The Connecticut Green Bank is encouraging building owners to increase their energy saving measures and embrace the electric vehicle (EV) movement by offering free EV stations through a new program — Charge Up CT Buildings (CUCB).
Commercial property owners who borrow over $150,000 with the C-PACE program may be eligible to receive up to three EV charging stations and installation for free. The application deadline is May 15, 2020.
Property owners are encouraged to contact the Green Bank early to start the application process.
C-PACE (Commercial Property Assessed Clean Energy) is an innovative financing tool that allows building owners to access 100% financing for energy improvements, realize positive cash flow immediately, and create more comfortable, efficient buildings. Hundreds of property owners across Connecticut have already taken advantage of C-PACE.
Charge Up CT Buildings offers another incentive to attract new property owners to learn about the benefits of C-PACE.
A broad range of properties can benefit from this initiative, including retail spaces, nonprofit organizations, houses of worship, recreational facilities, restaurants, manufacturers, hotels, and other non-residential properties.
C-PACE addresses the needs of businesses of all sizes — from owner-occupied buildings to portfolio real estate owners like Spinnaker Real Estate Partners, who the Green Bank recently profiled.
Through Charge Up CT Buildings, building owners will not only make their buildings more modern and attractive, but their customers, tenants, and employees will be able to charge up and enjoy the benefits of electric vehicles.
An EV charging station can help owners and businesses to distinguish their property from others, showing leadership and commitment to sustainability.
The number of electric vehicles on the road in Connecticut continues to grow year-over-year. With over 13,000 electric vehicles registered to date, and a projected 125,000 to 150,000 vehicles by 2025, there is growing demand for more electric vehicle charging infrastructure.
“Connecticut Green Bank is committed to promoting the growth of electric vehicles in Connecticut, and that includes supporting the development of a more resilient EV charging infrastructure that is suited to handle increasing demand,” said Bryan Garcia, president and CEO of Connecticut Green Bank.
“Property owners who choose to host electric vehicle charging stations are not only doing something positive to promote and grow their businesses, they’re also doing something positive for Connecticut and playing an important role in building a cleaner, greener and more prosperous future where our state has a robust electric vehicle charging infrastructure and where we are all less reliant on fossil fuels,” Garcia said.
Larger projects may be eligible to receive up to three electric vehicle charging stations. Connecticut Green Bank’s C-PACE team will work with building owners to determine if their project is eligible for the C-PACE program and Charge Up CT Buildings incentive.
“This initiative simultaneously addresses two of the state’s largest contributors to greenhouse gas emissions — transportation and commercial/industrial properties,” said Mackey Dykes, vice president for financing programs at Connecticut Green Bank.
Building owners are invited to an open house about Charge Up CT Buildings on Wednesday, March 25 at J Roos, 243 State St., North Haven. Pre-registration is required.
More information about the initiative can be found at chargeupct.com or by calling 866-324-0099.
About the Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 to increase and speed up the flow of private capital into markets that energize the green economy.
Connecticut Green Bank does this through loans to scale-up and mobilize private capital investment in the state.