May 25, 2019

Chester Opts for a New State Program for Clean Energy

The Chester Town Meeting voted on July 23, 2013 to engage the Town of Chester in a new state program that will allow commercial, industrial and multi-family property owners to receive 100% upfront, low-cost, long-term financing for clean energy upgrades to their properties. The Commercial Property Assessed Clean Energy program (C-PACE)  is administered by the Clean Energy Finance and Investment Authority (CEFIA) as part of the State’s Energize Connecticut initiative, which is intended to help consumers save money and use clean energy.

C-PACE allows building owners to access capital to finance qualifying energy efficiency and clean energy improvements by placing a voluntary assessment on their property tax bill.  Property owners pay for the improvements over time through this additional charge without having to use their own capital. The repayment obligation transfers automatically to the next owner if the property is sold.

C-PACE will help keep the Town of Chester a competitive and business-friendly town for CT building owners to locate. The town has over a half million square feet of building area eligible for C-PACE and  the hope is many will take advantage of this new program. More information and the application can be found at www.c-pace.com.

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