HartfordBusiness.com
December 22, 2014
Q&A discusses the future of renewable and efficient energy project financing with Bryan Garcia, president of the Clean Energy Finance & Investment Authority, which is changing its name to Connecticut Green Bank.
Q: What will the Connecticut energy industry look like in 2015, particularly as it relates to CEFIA?
A: Over the course of the past several years, many of us have worked hard to support the development of a clean energy industry that is more competitive, which translates into clean energy being more accessible and affordable to consumers. We are transitioning a market for clean energy that was driven by public subsidies in the past towards a more sustainable pathway that is attracting more private capital investment. In 2015, expect growth. We are going to see more clean energy being deployed at a faster pace than ever before while using less public subsidies and more private investment.
Q: What can the business community expect from CEFIA in 2015?
A: Growth! We are seeing a doubling of the market year-over-year in clean energy. For example, we are seeing the market for the residential rooftop solar photovoltaic industry at $25 million in 2012 growing to potentially $150 million by the end of 2014. In the C-PACE (Commercial Property Assessed Clean Energy) program, last year we saw more than $25 million in transactions for commercial and industrial building energy improvements through deeper energy efficiency projects that are delivering 40-50 percent energy savings and the deployment of renewable energy systems that are more cost competitive in the utility renewable energy credit auctions. This year, we expect to eclipse $50 million in C-PACE transactions, which will require more private capital investment in Connecticut. For full article.