Connecticut Green Bank surpasses $2 billion in total investment into state’s green economy
Fiscal year 2021 annual report highlights 10 years of cumulative success of nation’s first green bank
Hartford, CT (Feb. 14, 2022) – In fiscal year 2021, the Connecticut Green Bank exceeded $2 billion of cumulative investment in the state’s green economy, according to the Green Bank’s recently released annual report. Since July 2011, the Green Bank has mobilized $288.4 million in public dollars to attract $1.85 billion in private investment, a leverage ratio of $7.40 for every $1.
The Green Bank measures the impact of the deployment of renewable energy and energy efficiency to families, businesses, and communities in terms of economic development, environmental protection, equity, and energy (E4 metrics). These statistics can be found on page two of the annual report.
“Our annual report, as well as our annual Comprehensive Financial Report, provides us with an opportunity to share our accomplishments and progress towards achieving our E4 metrics’ goals while demonstrating our commitment to transparency. We develop and promote these reports so that our elected officials, investors, Connecticut residents and businesses, industry leaders, and other key stakeholders can see the positive impact Connecticut’s green bank is making in our communities,” said Bryan Garcia, President and CEO of the Green Bank.
Some highlights of the fiscal year 2021 include:
The Residential Solar Investment Program (RSIP) surpassed its public policy target of 350 megawatts of solar deployment one year ahead of schedule, with $1.33 billion of investment and more than 43,000 homes adding solar. The program has ensured equitable access for low-to-moderate income families, making Connecticut a “solar with justice” state.
A second successful issuance of Green Liberty Bonds sold nearly $25 million of bonds to retail and institutional investors in the two-day period, with almost $100 million in demand, in April 2021.
The Smart-E Loan, which allows homeowners to finance energy upgrades improvements through a network of local community banks and credit unions, surpassed $100 million of investment.
The State’s Commercial Property Assessed Clean Energy (C-PACE) program exceeded $200 million of total investment across more than 348 energy efficiency and renewable energy projects.
More than $100 million of investment to deploy solar on nearly 200 commercial and industrial buildings, including state and municipal facilities and nonprofit organizations.
To access the FY21 report, please visit https://www.ctgreenbank.com/fy21-annual-report/ and watch our short videos on our progress on investment, environmental impact and economic impact.
About the Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first green bank and has since supported the creation of more than 23,000 green energy jobs in the state, while reducing the energy cost burden on over 55,000 families, businesses, and nonprofits. The Green Bank’s vision is a planet protected by the love of humanity and its mission is to confront climate change and provide all of society a healthier, more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com
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