Michael Sarno's
father decided to move the family from Westport to a house on a piece
of property at 542 Westport Ave. in Norwalk in the 1920s because of its
proximity to the trolley system -- a more environmentally friendly way
of travel years ago compared to the many cars that now pull in and out
of that address.
Sarno and his family, who still own the property that is now home to Bed Bath & Beyond, the Edge Fitness Club
,
a movie theater and more, were feeling good about helping to bring a
greener way of life back to the area last Monday as they were on hand to
celebrate being part of an energy efficiency project at the site. The
project is made possible through the Commercial & Industrial Property Assessed Clean Energy
(C-PACE) program.
The program is a new tool that
allows property owners to finance efficiency upgrades with little or no
upfront costs and repay the loan over time on their property tax bill.
"Our family is pretty strong on
caring about the environment," said Cheryl Sarno, Michael's daughter.
"We consciously make choices that are good for the environment. I am
amazed by and have always admired my father. He's willing to try this
and see how it's going to evolve."
Gov. Dannel P. Malloy
, Department of Energy and Environmental Protection
DEEP Commissioner Daniel C. Esty
, state Sen. Bob Duff
, D-Norwalk, Norwalk Mayor Richard Moccia
and other local officials gathered with the Sarno family to discuss the
project, the first of its kind in Connecticut. Seventeen other cities
and towns have authorized C-PACE financing, and a dozen more
municipalities are expected to adopt the program in the coming months.
The shopping plaza financed a
$285,000 lighting upgrade through C-PACE. The lighting improvement
project is expected to reduce electricity costs by $17,500 a year, and
the owners also plan to use this and other financing support available
under Malloy's energy plan to install a 100-kilowatt solar project at
the site.
"I was looking forward to this day, getting this legislation
passed," Malloy said. "Getting 18 communities to sign up, having
another dozen in the works, is very important in pushing forward a
strategy in Connecticut (for) cleaner, cheaper and more reliable energy.
We are too expensive in this state. It's hurting us on a competitive
basis, whether it's manufacturing or office complexes or retail
complexes. We need to use every tool in our large toolbox to make sure
we are doing just that -- cleaner, cheaper and more reliable."
Esty said that the state must bring new thinking and new approaches to the table to achieve its energy vision.
"Innovation in financing is as
critical as innovation in technology, and that is why we established the
nation's first green bank -- the Clean Energy Finance and Investment Authority
-- which administers C-PACE as well as a number of other key financing
initiatives," Esty said. "This is a celebration of the new model that
Connecticut is putting forward and that the governor has provided
leadership on. I think this is a model that is going to take the nation
by storm."
Robert Hartt
, of Hartt Realty Advisors
,
the managing agent on the property, estimated that the solar project
will save 30 to 40 percent on the energy bill in addition to the tax
credit that comes with it, for a reduction of almost 60 percent in terms
of total cost.
Combined with the efficient-lighting
upgrade expected to save another 30 percent and "both projects will
reduce exterior lighting cost by about 90 percent," Hartt said.
"C-PACE showed us how we could do
it, essentially, without any cost upfront from the owners, which is what
prevents owners from making these investments," Hartt said. "You want
to do things that create energy savings, but then there is a big
out-of-pocket (expense). The C-PACE program fixes that."
Duff said, "C-PACE will help
hundreds of Connecticut businesses save real money on their energy
costs, and do it by being more environmentally friendly. All of the
businesses that rent in this shopping center, both now and in the
future, will see a direct benefit from this project."
