At a special meeting Dec. 20, the Board of Selectmen voted to sign a resolution to have the town take part in the Commercial Property Assessed Clean Energy (C-PACE) program.
The program is a way for a municipality to help make money accessible to businesses who want to invest in green energy, renewable energy, or energy saving upgrades to their buildings.
C-PACE provides funding for the repairs with no upfront costs to either the businesses or the municipalities. The funds are given by C-PACE through a loan. When a company secures funding the money is paid back through a tax lien, which is placed on the company. The town receives a fee for collecting the loan payments.
First Selectman Gerard Smith said he was wary of this program at first, but after hearing from other towns that have entered into it, he was for the idea.
“I didn’t want to jump into it to quick, but after hearing what I’ve heard, I think it’s a good thing,” Smith said.
Smith said that the government and the banks were on board with the program, and that all that remained was for the selectmen to give their approval.
“At this point all we need to do is adopt a resolution allowing the town to enter into an agreement to go ahead and facilitate that funding source,” Smith said.
Smith explained that, ultimately, the program is a way to help the businesses in town grow and prosper.
“I would say it’s another vehicle to advance progress for our municipality,” Smith said.
For more information, visit www.ctcleanenergy.com.