Home Banking & Finance New program to lower energy costs for manufacturers announced

New program to lower energy costs for manufacturers announced


The Connecticut Department of Economic and Community Development (DECD) and Hartford’s Connecticut Green Bank have announced “Energy on the Line,” a program that offers grants for renewable energy and energy efficiency building upgrades to manufacturers.

Energy on the Line will provide supplemental funds to manufacturers who complete a qualifying green energy project using the Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program, which offers commercial property owners with full financing for green energy projects that help reduce the plant’s total energy cost and improve emissions.

That supplemental funding — up to $50,000 — may be used for any project-related expenses at the discretion of the recipients, reducing the amount of financing from C-PACE needed to complete the project and lowering the company’s borrowing costs.

The $800,000 program is funded through the DECD’s Manufacturing Innovation Fund and will be matched by more than $8 million of private sector funds through the Connecticut Green Bank, which is administering the program.

“This is yet another example of how we are supporting Connecticut manufacturers — and we’re doing it by bolstering our green energy efforts,” said Governor Dannel Malloy. “By lowering energy costs for businesses, we’re helping them remain competitive and doing it with environmentally positive methods. It’s another step forward not just in our support for businesses, but also in our efforts to protect the environment.”

As of April 25, Energy on the Line is open to all Connecticut manufacturing companies that have owner-occupied facilities. Applications must be received by Sept. 16. To learn more, visit EnergyOnTheLine.com.

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