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08/29/2019 12:01 AMThe Connecticut Green Bank and the L.C. Doane Company announces the closing of a financing agreement that will help L.C. Doane expand existing solar systems on its roof. Verogy, a Hartford-based solar developer, will complete the installation.
For more than 70 years, the L.C. Doane company, located at 110 Pond Meadow Road in Ivoryton, has served the United States Navy and Coast Guard supplying commissioned fleets with tough, reliable, MIL-spec shipboard lighting. Since October 2008, L.C. Doane has used solar photovoltaics on its roof to supply electricity to its 150,000 square foot factory. Now, thanks in part to the recent closing of Commercial Property Assessed Clean Energy (C-PACE) financing through the Connecticut Green Bank, L.C. Doane is expanding its solar system to generate more energy to power its machinery. When completed, the new solar systems will add more than 200 kW of capacity.
“As a government subcontractor in the defense industry, it is essential to keep our own lights on,” said Vice President Bill Psillos. “While manufacturing occurs under our roof, the power source is created from above. Our solar panels provide us with clean energy right on-site...As we continue to expand, so does our roof!”
In addition to adding to the existing solar array and installing a larger one, L.C. Doane is also replacing roofing beneath the original panels. The total project costs are $1.46 million with the C-PACE financing covering more than $1.06 million. Through C-PACE financing, the project is paid off over 10 years through a voluntary benefit assessment lien to be repaid along with their property taxes.
L.C. Doane worked with Verogy and the Connecticut Green Bank to arrange the multi-faceted project.
“C-PACE allows companies the flexibility they need to solve their unique energy needs,” said Verogy CEO William Herchel. “We’re glad we were able to help L.C. Doane navigate the options, and find the best possible outcome.”
Project costs are being offset by a $40,000 Energy on the Line Grant, a program funded through the Department of Economic and Community Development Manufacturing Innovation Fund to help manufacturers lower their energy costs.
“It’s great to see a long-time Connecticut manufacturer like the L.C. Doane Company expanding their commitment to generating clean energy,” said Mackey Dykes, vice president of commercial and institutional programs at the Connecticut Green Bank. “C-PACE financing is designed to make projects like this feasible, so companies can benefit from their upgrades immediately and continue to focus on their core business.”
In addition to its subcontracting work with the U.S. military, L.C. Doane supplies commercial lighting applications including healthcare, industrial, correctional, and institutional industries. All L.C. Doane products are designed and manufactured in the U.S.
“L.C. Doane is setting a great example for other businesses in the region, demonstrating how a commitment to sustainability can also allow building owners to reduce energy costs and remain competitive” said Middlesex County Chamber of Commerce Vice-president Jeff Pugliese. “The chamber has been an advocate for making energy efficiency and renewable energy programs more accessible to businesses in the region, and we are excited to see member businesses taking advantage of solar energy and the Green Bank’s C-PACE program.”