Connecticut has Reduced Almost 500,000 tons of GHG Emissions from 2013-2018
PACE legislation has been one of the most effective forms of policy to combat climate change causing greenhouse gas emissions. The PACE (Property Assessed Clean Energy) program is a model for financing energy efficiency improvements and green projects in commercial and residential real estate. In 2012, Connecticut passed its version of PACE legislation, C-PACE. Since the program launched, nearly 500,000 tons of greenhouse gas emissions have been eliminated.
How C-PACE works to achieve such dramatic results is fairly simple. The policy works with Connecticut Green Bank to give landlords and property managers financing options by offering to provide all project capital with its own funds. With capital funding secured, the decision to invest is easy, since in the long run, PACE projects pay for themselves. Connecticut’s C-PACE legislation mandated that all projects have a savings to investment ratio greater than 1.
The comprehensive state-wide model means all stakeholders like municipalities, commercial owners, contractors and energy providers are working together on uniform standards with shared incentives to save energy by adapting their real estate portfolios. Outside of Connecticut, PACE’s clean energy loans have had a dramatic impact, accounting for billions in green energy projects per year.
Read the full report: https://www.imt.org/resources/city-energy-project-connecticut-c-pace-program-administration-and-transparency
