The Connecticut Green Bank launched Charge Up CT Buildings, a new initiative that offers free electric vehicle charging stations to commercial property owners who use Connecticut Green Bank C-PACE financing to improve the energy efficiency of their building.
C-PACE (Commercial Property Assessed Clean Energy) is a financing tool that allows building owners to access loans for energy efficiency improvements. The loans are repaid through property taxes.
CT Green Bank said that hundreds of property owners across the state have taken advantage of C-PACE and added that 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, said the company.
Property owners must apply for C-PACE financing by May 15th, 2020. To qualify for a free EV charging station, energy saving projects must utilize at $150,000 in Green Bank C-PACE financing with at least 20% of the total project costs going toward non-renewable measures. Larger projects may be eligible to receive up to three electric vehicle charging stations.
“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.
“We see this initiative as having many benefits to building owners, tenants, employees and customers – as well as to our communities. 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.”
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.