flagship programs for families and businesses reach milestones, while legislative expansion to environmental infrastructure continues 

Hartford, CT (Jan. 15, 2024) – The Connecticut Green Bank’s recently released annual report for fiscal year 2023 revealed that for each $1 of public investment, $6.70 of private investment is attracted into our communities. Through this leverage ratio, a hallmark of the green bank model, more than 69,000 families and businesses are benefiting from the growing green economy to lower the burden of their energy costs. Since the Connecticut Green Bank’s inception through the bipartisan legislation in July 2011, more than $2.43 billion of investment has been mobilized into the State’s green economy through its programs and partnerships.

Additionally, this investment generates millions of dollars in tax revenues, supports the creation of thousands of job-years, and reduces greenhouse gas emissions which benefits public health through cleaner air. The Green Bank is making steady progress to ensure that by 2025 no less than 40 percent of investment and impacts from our programs benefit vulnerable communities that are disproportionately harmed by the effects of climate change.

“The Green Bank continues to build upon what we’ve learned over the last dozen years as the green economy in Connecticut gains momentum,” said Bryan Garcia, President and CEO of the Green Bank. “We are committed to sharing our data and stories through reports like this annual report and our extensive Annual Comprehensive Financial Report because we understand the value of partnerships and people working together to achieve our vision of a planet protected by the love of humanity. Reducing energy costs, improving resiliency, and supporting economic growth are the ways we move forward.”

Some highlights of the fiscal year 2023 include:

• Program milestones reached. This year, two of the Green Bank’s flagship programs, the Smart-E Loan and C-PACE (Commercial Property Assessed Clean Energy), celebrated their 10-year milestones. Both programs continue to evolve to offer financing solutions to meet the changing needs of residential and commercial customers.
• Public investment grows. Through quarterly Green Liberty investment offerings, more than $1.25 million has been raised from local and national investors interested in supporting the Small Business Energy Advantage program.
• Solar MAP leads municipalities into savings. The first municipalities to complete the Solar MAP process, Manchester and Portland, are projected to see significant energy savings at their schools and facilities.
• Environmental infrastructure team expands. Building upon a legislative mandate expanding the green bank model into the areas of agriculture, parks and recreation, water, waste and recycling, and land conservation, a management team is forming with the hiring of a Director of Infrastructure Programs.

To access the FY23 report, please visit https://www.ctgreenbank.com/strategy-impact/reporting-and-transparency/ or https://www.ctgreenbank.com/wp-content/uploads/2023/11/Connecticut-Green-Bank-Annual-Report-2023.pdf