Mayor David V. Merchant announced today that the Town is now participating in an innovative financing program allowing local businesses to reduce their energy costs by upgrading their heating and air conditioning systems, modernizing their lighting, installing solar, or utilizing other energy-saving and cost-saving equipment in their buildings. The Town is partnering in this effort with the Connecticut Green Bank who administers C-PACE (Commercial Property Assessed Clean Energy), a program established by the State of Connecticut to provide 100% financing with terms of up to 25 years for energy improvements for commercial properties.
“I’m delighted that we have another economic development tool to offer existing businesses and industries, as well as those companies considering locating in town,” said Merchant. “Given the often high prices of energy, we are now able to provide an affordable way for firms to make improvements to their properties that will save both dollars and energy. C-PACE will be good in Plymouth both for the economy and the environment!”
The Town of Plymouth officially opted into the program earlier this year, after a resolution to join the program was approved by the Town Council. Plymouth now joins 132 other Connecticut towns and cities in the C-PACE program. “C-PACE participation enables us to promote economic development and make energy saving improvements more accessible and affordable to building owners throughout our town,” Merchant added.
Nicholas Zuba, a Senior Manager of Commercial, Industrial and Institutional Programs at the Connecticut Green Bank, explained that the C-PACE program works to ensure that each company gains the maximum energy and cost saving benefits from the program. “Our goal is to help companies improve their bottom line, while improving efficiency and reducing energy usage. Not only do we look at conventional energy efficiency measures, but we also look at including renewable energy systems like solar,” Zuba explained. “The C-PACE process is convenient and simple, and doesn’t result in direct costs to the town, making it a beneficial opportunity not only for the local companies who take advantage of C-PACE, but for the entire Plymouth community. Loan repayment is collected through the municipality’s tax billing system as a voluntary benefit assessment and the energy savings will typically cover the cost of the assessment’s repayment, resulting in positive cash flow for participating property owners,” Zuba concluded.
To hear about the benefits of C-PACE, Merchant and Zuba are inviting property owners to attend a presentation to be held on Tuesday, October 29, from 8:00-9:00 AM, at the town hall, and co-sponsored by the Central Connecticut Chambers of Commerce. Registration and a continental breakfast will be offered starting at 8:00 AM, with the presentation to follow at 8:30 AM. Beginning at 9:00 AM, businesses will have the opportunity to meet one-on-one with members of the C-PACE Program’s staff to determine how the programs could assist each firm. Both Merchant and Zuba encourage companies to make appointments in advance, although walk-ins the day of the event will also be welcomed.
“Municipal support is crucial to the growth of green energy in Connecticut, and when a town or city chooses to participate in C-PACE, their commercial, industrial and non-profit buildings are more easily able to improve their energy efficiency and lower their energy costs,” said Mackey Dykes, Vice President of Commercial, Industrial and Institutional Programs at the Green Bank. “The Town of Plymouth should be recognized for its participation. We look forward to working with them to support their outreach to the town’s business community.”
In advance of the presentation, Merchant and Zuba encouraged building owners to find out more by visiting the C-PACE program website at www.cpace.com.