Inflation Reduction Act will help create a national green bank — that looks a lot like Connecticut's
U.S. Senator Chris Murphy (D-CT) joined a roundtable discussion on ways to manage rising energy prices through a national green bank created by the Inflation Reduction Act, which passed this summer.
Connecticut established a green bank in 2011 to help save homeowners money on their energy bills, but also to make renewable energy more available to residents. This would also help reduce the state’s reliance on fossil fuels that contribute to climate change.
Murphy said the Hartford-based Connecticut Green Bank serves as a model for the rest of the country on cost-saving efforts.
“They’ve spent about $3 million to get $2 billion of private investment in this state," Murphy said, referring to the program's progress over the past decade. " We’re a leader in renewable energy investment in Connecticut. We have more options for homeowners and for business owners to convert to renewable energy.”
Brian Farnen, chief legal officer for the Connecticut Green Bank, said the program has bipartisan support.
“We have really high energy prices in Connecticut," Farnen said. "This is a bipartisan approach. Both Republicans and Democrats in Connecticut have gotten on board with this green bank approach, which is amazing.”
Farnen also said the bank will help build a clean air economy in the state through federal grant and rebate programs.