Free Daily Headlines :

  • COVID-19
  • Vaccine Info
  • Money
  • Politics
  • Education
  • Health
  • Justice
  • More
    • Environment
    • Economic Development
    • Gaming
    • Investigations
    • Social Services
    • TRANSPORTATION
  • Opinion
    • CT Viewpoints
    • CT Artpoints
DONATE
Reflecting Connecticut’s Reality.
    COVID-19
    Vaccine Info
    Money
    Politics
    Education
    Health
    Justice
    More
    Environment
    Economic Development
    Gaming
    Investigations
    Social Services
    TRANSPORTATION
    Opinion
    CT Viewpoints
    CT Artpoints

LET�S GET SOCIAL

Show your love for great stories and out standing journalism
CT VIEWPOINTS -- opinions from around Connecticut

Don’t balance the budget at expense of green energy

  • CT Viewpoints
  • by Todd Renz
  • October 24, 2017
  • View as "Clean Read" "Exit Clean Read"

The state budget is still an open book. It is not hard to see that Connecticut has serious unresolved fiscal challenges, but it is also apparent that our state has fundamental advantages and strong economic development tools at its disposal to promote job creation and infrastructure investment.  One such tool is the Connecticut Green Bank.

A budget proposal recently vetoed by the governor proposed taking roughly half of the Green Bank’s annual funding for the next two years. This would be counterproductive for Connecticut’s economy, job creation and produce unintended results such as less tax dollars flowing to the state’s coffers in the long run due to the decrease in economic activity. On average, for every dollar invested by the Green Bank toward green energy projects, the private sector invests eight dollars. These co-investments help private capital lenders see the value in the green economy we are building in Connecticut. And – because the Green Bank funds projects with loans, not grants – these dollars are returned to the Green Bank so they can be invested again in even more projects.

The O,R&L Construction Group is building a microgrid in Bridgeport. This microgrid will provide power and heat to city hall, the police station, and a local senior center.  In the event of a storm outage, the microgrid will ensure that energy is provided to these critical facilities. The finished project will save the city money over the long-term.

Through the involvement of the Connecticut Green Bank, the project attracted financing from Key Bank which enabled us to put the shovels in the ground and get to work constructing this vitally important resource. The Connecticut Green Bank is one of the most user-friendly government agencies we have ever worked with.

The Green Bank concept of public-private partnerships – started in Connecticut – is so compelling that federal legislation has been introduced to establish a national-level green bank to help finance clean energy infrastructure. The Connecticut Green Bank has helped to create over 13,000 jobs through its investments and is one of the few bright spots for job creation in our state.

The Connecticut Green Bank is growing the local and state tax base and any cuts to its funding would be a mistake. Any banker knows that it takes money to make money, and when a pledge is made to the investment community it sets in motion a whole sequence of actions based on the faith of that pledge. In the construction sector, financing provides us the capital we need to get projects started and moving towards success.

The ability of the state to attract private capital investment hinges on the belief that commitments will be honored. In this respect, using Green Bank funds to balance the state budget would be an unfortunate example of counter-productive public policy and would put the continued success of the Green Bank at risk.

 Todd Renz is president of the O,R&L Construction Group. 

Sign up for CT Mirror's free daily news summary.

Free to Read. Not Free to Produce.

The Connecticut Mirror is a nonprofit newsroom. 90% of our revenue comes from people like you. If you value our reporting please consider making a donation. You'll enjoy reading CT Mirror even more knowing you helped make it happen.

YES, I'LL DONATE TODAY

ABOUT THE AUTHOR

SEE WHAT READERS SAID

RELATED STORIES
One step Connecticut can take to address our maternal mortality crisis
by Myechia Minter-Jordan, MD

Uncertainty. Fear. Worry. These are just a few of the thoughts and emotions that run through the minds of almost every expecting parent. And for many expecting Black parents, those feelings can be more acute. That’s because for far too many, having a child is a life and death struggle.

Connecticut lawmakers on aid in dying: two decades of delay, deferral, obstruction
by Paul Bluestein, MD

Very soon, members of the Connecticut House and Senate will be voting on HB6425, - the Medical Aid in Dying bill. More than 20 years ago, Oregon implemented its Death with Dignity Act. Since then, Washington, Vermont, California, Montana, Colorado, Maine, Washington DC, Hawaii and most recently New Mexico have passed legislation authorizing medical aid in dying for terminally ill adults. But not Connecticut.

The intersection of race, class and gender in America’s childcare system: The class edition
by Georgia Goldburn

When Michelle Obama declared that she wanted to become “Mom in Chief,” she spoke to a sentiment shared by many women, i.e. the desire to […]

A 71-year-old white woman has a request of the police
by Maggie Goodwin

Please officer, begin to look at every traffic stop and nonviolent police intervention as one where you will meet me, a white-haired 71-year-old retired social worker.

A progressive income tax to re-align Connecticut’s moral compass
by Ezra Kaprov

Redistribution of wealth and property is a fundamental and missing pillar of the hope for multi-racial democracy in the United States.

Support Our Work

Show your love for great stories and outstanding journalism.

$
Select One
  • Monthly
  • Yearly
  • Once
Artpoint painter
CT ViewpointsCT Artpoints
Opinion One step Connecticut can take to address our maternal mortality crisis
by Myechia Minter-Jordan, MD

Uncertainty. Fear. Worry. These are just a few of the thoughts and emotions that run through the minds of almost every expecting parent. And for many expecting Black parents, those feelings can be more acute. That’s because for far too many, having a child is a life and death struggle.

Opinion Connecticut lawmakers on aid in dying: two decades of delay, deferral, obstruction
by Paul Bluestein, MD

Very soon, members of the Connecticut House and Senate will be voting on HB6425, - the Medical Aid in Dying bill. More than 20 years ago, Oregon implemented its Death with Dignity Act. Since then, Washington, Vermont, California, Montana, Colorado, Maine, Washington DC, Hawaii and most recently New Mexico have passed legislation authorizing medical aid in dying for terminally ill adults. But not Connecticut.

Opinion The intersection of race, class and gender in America’s childcare system: The class edition
by Georgia Goldburn

When Michelle Obama declared that she wanted to become “Mom in Chief,” she spoke to a sentiment shared by many women, i.e. the desire to […]

Opinion A progressive income tax to re-align Connecticut’s moral compass
by Ezra Kaprov

Redistribution of wealth and property is a fundamental and missing pillar of the hope for multi-racial democracy in the United States.

Artwork Grand guidance
by Anne:Gogh

In a world of systemic oppression aimed towards those of darker skintones – representation matters. We are more than our equity elusive environments, more than […]

Artwork Shea
by Anthony Valentine

Shea is a story about race and social inequalities that plague America. It is a narrative that prompts the question, “Do you know what it’s […]

Artwork The Declaration of Human Rights
by Andres Chaparro

Through my artwork I strive to create an example of ideas that reflect my desire to raise social consciousness, and cultural awareness. Jazz music is […]

Artwork ‘A thing of beauty. Destroy it forever’
by Richard DiCarlo | Derby

During times like these it’s often fun to revisit something familiar and approach things with a different slant. I have been taking some Pop culture […]

Twitter Feed
A Twitter List by CTMirror

Engage

  • Reflections Tickets & Sponsorships
  • Events
  • Donate
  • Newsletter Sign-Up
  • Submit to Viewpoints
  • Submit to ArtPoints
  • Economic Indicator Dashboard
  • Speaking Engagements
  • Commenting Guidelines
  • Legal Notices
  • Contact Us

About

  • About CT Mirror
  • Announcements
  • Board
  • Staff
  • Sponsors and Funders
  • Donors
  • Friends of CT Mirror
  • History
  • Financial
  • Policies
  • Strategic Plan

Opportunity

  • Advertising and Sponsorship
  • Speaking Engagements
  • Use of Photography
  • Work for Us

Go Deeper

  • Steady Habits Podcast
  • Economic Indicator Dashboard
  • Five Things

The Connecticut News Project, Inc. 1049 Asylum Avenue, Hartford, CT 06105. Phone: 860-218-6380

© Copyright 2021, The Connecticut News Project. All Rights Reserved. Website by Web Publisher PRO