The Connecticut Green Bank launched
Charge Up CT Buildings, a new initiative that offers free electric vehicle
charging stations to commercial property owners who use Connecticut Green Bank
C-PACE financing to improve the energy efficiency of their building.
C-PACE (Commercial Property Assessed
Clean Energy) is a financing tool that allows building owners to access loans
for energy efficiency improvements. The loans are repaid through property taxes.
CT Green Bank said that hundreds
of property owners across the state have taken advantage of C-PACE and added
that a broad range of properties can benefit from this initiative, including
retail spaces, nonprofit organizations, houses of worship, recreational
facilities, restaurants, manufacturers, hotels, and other non-residential
properties, said the company.
Property owners must apply for
C-PACE financing by May 15th, 2020. To qualify for a free EV
charging station, energy saving projects must utilize at $150,000 in Green Bank
C-PACE financing with at least 20% of the total project costs going toward
non-renewable measures. Larger projects may be eligible to receive up to three
electric vehicle charging stations.
“Connecticut Green Bank is committed to
promoting the growth of electric vehicles in Connecticut, and that includes
supporting the development of a more resilient EV charging infrastructure that
is suited to handle increasing demand” said Bryan Garcia, President and CEO of
Connecticut Green Bank.
“We see this initiative as
having many benefits to building owners, tenants, employees and customers – as
well as to our communities. Property owners who choose to host electric vehicle
charging stations are not only doing something positive to promote and grow
their businesses, they’re also doing something positive for Connecticut and
playing an important role in building a cleaner, greener and more
prosperous future where our state has a robust electric vehicle charging
infrastructure and where we are all less reliant on fossil fuels.”
The number of electric vehicles
on the road in Connecticut continues to grow year-over-year. With over 13,000
electric vehicles registered to date, and a projected 125,000 to 150,000
vehicles by 2025, there is growing demand for more electric vehicle charging