A 98,000-square-foot commercial building in Bridgeport will receive $1.9 million in special financing to reduce its energy use, the latest project in a state program allowing businesses to pay for infrastructure improvements at no upfront costs.
The Commercial Property Assessed Clean Energy, or C-PACE, program has doled out $13 million in financing since launching in January. In the program, commercial property owners partner with lenders who offer financing with no upfront payment.
The loan is then paid back through the energy savings created by the improvements. The program is administered through the Clean Energy Finance & Investment Authority.
The Bridgeport property at 855 Main Street will use the financing to insulate windows, install new cooling towers, and replace the chillers. The property owners – Forstone Capital and Sinnaker Real Estate Partners – signed with M&T Bank for the financing.
The improvements are expected to save $250,000 annually.
