The Connecticut Clean Energy Finance & Investment Authority on Monday created a $60 million residential solar lease program to give homeowners more options in choosing clean energy installers.
The program, called CT Solar Lease II, leverages $9.5 million in CEFIA money for $50 million in private capital to help homeowners finance clean energy installations and drive down the upfront and overall costs of the systems. Participating private lenders include U.S. Bank, First Niagara, Webster Bank, Liberty Bank, and Peoples United Bank.
Previously, Connecticut homeowners could pick from only a handful of solar installers if they wanted to do a power-purchase agreement, where the homeowner pays little or no upfront costs and agrees to buy the electricity from the system still owned by the installer. The new financing program enables homeowners to use almost any eligible installer in the state.
CT Solar Lease II is expected to support 1,500 residential solar electric system, 400 residential solar hot water systems, and 40 commercial systems over a two-year period. The program should result in the deployment of 14 megawatts of electricity.