Connecticut Green Bank has left its imprint on many energy efficient and green projects throughout the state through its issuing of Green Liberty Notes.
In February the bank completed its 12th offering continues to accept investment commitments over the $350,000 maximum funding goal. The proceeds of the crowd-funded debt sales go directly to fund energy efficiency projects that strengthen communities and combat climate change.
So far, the Green Bank has mobilized $2.88 billion of investment into Connecticut’s clean energy economy. It provides Connecticut Commercial Property Assessed Clean Energy (C-PACE) financing.
The impact of the Green Bank’s fundraising efforts is felt in Fairfield County, in particular. Here are some of the companies that have benefitted from the financing as they help build the green economy.
Budderfly – Shelton
Budderfly has expanded its mission with the help of Green Bank financing. It answers the question: What happens if we change how businesses use energy?
“This question drives Budderfly to provide a unique energy and cost-saving model to businesses ranging from quick service restaurants to healthcare facilities,” said Al Subbloie, Budderfly founder and CEO.
“Financing from the Connecticut Green Bank has been hugely supportive in our efforts to grow and scale our impact across the state,” Subbloie added. “Small- and mid-sized businesses are the backbone of our economy, and they need help making the energy transition. We’re proud to help our customers drive impactful change, including Ryders Health Management, YMCA, Chabaso Breads, UConn Health Center and countless restaurant franchises, like McDonalds, Dunkin’ and more.”
Using their energy-as-a-service approach, they have helped Connecticut businesses save 24,729 MWh through new equipment, technology, and innovation while simultaneously reducing their energy costs and emissions. In 2022, seeking to expand their customer base in Connecticut, Budderfly turned to Green Bank’s Capital Solutions Open RFP, which helped open the door to other investment.
Now, their services continue to make a large impact on businesses in Connecticut and beyond looking to become more energy efficient, and their growth is earning recognition from Inc 5000 and others.
With its’ headquarters in Shelton, the company has received capital solutions financing of $5 million over six years. So far, it has avoided 222,745 cumulative metric tons of greenhouse gas.
West Lane Inn – Ridgefield
Christine Carnicelli and Danille Petrie, owners of The West Lane Inn, were searching for solutions to initiate energy savings while prioritizing the comfort levels of their guests.
C-PACE financing enabled Christine Danille to upgrade their energy efficiency with more modern systems that still maintained the rustic appeal of their inn. With their up-to-date heat pump system, the inn has provided an optimal stay for their guests and energy savings for the owners.
The inn upgraded by installing heat pumps to replace old oil burning equipment. Its C-PACE Financing is $98,841 over 10 years. Its projected energy savings is $129,914 over the life of the upgrades.
“When guests come to stay at our inn, we want them to have the most relaxing, cozy experience possible,” said Carnicelli. “By adding a new heat pump system, we are able to keep rooms comfortable all year long. The new system is also more energy efficient, and better for the environment, which fits with Ridgefield’s country surroundings.”
SoNo Ice House – Norwalk
Spinnaker Real Estate Partners, managing partner and a principle investor in the SoNo Ice House, has a passion for projects that connect people, housing, business, jobs, and recreation.
That is what drove the company to the C-PACE program. Spinnaker financed buildings with rooftop solar photovoltaic systems financed using C-PACE money by lowering the overall energy costs of the building and raising the profile of the property.
By using C-PACE, Spinnaker financed $1.02 million over 20 years for a 312-kW, roof-mounted solar photovoltaic system and roof upgrades. Its projected energy savings is $1.96 million over the life of the upgrades.
Across a portfolio of three solar projects financed with C-PACE, Spinnaker will have annual energy savings of $203,700, amounting to $4,074,005 in total energy savings over financing term.
“Spinnaker is committed to meeting or exceeding standards in green building development,” said Clay Fowler, Chairman and CEO, Spinnaker Real Estate Partners. “And the Connecticut Green Bank is an excellent partner in that mission.”
DiMare Pastry Shop – Stamford
DiMare Pastry Shop will save more than $20,000 in energy costs this year because of an upgrade of a 75.8-kW, roof-mounted solar photovoltaic system. C-PACE financing provided $246,000 over 20 years to the pastry shop.
The projected energy savings is more than $20,000 a year.
For more than 45 years, DiMare Pastry Shop has provided the community with their specialty baked goods. Started by Ugo and Bice DiMare in 1976, DiMare Pastry expanded to a second location in Stamford in 1997. Both locations are now run by three generations, including Ugo and Bice’s daughters Maria and Sabrina and granddaughter Brittany.
As their business has grown, energy costs have continued to rise. In 2020, they made the decision to go solar using C-PACE financing.
“We are always so busy and focused on serving our customers,” said Maria DiMare, co-owner of DiMare Pastry Shop in Stamford. “We don’t have time to think about rising energy costs. Going green with our new solar system takes some of the pressure off our business by giving us lower energy costs.
“We’re proud to be doing the right thing for the environment too. We want to keep baking, delighting our customers and continuing on as a long-standing partner with the towns we serve.”
