Bill Targets CPACE Loan Red Tape

CBIA is advocating for its membership this legislative session to cut the red tape around the CPACE loan program.

The program provides low-interest, long-term capital for businesses that invest in renewable energy.

With growing electric rates in Connecticut, businesses are looking for stability in rates and one way to achieve that is to invest in renewable energy at their facility.

CBIA is advocating for the removal of certain requirements to this program to help allow more businesses to participate and create more renewable energy in our state. 

Barrier

Currently, Connecticut is one of the states that has a savings investment ratio requirement to be eligible for these loans.

This is a barrier that restricts businesses from utilizing this program and being able to invest in renewables and make their facility more resilient.

CBIA is advocating for the removal of this savings investment ratio, similar to what has been done in other states, to allow for easier access to CPACE programs. 

CBIA is advocating for the removal of the savings investment ratio to allow for easier access to CPACE programs.

HB 5232, which is currently before the Energy and Technology Committee, has a section aimed at losing the restrictions on the CPACE program.

This bill eliminates the savings investment ratio for CPACE loans that are upgrading or replacing renewable energy projects.

CBIA supports this proposal, and believes it aligns with the committee’s goal to create more solar projects in Connecticut. 

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For more information, contact CBIA’s Pete Myers (860.244.1921).