NORWALK — What started out as an aesthetic upgrade has turned into
the state’s first C-PACE clean energy project and even garnered a visit
from the governor.
The shopping center at 542 Westport Ave. will
receive several energy improvements, including efficient lighting
upgrades and a solar array, with financing help from the state’s new
Commercial & Industrial Property Assessed Clean Energy incentive.
The owners of the property agreed to a voluntary assessment on their
property tax bill.
Malloy described C-PACE as “groundbreaking legislation” that several other states are currently trying to emulate.
“This (success of) this project will feed
upon itself. It’s not overburdening and you see savings right away,”
Malloy said during a press conference at the shopping center Monday
morning. He added that the strategy is the key to “cheaper, cleaner and
more reliable energy in the state.”
Malloy said offering less expensive energy
will make Connecticut more competitive when it comes to attracting
businesses. Energy costs in the state are currently among the most
expensive in the nation.
State Sen. Bob Duff, D-25, is the chairman of
the Energy Committee and was instrumental in the passage of C-PACE.
Malloy thanked Duff during Monday event for his “unbelievable
leadership” on the Energy Committee.
Duff said C-PACE makes Connecticut the “benchmark of energy efficiency.”
The shopping center, which is home to Bed,
Bath & Beyond, Bow-Tie Cinemas and several other tenants, was built
in the 1970s for industrial uses and renovated for retail in 1999. It is
owned by the Sarno family’s Elite Development Group and managed by
Hartt Realty Advisors.
C-PACE, through Clean Energy Finance and
Investment Authority, will help finance $172,000 of the $292,000
project. C-PACE offers lower interest rates and longer repayment options
than traditional loans. Connecticut Light & Power will finance at
zero percent the remainder of the project, according Robert W. Hartt of
Hartt Realty Advisors.
“This all started with an aesthetic upgrade
of the property,” Hartt said before leading Malloy and other politicians
on a tour Monday. “We want to do all the things that create energy
savings, but there’s a cost associated with that. C-PACE helps with
that.”
Hartt said the external lighting upgrade
itself will save $55,000 a year, a savings of 90 percent. Tenants will
see a savings inside the first year, he added.
Other upgrades during the renovation will include new signage and external painting.
“Ownership is very progressive, very
forward-thinking,” Hartt said. “There is an environmental and economic
impact, but they also wanted to show others you can do this.”
Clean Energy is a state-level clean energy finance authority.
“Over time, through innovative financing
programs like C-PACE, we seek to use limited public dollars to attract
more private capital investment to support the deployment of clean
energy projects that will support the implementation of the governor’s
and legislator’s energy policies and vision,” Bryan Garcia, president
and CEO of Clean Energy, said. “542 Westport Avenue stands as an example
for other property owners and municipalities throughout Connecticut.”
Several other local officials attended
Monday's event, including state Rep. Gail Lavielle, Norwalk Mayor
Richard Moccia and Norwalk common council members Warren Pena and David
Watts.
