Bridgeport became the first Connecticut municipality to approve a Commercial Property Assessed Clean Energy program, also known as C-PACE, for businesses and industrial buildings in the city.
Under C-PACE, the cost of an energy project may be funded by special financing arranged through the Connecticut Clean Energy Finance and Investment Authority (CEFIA), and repaid annually by the property owner through a special “benefit” assessment on their property tax bill.
“We can now help private businesses operate their buildings more efficiently, lowering their energy costs without having to spend a lot of money on energy improvements,” said Mayor Bill Finch, in a prepared statement.
Bridgeport businesses will now be able to engage with contractors to work on energy upgrades to their facilities. Businesses then seek approval for those energy upgrades from CEFIA, which will arrange low-cost financing.
