Norwalk, CT—Senate Majority Leader Bob Duff (D-Norwalk) and Tom Wemyss founder of Norwalk-based PurePoint Energy
“The Republican budget slashes funding to the Connecticut Green Bank, which has created thousands of jobs in Connecticut—including jobs right here in Norwalk,” said Sen. Duff, a former chair of the General Assembly’s Energy Committee. Green energy is a big driver of Connecticut’s economy. No is not the time to cut investments in a growing industry. That’s why I support the Governor’s veto.”
“Stripping half of the Connecticut Green Bank budget has a much bigger impact on Connecticut than $26 Million,” said Wemyss. “The Connecticut Green Bank has shown that for $1 they spend it brings in $8 in private investment. This raid will reduce investment in clean energy by $208 Million Dollars!
“There are two big incentives driving the residential solar industry: the Federal Investment Tax Credit and the Connecticut Green Bank incentives and financing. The Tax Credit will go away in 2019. The next couple years are critical to continue the great work we’ve done and set the state up for long term success.
“My company has grown and continues to grow as a result of the leadership, financing programs and stability we have seen in the Connecticut solar market.”
The Green Bank has mobilized $1 billion total dollars into Connecticut’s clean energy economy using public-private partnerships. This investment has created 13,000 total jobs (job-years of activity), mostly with local energy improvement contractors. Over 220 megawatts of clean, renewable energy have been generated through these projects. If the Green Bank is de-funded, Connecticut will likely see a migration in contractor and project activity to other states.
The Republican budget, makes multiple cuts to the Connecticut Green Bank. The budget reduces funding for the Green Bank by $13 million in FY 18 and another $13 million in FY 19. It also diverts $10 million in RGGI Auction Proceeds, one of the key funding sources for the Green Bank, in FY 18, and another $10 million in FY19. This amounts to a net reduction of $46 million to clean energy and energy efficiency programs over the biennium (Sect. 75, Lines 2911-2915).
About the Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80. The Green Bank’s success in accelerating private investment in clean energy is helping Connecticut create jobs, increase economic prosperity, promote energy security and address climate change. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” nomination. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.
