The Connecticut Green Bank said it’s extending the deadline for a fledgling program meant to provide supplemental funds to recipients of C-PACE financing.
The Energy on the Line program, launched in April, will now accept applications through Nov. 4, the quasi-public Green Bank said this week. The original deadline was Sept. 16.
The Green Bank said nearly 60 Connecticut manufacturers have expressed interest in Energy on the Line, prompting the extension of the deadline.
However, the Green Bank has only announced one recipient of the program so far. Brookfield’s Defeo Manufacturing is using the money, including financing from Green Bank partner Greenworks Lending, for a rooftop solar array, officials said in August.
A spokeswoman for the Green Bank said Thursday that it has approved five applications, which are now in the technical review and financial underwriting phases. It’s possible some may not receive funding, depending on whether they meet various requirements.
Energy on the Line offers funding of up to $50,000 to manufacturers who attain long-term financing for solar panels and other energy upgrades from the Commercial Assessed Clean Energy Program.
Manufacturers can use the $50,000 for project-related expenses. The Green Bank said the program, backed by $800,000 in state funding from the Department of Economic and Community Development and $8 million in funds from private lenders, can lower borrowing costs and allow for more predictable energy costs.
