Middlesex Chamber’s Innovative Financing Program to Boost Local Jobs, Profits and Investment

Businesses everywhere are looking to save money when it comes to energy costs. In response, Middlesex County Chamber of Commerce is partnering with the Connecticut Green Bank to help member businesses afford energy efficiency and clean energy upgrades. Together they are promoting a clean energy financing tool called Commercial Property Assessed Clean Energy, or C-PACE. This innovative solution provides long-term, low interest financing to help local building owners take control of their energy costs. With 100% financing, no upfront cost required, and terms of up to 25 years available through C-PACE, energy upgrades are more affordable and accessible than ever.

"We're always looking for an opportunity to provide value to our members," says Jeff Pugliese, Vice President of the Middlesex Chamber. "The partnership with the Connecticut Green Bank was a no-brainer.  C-PACE helps local businesses save money on their energy bills and reinvest this money into other parts of the business. When businesses thrive, it can help spur economic development and support job creation," he added.

Earlier this year, the Green Bank announced that Connecticut's C-PACE program had helped over 200 Connecticut building owners with more than $114 million in clean energy financing, making the state's program second only to California's C-PACE program in terms of clean energy financing. And C-PACE is just one of the Green Bank programs that have helped attract more than $1 billion in investment into the Connecticut economy and created more than 13,000 jobs.

"The key is to have great partners like the Middlesex Chamber, which understands that C-PACE is a terrific opportunity to help their members," says Mackey Dykes, Vice President of Commercial, Industrial and Institutional Programs at the Connecticut Green Bank. "Energy costs and building improvements are often one of the biggest challenges that Chamber members face. C-PACE can be the answer."

With C-PACE, building owners can enjoy the advantages of energy upgrades immediately and pay for them over time. It's a safe investment that produces returns immediately and for years to come.

Middlesex Chamber member Galleria Stone and Tile used C-PACE financing to install a 125kw solar photovoltaic installation while building a new factory last summer. "With this new solar installation, our energy costs have remained pretty much flat, even though we've expanded dramatically," says Rich Yuris, CFO of Galleria.

Interested in learning more about C-PACE, or want to partner with an established C-PACE program in your state? Contact Jessica Bergman at (jbergman@sfchamber.com) for more information.

See what PACE programs are available in your state at http://pacenation.us/ 

Pictured up top from left to right, are: Larry McHugh, President, Middlesex County Chamber of Commerce; Mackey Dykes, Vice President of Commercial and Industrial Programs, Connecticut Green Bank; Robert Schmitt, Associate Manager, Marketing, Connecticut Green Bank; and Jeff Pugliese, Vice President, Middlesex County Chamber of Commerce.

CT Chambers Host Sen. Winfield and CT Green Bank President on Briefing Call

Green Bank says “Bring your projects, we have capital!”

Senator Winfield, (D-New Haven) co-chairs the Banking Committee, and the Energy and Technology Committee.

Here are his key messages to local chambers:

Sen. Winfield

• “If Connecticut wants to stay competitive in a region that is increasingly adopting clean energy, we need better policies.”

• “There are a lot of economic opportunities out there if we open ourselves to renewables.”

• “Renewable energy sources tend to generate more jobs and that means more economic activity and more opportunities.”

• “I think it’s great that the state is looking to get renewables to 40 percent, but I do think a more ambitious goal—something along the lines of 50 percent—also makes a lot of sense.”

The Senator, who is also the Deputy Majority Leader, made his comments during a February briefing call co-hosted by the two largest Local Chambers of Commerce in the state, Middlesex and Greater New Haven, in partnership with Chambers for Innovation and Clean Energy.

“These issues are really important to me and to our chamber,” said Garrett Sheehan, incoming President and CEO of the Greater New Haven Chamber. “They are going to take a collaborative approach, and a key step is education, which is something calls like this provide.”

“Bring your projects, we have capital”

There is plenty of money available to finance cost-saving clean energy upgrades, said the Connecticut Green Bank’s President Bryan Garcia.

Bryan Garcia

“We are focused on driving and attracting more investment in clean energy because those are the foundations to economic growth and job creation,” Garcia said. One important tool for doing this is through a program known as Commercial Property Assessed Clean Energy or C-PACE.

“C-PACE is an innovative and affordable way for businesses, manufacturing, and nonprofits to pay for clean energy improvements. It pays for 100 percent of the project costs with no money down,” said Garcia, adding: “It immediately increases cash flow while improving the overall value of the building.”

The Middlesex Chamber of Commerce recently teamed up with the Green Bank to bring C-PACE to its members. (Stay tuned for more information.)

“Energy is a critical issue to all our members and our Chamber, and we’re seeing C-PACE get more and more traction,” said Jeff Pugliese, Vice President of the Middlesex Chamber. 

Sen. Winfield asked Local Chambers to voice their clean energy support to their legislators, saying:

 “Chambers have a lot of influence in this building and have a lot of business owners who have influence. That influence should be used to express to legislators that clean energy funds will benefit the state of Connecticut.” He added, “It is not even a bipartisan issue, it is a nonpartisan issue.”

Chambers for Innovation and Clean Energy (CICE) will continue to keep you informed as these issues move forward. If your chamber is interested in learning more about how your members can benefit from C-PACE financing, contact Jessica Bergman of CICE at Jessica@ChambersforInnovation.com.