First Selectman Mike Tetreau announced today that the Town of Fairfield sponsored a business-
to-business event regarding the Commercial Property Assessed Clean Energy (C-PACE) program.
The event, which was hosted by the Bigelow Tea Company on February 25, 2014, featured speakers
from the Clean Energy Finance and Investment Authority—Connecticut’s green bank, which
administers the state program, Bigelow’s CEO Cindi Bigelow and Plant Manager Jim Guildea, First
Selectman Mike Tetreau, Board of Finance Chairman Tom Flynn, and Community and Economic
Development Director Mark Barnhart.
A detailed case study was presented by Fairfield businessman, Peter Corbett, who made $1 million
in clean energy improvements to the InSports Center in Trumbull. Through C-PACE, the project
was cash flow positive from the beginning, saving InSports over $8,000 a year and approximately
7 million kilowatt hours over the life of the project. With about 30 attendees overall, the event was
attended by representatives from over a dozen Fairfield businesses including some of Fairfield most
prominent: General Electric, Kleban Properties and Fischel Properties.
Improving energy efficiency has a clear business appeal in achieving cost savings and promoting
environmental quality. But such projects can be expensive, and financing them can present
formidable challenges. “We focus on keeping Fairfield the best value for business owners,” stated
First Selectman Mike Tetreau. “C-PACE is a program for businesses, which Fairfield adopted last
year. We are happy to be able to help Fairfield’s businesses become more efficient through
C-PACE.”
The Town of Fairfield is one of about 80 Connecticut towns that have chosen to participate in C-
PACE so far, and similar programs are springing up across the nation. C-PACE is an innovative
program geared to help commercial, industrial and multi-family property owners obtain affordable,
long-term financing for a range of smart energy upgrades such as high-efficiency lighting, HVAC
upgrades, envelope improvements, and renewable energy systems.
C-PACE in a Nutshell: Qualifying energy projects receive 100 percent up-front, private capital
financing, with fixed repayments becoming a voluntary assessment added to the business’s property
tax bill. Capital is secured by a lien on the property that automatically transfers to a new owner,
if any. Access to affordable capital is available through C-PACE because of the secure payment
stream and senior position of the lien.
Property owners can benefit by:
• Financing improvements without incurring additional debt, preserving capital and credit lines;
• Passing payments (and energy savings) along to tenants under typical leases; and
• Achieving lower operating costs, improved asset value, and a better indoor environment for
tenants.
Projects financed through C-PACE are required to be cash-flow positive, meaning that the savings
from the energy improvements must exceed the additional property tax assessment. Fairfield and
other participating towns will benefit because energy upgrades create a competitive setting for
attracting and retaining businesses. Energy upgrades create jobs and improve our environment and
our quality of life.
“We are thrilled to see C-PACE demand growing here in Fairfield,” stated Jessica Bailey, Director
of C-PACE for CEFIA. “This partnership will continue to provide benefits to Fairfield businesses
seeking to take control and ultimately reduce their energy costs—providing long-lasting and local
energy, environmental and economic development benefits.”
Interested property owners can find additional information about the C-PACE program and an
initial application at www.c-pace.com or by contacting the team at c-pace@ctcleanenergy.com