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Connecticut establishes Nation's first Green Bank

10 Jun 2011  |   Emma Brown

Tags: Clean Energy, General Political

The monumental Senate bill 1243 passed with overwhelming bipartisan support in the Connecticut legislature Thursday, Stephen Lacey of Think Progress reports. The bill, which establishes the first fully-funded green bank in the United States, is designed to promote economic investment and business development in clean energy and technology. 

The bill’s major components are:

  • Combines the Department of Environmental Protection and the Public Utility Control to create the a new, organization, the Department of Energy and Environmental Protection (DEEP)
  • Establishes the Clean Energy Finance and Investment Authority to authorize private capital for clean energy projects.
  • Improves electricity contracting and procurement procedures to lower rates
  • Orders a study of electric market rules and their effect on higher rates
  • Supports zero-emission and low-emission technologies
  • Establishes a one-stop-shop to proactively reach out to businesses and consult with them on available programs and reducing their energy costs

“We are taking responsibility for Connecticut’s energy future with this legislation,” said Rep. Vickie Nardello, House chair of the legislature’s Energy & Technology Committee and major leading supporter of the legislation. “We are clearly moving to cleaner energy, energy efficiency and renewable energy, and have successfully balanced our energy needs in a way that recognizes the impact on rate payers. We have included goals for lowering rates in all aspects of our planning process.”

The bill is currently under review by Connecticut Governor Dannel Malloy, who is expected to sign it.

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