The Bushnell to Finance Energy-Saving Upgrades Through Innovative C-PACE Program

Bushnell President and CEO David Fay announced today that The Bushnell will finance the long-needed replacement of its aging boiler through the state's innovative Commercial & Industrial Property Assessed Clean Energy (C-PACE) program. The not-for-profit institution will recognize significant savings, both financially and in energy consumption, by making this capital improvement using C-PACE financing. The Bushnell is the first business in Hartford to take advantage of this novel state program.

The Bushnell's current boiler, nearly 40 years old, has reached the end of its lifecycle and is currently less than 60% energy efficient. The replacement boiler, fully energy efficient, will create savings of over $48,000 a year, more than covering the cost of servicing the debt through the C-PACE financing.

In addition to C-PACE financing, The Bushnell was awarded a grant from the Clean Energy Business Solutions (CEBS) program, a partnership between CEFIA and the Department of Economic and Community Development. CEBS supports companies across the state that are strategically important for job creation and economic development reasons, by providing targeted investment to help these companies access cleaner, cheaper, and more reliable sources of energy.

David Fay states, "At The Bushnell, we're mindful of our non-profit status and always strive to best use the funds we raise from the government, institutional supporters, and individual donors. By taking advantage of the innovations in C-PACE financing, The Bushnell is not only able make this long-overdue replacement with no up-front expenditure, but we will actually realize a positive cash flow when the upgraded energy efficiency is taken into account. In addition, we'll be able to offer patrons throughout our building a more consistently comfortable experience. We'll also build on Horace Bushnell's legacy of environmental advocacy and stewardship by moving our facility in a much greener direction. We are especially grateful to Commissioner Catherine Smith for assisting us with securing C-PACE financing."

"The combination of a Clean Energy Business Solutions grant and the attractive and convenient financing through the C-PACE program will greatly assist The Bushnell in taking control of their energy use and lower their long-term operating costs. This in turn allows The Bushnell to provide the citizens of Connecticut a wonderful opportunity to enjoy arts and entertainment in a more energy-friendly atmosphere," stated Commissioner Catherine Smith, Department of Economic and Community Development and Chair, CEFIA Board of Directors. "We anticipate these programs will prove to be of great benefit to the businesses and institutions that call Connecticut home."

"The long term financing we are able to offer through C-PACE enables The Bushnell to reduce its operating costs and improve the quality of their building. With this energy upgrade, the building is cash flow positive on day 1 without any upfront cost to The Bushnell. We are delighted to see this attractive financial tool applied to a non-profit institution," says Jessica Bailey, Director C-PACE.

Recognizing the economic development opportunity afforded by joining the C-PACE program, Hartford was among the first municipalities to opt into the C-PACE program. "It's important that as we look for ways to help our local businesses cut costs, develop and grow, we also identify solutions that are environmentally sustainable for the long term. I look forward to more progress as a result of our grant and partnership with CEFIA. We want more eligible businesses to follow The Bushnell's lead and take advantage of the C-PACE financing," says Mayor Pedro Segarra.

CEFIA is thrilled with the level of interest in Hartford and is eager to support local efforts to raise awareness about the benefits of C-PACE and its importance in advancing clean energy efficiency and reducing energy costs in Hartford. CEFIA will be supporting a partnership of the City of Hartford's Economic Development Division, Clean Energy Taskforce, and Department of Marketing, Events & Cultural Affairs with a grant to conduct outreach and educational events about C-PACE in 2013. The City of Hartford and CEFIA hope to identify a motivated group of businesses to guide through the process of undergoing smart energy upgrades to their buildings.

About C-PACE

Administered by CEFIA, C-PACE is a tax-lien financing program that allows interested property owners to finance qualifying energy efficiency and clean energy improvements on their buildings with no upfront costs through a voluntary assessment on their property tax. Similar to a sewer tax assessment, capital provided under the C-PACE Program is secured by a senior lien on the owner's property tax bill and paid back over time, spreading the cost of energy improvements over the expected life of the measures. C-PACE is a policy that promotes economic development upgrades, keeps energy costs down, and provides a platform for Connecticut businesses to maintain a competitive advantage. For more information on the program, please visit www.c-pace.com.