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104-812: Green Bank may refer to: Green bank , a financial institution that invests in clean energy Green Bank (Philippines) , rural bank in the Caraga region, Philippines Green Bank (Texas) , commercial bank in Texas Green Bank, Cumbria , place in England Green Bank, New Jersey , an unincorporated community Green Bank, West Virginia , community in Pocahontas County, West Virginia, USA Green Bank Telescope , radio telescope at Green Bank, West Virginia Green Bank equation , result in exobiology GreenBank ,

208-663: A Mohegan-Pequot word for "long tidal river". Before the arrival of the first European settlers, the region was inhabited by various Algonquian tribes. In 1633, the Dutch West India Company established a small, short-lived settlement called House of Hope in Hartford. Half of Connecticut was initially claimed by the Dutch colony New Netherland , which included much of the land between the Connecticut and Delaware Rivers, although

312-526: A commercial bank , green banks provide capital and own debt , necessitating the presence of their own balance sheet . Green banks also concentrate on utilizing their capital to facilitate private entry into the clean energy market, primarily by using limited public funds to leverage private investment in clean energy. Green banks play a crucial role in providing financial support for projects with substantial upfront costs . They assist in bridging investment gaps, particularly during economic downturns. This role

416-591: A lien on the property, with the property owner repaying the financing through PACE assessments included on their property tax bill. This approach reduces the default risk associated with a loan and provides incentives for private investment. Due to the reduced risk, consumers can secure loans with lower interest rates. When the property is sold, the new owners assume responsibility for loan repayment. On-bill financing enables consumers to repay energy upgrade loans through their utility bills. Similar to PACE financing, on-bill repayment provides lenders with security in

520-496: A wholesale clean energy finance lender, distinguishing itself from Connecticut, which operates more as a retail lender. Instead of designing specific financing products and programs, the NYGB relies on the market to discern the financing needs. As of the present, the NYGB has received over $ 1 billion in proposals and maintains an active project pipeline of approximately $ 500 million. The first series of NYGB investments were unveiled in

624-556: A 501(c)(3) not-for-profit organization. NYCEEC specializes in providing loans for various purposes, including energy efficiency, renewable energy, storage, and high-performance building projects in New York City and across the Northeast and Mid-Atlantic regions. The organization caters to a diverse range of real estate sectors, including affordable and market-rate multifamily, commercial, industrial, and institutional. It's worth noting that

728-563: A bank in Greeneville, Tennessee, USA, acquired by North American Financial Holdings See also [ edit ] Ethical banking , a bank concerned with the social and environmental impacts of its investments and loans Greenbank (disambiguation) UK Green Investment Bank , an environmental funding institution of the UK government Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with

832-426: A bank to enter a new market and begin lending, it must hire new staff, gain expertise in the risks and processes of the new market, and establish precise criteria for the types of projects and credit ratings they are willing to support. This process can be time-consuming. To address the barriers to clean energy market development, green banks assist consumers in securing long-term, low-interest loans. Green banks employ

936-609: A battle in Fairfield , the Pequots sued for peace. Connecticut's original Charter in 1662 granted it all the land to the "South Sea"—that is, to the Pacific Ocean. The Hartford Treaty with the Dutch was signed on September 19, 1650, but never ratified by the British, stated the western boundary of Connecticut ran north from Greenwich Bay for a distance of 20 miles (32 km), "provided

1040-481: A board of directors consisting of both government officials and independent directors. The CGB's funding is maintained through a systems benefit charge and revenue generated by Connecticut's participation in the Regional Greenhouse Gas Initiative (RGGI) trading program. Moreover, the bank has the capability to issue its own bonds based on its balance sheet. In its initial four years of existence,

1144-402: A charter from Charles   II which united the settlements of Connecticut. Historically significant colonial settlements included Windsor (1633), Wethersfield (1634), Saybrook (1635), Hartford (1636), New Haven (1638), Fairfield (1639), Guilford (1639), Milford (1639), Stratford (1639), Farmington (1640), Stamford (1641), and New London (1646). The Pequot War marked

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1248-561: A compromise between the Virginia and New Jersey Plans; its bicameral structure for Congress , with a respectively proportional and equal representation of the states in the House of Representatives and Senate , was adopted and remains to this day. In January 1788, Connecticut became the fifth state to ratify the Constitution . Connecticut is a developed and affluent state, performing well on

1352-897: A database of U.S. customs records maintained online by the Mystic Seaport Museum , the largest being the 180-ton Patient Mary launched in New Haven in 1763. Connecticut's first lighthouse was constructed in 1760 at the mouth of the Thames River with the New London Harbor Lighthouse . Connecticut designated four delegates to the Second Continental Congress who signed the Declaration of Independence : Samuel Huntington , Roger Sherman , William Williams , and Oliver Wolcott . Connecticut's legislature authorized

1456-428: A developing market. Since electricity is a necessity, utility bills have a very high repayment rate nationwide. Including loan payments on a utility bill enhances the likelihood of repayment, making it appealing to private investors and facilitating affordable loans for consumers. Additionally, the on-bill structure allows renters to benefit from increased energy efficiency. Furthermore, the simplicity of on-bill financing

1560-449: A diverse range of financing techniques, including credit enhancements, co-investment, and securitization. Green banks frequently employ credit enhancement mechanisms to leverage private investment. Loan loss reserves, overcollateralization, and subordinated debt can help alleviate concerns among private lenders interested in entering the market but apprehensive about the risks associated with developers, counterparties, or technologies with

1664-542: A further expansion of industry, and an emphasis on increasing food production on the farms. Thousands of state, local, and volunteer groups mobilized for the war effort and were coordinated by the Connecticut State Council of Defense. Manufacturers wrestled with manpower shortages; Waterbury's American Brass and Manufacturing Company was running at half capacity, so the federal government agreed to furlough soldiers to work there. In 1919, J. Henry Roraback started

1768-419: A green bank can be a quasi-public instrumentality, such as a wholly-owned non-profit public corporation. The Connecticut Green Bank, for example, operates as a quasi-public entity with a board composed of government officials and independent directors. It can also take the form of an independent non-profit entity administered by the government, either through a contract or by purpose-building an entity to serve as

1872-747: A green bank may engage an external organization to design and carry out these initiatives. Green banks or their partners can consolidate consumer demand for clean energy projects and financing, reducing customer acquisition costs for contractors and providing scale for investors. One effective method for a green bank to aggregate demand is by offering neighborhood-wide group-buying deals. The Connecticut Green Bank and SolarizeCT have successfully implemented this approach across Connecticut. Green banks can organize training programs for contractors, providing local clean energy technology installers, contractors, and developers with insights into various green bank financing options. Contractor training equips contractors with

1976-621: A green bank. The Montgomery County Green Bank, for instance, is a non-profit organization created in compliance with legislation and designated as Montgomery County's green bank through a resolution by the County Council. Green banks are typically initiated with public capital, and this capital can be derived from various sources. The green bank financing model efficiently manages limited supplies of public capital, allowing each dollar to be continually reinvested and utilized for multiple clean energy projects. A state or local government may impose

2080-421: A less established track record in their respective jurisdictions. Credit enhancements also serve to reduce the cost of capital for borrowers and improve debt ratings from credit agencies. At times, green banks directly invest in clean energy projects to facilitate additional private investment or enhance the financial terms established by private lenders. Securitizing clean energy loans significantly enhances

2184-600: A major fire. Heavy rainfall caused the Connecticut River to flood downtown Hartford and East Hartford. An estimated 50,000 trees fell onto roadways. The advent of lend-lease in support of Britain helped lift Connecticut from the Great Depression, with the state a major production center for weaponry and supplies used in World War   II . Connecticut manufactured 4.1% of total U.S. military armaments produced during

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2288-550: A major role in supplying the Union forces with weapons and supplies during the Civil War . The state furnished 55,000 men, formed into thirty full regiments of infantry, including two in the U.S. Colored Troops , with several Connecticut men becoming generals. The Navy attracted 250 officers and 2,100 men, and Glastonbury native Gideon Welles was Secretary of the Navy. James H. Ward of Hartford

2392-496: A majority of the loans extended by NYCEEC are situated in, or contribute to, low-and-moderate-income (LMI) communities. Furthermore, NYCEEC holds the role of administrator for the NYC Commercial Property Assessed Clean Energy (NYC C-PACE) Program, which was launched in 2021. 2 As of June 2023, NYCEEC has mobilized over $ 430 million in capital for energy efficiency and clean energy projects, resulting in

2496-455: A modest surcharge on energy bills within its jurisdiction and mandate that the funds raised through this charge be allocated to a green bank. Alternatively, the government may reallocate an existing surcharge and direct the revenue to a green bank. This surcharge serves as a recurring source of capital for green banks, with funds replenished annually. The Connecticut Green Bank and New York Green Bank, for example, receive part of their capital from

2600-412: A particular focus on serving low- and moderate-income (LMI) and underbanked communities. By July 2022, SELF had expanded its operations to encompass four states, including Florida, Georgia, Alabama, and South Carolina. Additionally, SELF introduced new satellite programs in cities such as St. Petersburg, Tampa, Orlando, Miami, and Atlanta. The Connecticut Green Bank (CGB) was established in 2011 and holds

2704-530: A pivotal role in co-investing or providing initial capital for green banks. Additionally, CDFIs can offer valuable technical expertise in specific areas related to green bank activities. As an example, they are the main recipients of the $ 6 billion Clean Communities Investment Accelerator (see below). Green banks can also tap into various federal sources within the United States to secure funding and support for their clean energy initiatives: Founded in 2010, SELF

2808-466: A portion of the green bank's debt in the secondary market. Green banks can also incorporate credit enhancement measures, such as overcollateralization or loan loss reserves, to reduce creditors' exposure to default risk and secure improved ratings from credit agencies. Securitization enhances market liquidity for clean energy project financing, ultimately leading to a decrease in the cost of capital for borrowers. The Connecticut Green Bank executed one of

2912-613: A pro-slavery position and included many Copperheads willing to let the South secede. The intensely fought 1863 election for governor was narrowly won by the Republicans. Connecticut's extensive industry, dense population, flat terrain, and wealth encouraged the construction of railroads starting in 1839. By 1840, 102 miles (164 km) of line were in operation, growing to 402 miles (647 km) in 1850 and 601 miles (967 km) in 1860. The New York, New Haven and Hartford Railroad , called

3016-428: A systems benefit charge. Green banks can also raise capital through the issuance of bonds. Public sector bonds offer the advantage of being tax-exempt, enabling governments and other public authorities to access capital at relatively low interest rates for bondholders. The bonding authority of a green bank provides debt investors with a secure stream of payments from an institution with a low risk of default. In return,

3120-766: A unique status as a Community Development Financial Institution (CDFI) certified by the U.S. Treasury Department. Moreover, SELF is associated with the Opportunity Finance Network (OFN) and stands as one of the pioneering GREEN CDFIs in the nation. In its pursuit of low-cost loan capital, SELF collaborates with an array of partners, including bank Community Reinvestment Act (CRA) investors, faith-based organizations, crowdfunding platforms such as KIVA.org and CNote, health organizations, Program-Related Investments (PRIs), and impact investors. SELF's commitment revolves around providing accessible and affordable capital for energy efficiency, resilience, and solar technologies, with

3224-707: Is aligned with the concept that public financing can effectively address structural barriers associated with high capital expenses. Green banks play a critical role in mitigating risks associated with low-carbon projects, rendering them more appealing to private investors. Different green banks employ various de-risking mechanisms, such as concessional finance or guarantees , to achieve this. De-risking not only reduces financing costs but also encourages private investment in more challenging projects. Green banks fulfill an educational role, both internally and externally. They cultivate in-house expertise to accurately assess risks and standardize de-risking mechanisms. This knowledge

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3328-478: Is appealing—tenants pay for the goods they consume, which makes sense logically. In some instances, the mere availability of clean energy financing products is insufficient to stimulate the desired level of clean energy finance activity. Various non-financial market development activities become necessary. A green bank might plan and execute a range of market development activities to nurture the clean energy market. These activities may not directly involve lending, and

3432-507: Is located in New London by the Thames River . The state is also associated with the aerospace industry through major companies Pratt & Whitney and Sikorsky Aircraft headquartered in East Hartford and Stratford , respectively. Historically a manufacturing center for arms, hardware, and timepieces, Connecticut, as with the rest of the region, had transitioned into an economy based on

3536-502: Is shared within the industry, aiding investors in risk assessment and assisting developers in due diligence , thereby making projects more attractive to potential investors . Green banks co-finance projects and build a reputation for expertise. When they choose to invest in a project, it serves as a signal of trustworthiness to other investors. This signaling role attracts additional funding from previously uninterested investors and may even lead to oversubscription and crowding-out of

3640-406: The "Long Island Express" passed just west of New Haven and devastated the Connecticut shoreline between Old Saybrook and Stonington from the full force of wind and waves, even though they had partial protection by Long Island. The hurricane caused extensive damage to infrastructure, homes, and businesses. In New London, a 500-foot (150 m) sailing ship was driven into a warehouse complex, causing

3744-614: The 29th most populous with slightly more than 3.6 million residents as of 2020 , ranking it fourth among the most densely populated U.S. states . The state is named after the Connecticut River , the longest in New England, which roughly bisects the state and drains into the Long Island Sound between the towns of Old Saybrook and Old Lyme . The name of the river is in turn derived from anglicized spellings of Quinnetuket ,

3848-613: The Connecticut Light & Power Co. which became the state's dominant electric utility. In 1925, Frederick Rentschler spurred the creation of Pratt & Whitney in Hartford to develop engines for aircraft; the company became an important military supplier in World War   II and one of the three major manufacturers of jet engines in the world. On September 21, 1938, the most destructive storm in New England history struck eastern Connecticut, killing hundreds of people. The eye of

3952-660: The Hudson River Valley. Some of the men were veterans of the winter encampment at Valley Forge , Pennsylvania , the previous winter. Soldiers at the Redding camp endured supply shortages, cold temperatures, and significant snow, with some historians dubbing the encampment "Connecticut's Valley Forge". The state was also the launching site for a number of raids against Long Island orchestrated by Samuel Holden Parsons and Benjamin Tallmadge , and provided soldiers and material for

4056-619: The Human Development Index and on different metrics of income except for equality . It is home to a number of prestigious educational institutions, including Yale University in New Haven , as well as other liberal arts colleges and private boarding schools in and around the " Knowledge Corridor ". Due to its geography, Connecticut has maintained a strong maritime tradition; the United States Coast Guard Academy

4160-441: The New Haven or "The Consolidated", became the dominant Connecticut railroad company after 1872. J. P. Morgan began financing the major New England railroads in the 1890s, dividing territory so that they would not compete. The New Haven purchased 50 smaller companies, including steamship lines, and built a network of light rails (electrified trolleys) that provided inter-urban transportation for all of southern New England. By 1912,

4264-589: The Susquehanna River and Delaware River named Westmoreland County . This resulted in the brief Pennamite-Yankee Wars with Pennsylvania . Yale College was established in 1701, providing Connecticut with an important institution to educate clergy and civil leaders. The Congregational church dominated religious life in the colony and, by extension, town affairs in many parts. With more than 600 miles (970 km) of coastline including along its navigable rivers, Connecticut developed during its colonial years

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4368-495: The U.S. Revenue Cutter Service that would evolve into the U.S. Coast Guard, President Washington assigned Jonathan Maltbie as one of seven masters to enforce customs regulations, with Maltbie monitoring the southern New England coast with a 48-foot cutter sloop named Argus . In 1786, Connecticut ceded territory to the U.S. government that became part of the Northwest Territory . The state retained land extending across

4472-455: The United States , green banks have been established at the federal, state, and local levels. The United Kingdom , Australia , Japan , New Zealand , and Malaysia have all established national banks dedicated to leveraging private investment in clean energy technologies. Collectively, green banks around the world have facilitated approximately $ 30 billion in clean energy investment. In

4576-609: The 1636 murder of an English privateer and his crew, followed by the murder of a trader, colonists raided a Pequot village on Block Island . The Pequots laid siege to Saybrook Colony's garrison that autumn, then raided Wethersfield in the spring of 1637. Organizing a band of militia and allies from the Mohegan and Narragansett tribes, colonists declared war and attacked a Pequot village on the Mystic River . Death toll estimates range between 300-700 Pequots. After suffering another major loss at

4680-607: The 19th century. During the war, the British launched raids in Stonington and Essex and blockaded vessels in the Thames River. Derby native Isaac Hull became Connecticut's best-known naval figure to win renown during the conflict, as captain of the USS ; Constitution . The British blockade during the War of 1812 hurt exports and bolstered the influence of Federalists who opposed

4784-541: The 19th century. In 1875, the first telephone exchange in the world was established in New Haven. When World War I broke out in 1914, Connecticut became a major supplier of weaponry to the U.S. military; by 1918, 80% of the state's industries were producing goods for the war effort. Remington Arms in Bridgeport produced half the small-arms cartridges used by the U.S. Army, with other major suppliers including Winchester in New Haven and Colt in Hartford. Connecticut

4888-547: The British got word of Continental Army supplies in Danbury , and they landed an expeditionary force of some 2,000 troops in Westport . This force then marched to Danbury and destroyed homes and much of the depot. Continental Army troops and militia led by General David Wooster and General Benedict Arnold engaged them on their return march at Ridgefield in 1777. For the winter of 1778–79, General George Washington decided to split

4992-485: The CGB succeeded in stimulating $ 663.2 million in investments for clean energy projects, with three-fourths of these funds originating from the private sector. Notably, this increase in clean energy investment was concurrent with a significant decrease in taxpayer-funded clean energy grants. In essence, the CGB bolstered clean energy investment while alleviating the financial burden on taxpayers. Governor Andrew Cuomo established

5096-717: The Connecticut Colony in 1639, which is considered by some to be the first written constitution in Western history. As one of the Thirteen Colonies that rejected British rule during the American Revolution , Connecticut was influential in the development of the federal government of the United States . In 1787, Roger Sherman and Oliver Ellsworth , state delegates to the Constitutional Convention , proposed

5200-447: The Connecticut region dates to as far back as 10,000 years ago. Stone tools were used for hunting, fishing, and woodworking. Semi-nomadic in lifestyle, these peoples moved seasonally to take advantage of various resources in the area. They shared languages based on Algonquian . The Connecticut region was inhabited by multiple Native American tribes which can be grouped into the Nipmuc ,

5304-492: The Continental Army into three divisions encircling New York City , where British General Sir Henry Clinton had taken up winter quarters. Major General Israel Putnam chose Redding as the winter encampment quarters for some 3,000 regulars and militia under his command. The Redding encampment allowed Putnam's soldiers to guard the replenished supply depot in Danbury and to support any operations along Long Island Sound and

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5408-514: The New Haven operated over 2,000 miles (3,200 km) of track with 120,000 employees. As steam-powered passenger ships proliferated after the Civil War, Noank would produce the two largest built in Connecticut during the 19th century, with the 332-foot wooden steam paddle wheeler Rhode Island launched in 1882, and the 345-foot paddle wheeler Connecticut seven years later. Connecticut shipyards would launch more than 165 steam-powered vessels in

5512-598: The Pacific and Indian oceans. The first half of the 19th century saw as well a rapid rise in whaling, with New London emerging as one of the New England industry's three biggest home ports after Nantucket and New Bedford . The state was known for its political conservatism, typified by its Federalist party and the Yale College of Timothy Dwight . The foremost intellectuals were Dwight and Noah Webster , who compiled his great dictionary in New Haven. Religious tensions polarized

5616-470: The RECs generated by a particular clean energy project. Upon obtaining possession of the RECs through the financing agreement, a green bank can subsequently sell them to utilities. This activity allows green banks to offer more favorable financing terms, while utilities can access RECs in substantial quantities, potentially at prices below the market rate. This reduces their compliance costs and enables them to pass on

5720-866: The Regional Greenhouse Gas Initiative (RGGI). A government can allocate funds to a green bank as a part of its routine budget and appropriations process. In some cases, underused or dormant investment funds may be re-allocated to support a green bank, putting these funds to work in furthering clean energy initiatives. Pension funds can invest in deals or portfolios of deals originated by green banks, providing an opportunity for them to participate in green energy financing while potentially earning returns on their investments. Foundations can offer grants to green banks for covering startup costs, or they can make program-related investments in green banks that align with their mission, potentially earning returns on their investments while supporting clean energy initiatives. Community development financial institutions (CDFIs) can play

5824-759: The Sequin or "River Indians" (which included the Tunxis , Schaghticoke , Podunk , Wangunk , Hammonasset , and Quinnipiac ), the Mattabesec or "Wappinger Confederacy" and the Pequot-Mohegan . Some of these groups still reside in Connecticut, including the Mohegans , the Pequots , and the Paugusetts . Dutchman Adriaen Block was the first European explorer in Connecticut. He explored

5928-467: The Thames River which eventually drew the reprisal from the British force led by Arnold. Connecticut ratified the U.S. Constitution on January 9, 1788, becoming the fifth state. The state prospered during the era following the American Revolution, as mills and textile factories were built and seaports flourished from trade and fisheries. After Congress established in 1790 the predecessor to

6032-758: The U.S. Senate from 1952 to 1963; his son George H. W. Bush and grandson George W. Bush both became presidents of the United States. In 1965, Connecticut ratified its current constitution , replacing the document that had served since 1818. In 1968, commercial operation began for the Connecticut Yankee Nuclear Power Plant in Haddam ; in 1970, the Millstone Nuclear Power Station began operations in Waterford . In 1974, Connecticut elected Democratic Governor Ella T. Grasso , who became

6136-532: The United States, the green bank concept was originally developed by Reed Hundt and Ken Berlin as part of the 2008 Obama-Biden Transition Team 's efforts to facilitate clean energy development. A similar concept was incorporated as an amendment to the federal cap and trade bill, known as the American Clean Energy and Security Act , introduced in May 2009. A companion piece of federal green financing legislation

6240-525: The antecedents of a maritime tradition that would later produce booms in shipbuilding, marine transport, naval support, seafood production, and leisure boating. Historical records list the Tryall as the first vessel built in Connecticut Colony, in 1649 at a site on the Connecticut River in present-day Wethersfield. In the two decades leading up to 1776 and the American Revolution, Connecticut boatyards launched about 100 sloops , schooners and brigs according to

6344-501: The appeal of lending for private investors. Individual clean energy projects, which exhibit variations in credit quality, location, and technology, can pose a substantial underwriting cost for a bank and may not achieve the desired investment scale. Bundling these loans into portfolios and selling them (or shares of them) disperses risk and creates scale, attracting a broader spectrum of private investors. A green bank can create and securitize loan portfolios, enabling investors to acquire

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6448-530: The autumn of 2015. The NYGB utilized $ 49 million of public capital to leverage $ 178 million in private capital, achieving a leverage ratio greater than 3:1. NYCEEC was established in 2010, marking one of the earliest green banks in the United States. Initially, NYCEEC came into existence through the efforts of the New York City government, with funding provided by the American Recovery and Reinvestment Act of 2009. In May 2011, NYCEEC commenced its operations as

6552-759: The costs of clean energy technology. Historically, the clean energy sector has relied on taxpayer-funded grants , rebates , tax credits , and other subsidies to drive market development. Ideally, private lenders would offer financing to building owners to cover the upfront costs of adopting clean energy technologies (beyond what is covered by rebates). However, there are capital market inefficiencies and inherent challenges in financing clean energy that have resulted in insufficient investment by private lenders. While some private lenders do provide financing for clean energy projects, they typically impose relatively high interest rates and offer short loan tenors. These terms make clean energy project financing unattractive from

6656-530: The creation of a state-backed infrastructure bank to provide financing for green projects. The first report, titled "Accelerating Green Infrastructure Financing: Outline Proposals for UK Green Bonds and Infrastructure Bank," was published in March 2009 by Climate Change Capital and E3G. The second report, titled "Delivering a 21st Century Infrastructure for Britain," was published by Policy Exchange in September 2009 and

6760-478: The distinction of being the first green bank in the United States. It has emerged as the most advanced green bank in the nation in terms of deal volume. The transformation occurred when Connecticut's legislature converted the Connecticut Clean Energy Fund, initially focused on granting clean energy investment, into a deployment financing entity. The CGB operates as a quasi-public institution, featuring

6864-499: The economic viability of potential projects for customers or project developers. A shortage of private financing exists for several reasons. One reason is the relatively short track record for clean energy financing, resulting in limited data for lenders to rely on. Without data and an observable pipeline of similar projects, banks face a high level of uncertainty regarding the performance of various project types and borrower repayment patterns. This uncertainty leads to hesitancy to enter

6968-447: The end-user's perspective. To be appealing to end-users, financing terms should result in monthly cash flow from clean energy projects that exceeds the monthly payments for the cost of financing. Such a cash flow structure is only feasible with loan terms that match the expected lifetime of the project's savings and interest rates that align with the associated risks. Therefore, private capital, if available at unfavorable terms, undermines

7072-555: The enhancement of more than 430 buildings and the promotion of green practices in over 15,000 affordable housing units. Connecticut Connecticut ( / k ə ˈ n ɛ t ɪ k ə t / kə- NET -ik-ət ) is a state in the New England region of the Northeastern United States . It borders Rhode Island to the east, Massachusetts to the north, New York to the west, and Long Island Sound to

7176-478: The federal government, which brought it to its present boundaries (other than minor adjustments with Massachusetts). For the first time in 1800, Connecticut shipwrights launched more than 100 vessels in a single year. Over the following decade to the doorstep of renewed hostilities with Britain that sparked the War of 1812, Connecticut boatyards constructed close to 1,000 vessels, the most productive stretch of any decade in

7280-589: The financial, insurance, and real estate sectors; many multinational firms providing such services can be found concentrated in the state capital of Hartford and along the Gold Coast in Fairfield County . The name Connecticut is derived from the Mohegan-Pequot word that has been translated as "long tidal river" and "upon the long river", both referring to the Connecticut River . Evidence of human presence in

7384-466: The first constitutional document in America. The Quinnipiack Colony was established by John Davenport , Theophilus Eaton , and others at New Haven in March 1638. The New Haven Colony had its own constitution called "The Fundamental Agreement of the New Haven Colony", signed on June 4, 1639. Each settlement was an independent political entity, established without official sanction of the English Crown. In 1662, Winthrop traveled to England and obtained

7488-784: The first major settlements were established by the English around the same time. Thomas Hooker led a band of followers from the Massachusetts Bay Colony to form the Connecticut Colony , while other settlers from Massachusetts founded the Saybrook Colony and the New Haven Colony ; both merged into the former by 1664. Connecticut's official nickname, the "Constitution State", refers to the Fundamental Orders adopted by

7592-570: The first practical helicopter . The helicopter saw limited use in World War II, but future military production made Sikorsky Aircraft 's Stratford plant Connecticut's largest single manufacturing site by the start of the 21st century. Connecticut lost some wartime factories following the end of hostilities, but the state shared in a general post-war expansion that included the construction of highways and resulting in middle-class growth in suburban areas. Prescott Bush represented Connecticut in

7696-538: The first significant clash between colonists and Native Americans in New England. The Pequot had been aggressively extending their area of control at the expense of the Wampanoag to the north, Narragansett (east), Connecticut River Valley Algonquian tribes and the Mohegan (west), and Lenape Algonquian people (south). Meanwhile, the Pequot had been reacting with increasing aggression to colonial territorial expansion. In response to

7800-553: The first state green bank in 2011, followed by New York in 2013. By the end of fiscal year 2015, the Connecticut Green Bank had supported $ 663 million in project investments. In 2022, Congress passed the Inflation Reduction Act , which established a national green bank intended to fund the existing and future network of green banks in the United States. In the UK in 2009, two reports were published advocating

7904-594: The first time that a major party presidential ticket included someone of the Jewish faith. Gore and Lieberman fell five votes short of George W. Bush and Dick Cheney in the Electoral College. In the terrorist attacks of September 11, 2001 , 65 state residents were killed, mostly Fairfield County residents who were working in the World Trade Center . In 2004, Republican Governor John G. Rowland resigned during

8008-471: The first woman in any state to be elected governor without being the wife or widow of a previous governor. Connecticut's dependence on the defense industry posed an economic challenge at the end of the Cold War . The resulting budget crisis helped elect Lowell Weicker as governor on a third-party ticket in 1990. Weicker's remedy was a state income tax which proved effective in balancing the budget, but only for

8112-518: The following year. John Winthrop the Younger of Massachusetts received a commission to create Saybrook Colony at the mouth of the Connecticut River in 1635. A large group of Puritans arrived in 1636 from Massachusetts Bay Colony , led by Thomas Hooker , who established the Connecticut Colony at Hartford. The Fundamental Orders of Connecticut were adopted in January 1639, and have been described as

8216-566: The gap between the supply and demand for capital in clean energy projects. Green banks can take various forms. They may be newly established entities or repurposed from existing ones. A green bank can be a direct part of the government, functioning as a division of an existing agency. For instance, the New York Green Bank is a division of the New York State Energy Research and Development Authority (NYSERDA). Alternatively,

8320-448: The government. Green banks prioritize commercially viable technologies rather than early-stage innovative technologies. This focus is due to the tested nature of these technologies, reduced associated "technology risk," and their ability to reliably generate revenue for project owners. Green banks typically operate as public-purpose entities with some form of government relationship and are usually capitalized with public funds. Similar to

8424-449: The green bank gains capital that can be promptly invested in clean energy projects. Green banks can also secure partial capitalization from revenues generated by various carbon pricing policies, such as carbon taxes, fees, and cap-and-trade systems. For instance, both the New York Green Bank (NYGB) and the Connecticut Green Bank (CGB) receive partial capitalization from the revenue generated by their respective states through initiatives like

8528-427: The green bank itself. Green banks often assume the risk of being the first to invest in innovative or novel projects. By doing so, they demonstrate that these projects can succeed, establishing a track record that encourages private investment in future similar projects, thereby fostering innovation. For consumers, the high upfront costs often render clean energy technology unattractive to adopt, despite declines in

8632-547: The initial securitization deals, selling 75% of its $ 40 million PACE portfolio to Clean Fund, a specialty finance company. Green banks' innovative financing techniques are more effective when they can operate through robust delivery mechanisms. These structures enhance the security of debt service payments and enable lenders to offer lower interest rates for clean energy financing. Property Assessed Clean Energy (PACE) financing allows consumers to repay energy upgrade loans through their property taxes . This process involves placing

8736-544: The knowledge of green bank financing products, enabling them to use this information as a valuable sales tool, thereby increasing the scale and volume of the projects they undertake. Ensuring that contractors have a comprehensive understanding of green bank financing is a crucial way to convey this information to the end-users of the financing—building owners. Innovative approaches to renewable energy credit (REC) financing have also enabled green banks to lower energy costs for consumers. Green banks can agree to acquire and monetize

8840-432: The largest Green Bank in the nation, NY Green Bank (NYGB), and endowed it with capital sourced from re-purposed ratepayer surcharges and revenues generated by the issuance of emissions permits. The New York State Energy Research and Development Authority (NYSERDA) devised a 5-year capitalization structure involving multiple infusions of capital amounting to $ 1 billion. The NYGB is now a fully staffed entity and functions as

8944-681: The lender's perspective. A third reason for the financing gap is the lack of liquidity and maturity in the capital market. When a commercial bank provides an energy efficiency loan, it is uncertain whether the bank will be able to sell that loan to another lender or if it will have to retain the loan on its balance sheet. Unlike mortgage and auto lenders, who benefit from highly liquid secondary markets for home and car loans that help keep interest rates low, these types of secondary markets are only just beginning to develop for clean energy technologies. The final factor contributing to private underinvestment relates to human and organizational behavior. For

9048-559: The market, increased due diligence costs, and/or unfavorable lending terms. Another reason for the financing gap is that many clean energy projects are small and distributed. Investments in building efficiency upgrades and rooftop solar projects are inherently small and geographically dispersed, with varying levels of creditworthiness among the parties involved. The heterogeneity of clean energy projects makes it more expensive for private lenders to underwrite them at scale, potentially rendering loans for clean energy projects uneconomical from

9152-617: The northern part of present-day Ohio called the Connecticut Western Reserve . The Western Reserve section was settled largely by people from Connecticut, and they brought Connecticut place names to Ohio. Connecticut made agreements with Pennsylvania and New York which extinguished the land claims within those states' boundaries and created the Connecticut Panhandle . The state then ceded the Western Reserve in 1800 to

9256-649: The outfitting of six new regiments in 1775, in the wake of the clashes between British regulars and Massachusetts militia at Lexington and Concord. There were some 1,200 Connecticut troops on hand at the Battle of Bunker Hill in June 1775. In 1775, David Bushnell invented the Turtle which the following year launched the first submarine attack in history, unsuccessfully against a British warship at anchor in New York Harbor. In 1777,

9360-506: The region in 1614. Dutch fur traders then sailed up the Connecticut River , calling it Versche Rivier ("Fresh River") and building a fort at Dutch Point in Hartford, which they named "House of Hope" ( Dutch : Huis van Hoop ). The Connecticut Colony originally consisted of several smaller settlements in Windsor, Wethersfield, Saybrook, Hartford, and New Haven. The first English settlers came in 1633 and settled at Windsor, then at Wethersfield

9464-467: The said line come not within 10 miles [16 km] of Hudson River". This agreement was observed by both sides until war erupted between England and The Netherlands in 1652. Conflict continued concerning colonial limits until the Duke of York captured New Netherland in 1664. Most Colonial royal grants were for long east-west strips. Connecticut took its grant seriously and established a ninth county between

9568-436: The savings to their ratepayers. Green banks also function as intermediaries between lenders and borrowers. They provide a central clearinghouse for all online data related to energy resources, including information on rebates and financing options. Additionally, they offer technical assistance for investors and project coordination services for contractors. By enhancing transparency and resource accessibility, green banks bridge

9672-562: The short-term. He did not run for a second term, in part because of this politically unpopular move. In 1992, initial construction was completed on Foxwoods Casino at the Mashantucket Pequots reservation in eastern Connecticut, which became the largest casino in the Western Hemisphere. Mohegan Sun followed four years later. In 2000, presidential candidate Al Gore chose Senator Joe Lieberman as his running mate, marking

9776-581: The south. Its capital is Hartford , and its most populous city is Bridgeport . Connecticut lies between the major hubs of New York City and Boston along the Northeast Corridor , where the New York-Newark Combined Statistical Area , which includes four of Connecticut's seven largest cities, extends into the southwestern part of the state. Connecticut is the third-smallest state by area after Rhode Island and Delaware , and

9880-724: The state, as the Congregational Church struggled to maintain traditional viewpoints, in alliance with the Federalists. The failure of the Hartford Convention in 1814 hurt the Federalist cause, with the Democratic-Republican Party gaining control in 1817. Connecticut had been governed under the " Fundamental Orders " since 1639, but the state adopted a new constitution in 1818. Connecticut manufacturers played

9984-490: The title Green Bank . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Green_Bank&oldid=842851558 " Categories : Disambiguation pages Place name disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Green bank In

10088-673: The war effort, especially to Washington's army outside New York City. General William Tryon raided the Connecticut coast in July 1779, focusing on New Haven, Norwalk, and Fairfield. New London and Groton Heights were raided in September 1781 by Benedict Arnold, who had turned traitor to the British. At the outset of the American Revolution, the Continental Congress assigned Nathaniel Shaw Jr. of New London as its naval agent in charge of recruiting privateers to seize British vessels as opportunities presented, with nearly 50 operating out of

10192-427: The war, ranking ninth among the 48 states, with major factories including Colt for firearms, Pratt & Whitney for aircraft engines, Chance Vought for fighter planes, Hamilton Standard for propellers, and Electric Boat for submarines and PT boats. In Bridgeport, General Electric produced a significant new weapon to combat tanks: the bazooka . On May 13, 1940, Igor Sikorsky made an untethered flight of

10296-477: The war. The cessation of imports from Britain stimulated the construction of factories to manufacture textiles and machinery. Connecticut came to be recognized as a major center for manufacturing, due in part to the inventions of Eli Whitney and other early innovators of the Industrial Revolution . The war led to the development of fast clippers that helped extend the reach of New England merchants to

10400-517: Was also an important U.S. Navy supplier, with Electric Boat receiving orders for 85 submarines, Lake Torpedo Boat building more than 20 subs, and the Groton Iron Works building freighters. On June 21, 1916, the Navy made Groton the site for its East Coast submarine base and school. The state enthusiastically supported the American war effort in 1917 and 1918 with large purchases of war bonds,

10504-414: Was authored by Dieter Helm , James Wardlaw, and Ben Caldecott . There are various types and styles of institutions that finance clean energy and green infrastructure projects. However, several key elements distinguish green banks from other financing institutions: a focus on commercially viable technologies, a dedicated source of capital, an emphasis on leveraging private investment, and a connection with

10608-609: Was concurrently introduced in the Senate , where it received broad bipartisan support. When the 2009 cap and trade legislation ultimately failed to pass the Senate, green bank advocates in the US shifted their focus to the state level. The nonprofit Solar and Energy Loan Fund of St. Lucie County, Inc. (SELF) was the first local government green bank established in America in 2010. Connecticut established

10712-472: Was the first U.S. Naval Officer killed in the Civil War. Connecticut casualties included 2,088 killed in combat, 2,801 dying from disease, and 689 dying in Confederate prison camps. A surge of national unity in 1861 brought thousands flocking to the colors from every town and city. However, as the war became a crusade to end slavery, many Democrats (especially Irish Catholics) pulled back. The Democrats took

10816-522: Was the first local green bank in the United States and remains the sole nonprofit green bank within Florida. SELF's inception was made possible through initial funding received from the U.S. Department of Energy's Energy Efficiency and Conservation Block Grant (EECGB) program. This institution plays a pivotal role as one of the founding members of the American Green Bank Consortium, and it holds

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