542 Westport Avenue Shopping Plaza

Location: 542 WESTPORT AVE, Norwalk, CT
Building Size: 155,000 sq ft
Year Built: Early 1970s
Total Project Cost: $691,584
Utility Incentive: $54,584 and Zero-emissions Renewable Energy Credit (ZREC) from CL&P
C-PACE Financing: $559,952
Term: 14 years
Annual Interest Rate: 4.5%
Annual C-Pace Assessment: $53,511
Annual Energy Cost Savings: $55,440
Lifetime Energy Cost Savings: $794,944
Annual Energy Savings: 741,001 kBTU

A family-owned property dating back to the 1920s, the shopping plaza at 542 Westport Avenue in Norwalk financed $172,000 of a $340,000 lighting upgrade project using the C-PACE program. The environmentally-conscious owners and building management recognized the opportunity to increase operating income and improve the aesthetics of the property while making a clean and green investment. C-PACE allowed the property's owners and management to pursue these improvements without any cost upfront to the owners. As Robert Hartt, managing agent for the property, notes: "you want to do things that create energy savings, but then there is a big out-of-pocket [expense]. The C-PACE program fixes that."