In 2012, Connecticut passed legislation which gives property owners access to 100 percent upfront, low-cost, long-term financing for building energy upgrades. Commercial & Industrial Property Assessed Clean Energy (C-PACE) is an innovative financing program to increase access to cleaner, cheaper, and more reliable energy. The Clean Energy Finance and Investment Authority (CEFIA) was empowered by legislation to administer the program.
CEFIA, the successor organization to the Connecticut Clean Energy Fund, is a quasi-public agency and commonly referred to as the nation’s first “green bank.” CEFIA programs are funded from a variety of sources including a surcharge on residential and commercial electric bills. CEFIA is focused on transitioning clean energy programs away from less efficient government-funded grants, rebates, and other subsidies, and toward loans and financing programs that promote and leverage private capital investment in clean energy and energy efficiency.
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