Windsor Locks Opts into Energy Efficiency Program

BACKGROUND:  The State of Connecticut has created a new energy efficiency financing program called the Commercial Property Assessed Clean Energy (C-PACE) Program.   The Clean Energy Finance and Investment Authority (CEFIA) manages this program.  Towns need to opt into the program in order for local businesses to avail themselves of the financing.  At the July 9th Town Meeting residents voted to have Windsor Locks participate in the program.

DISCUSSION/ANALYSIS:   Under the C-Pace program:

Private capital provides 100% upfront, low-cost, long-term funding

Commercial, industrial and multi-family properties are eligible

Repayment is through an assessment on the property managed by Tax Collector

Senior lien is placed on the property that runs with the property

Approximately 94 properties in town qualify for this program.    

FINANCIAL IMPACT:   The program will help reduce energy costs for businesses which can retain companies in town.

http://www.c-pace.com/