A new program for Connecticut homeowners is promising to explode the installation of home solar systems in the state. Through a program called CT Solar Lease, the state will be providing low interest loans to anyone of “moderate or low” income — anyone who makes less than 150 percent of the median income for their area.
The solar systems will be installed for free, and then the residents will pay a flat rate less than $120 per month for a typical system. CT Solar Lease will continue to own the systems, which allows the organization to take advantage of expanded business tax incentives not available to consumers. Those incentives will help defray the upfront cost of installation. The lease contract for the PV equipment runs for 15 years, after which homeowners have the option of buying the system, extending the lease or having the system removed at their expense.
In addition to offsetting the electric bill, CT Solar Lease offers “solar dividends” which reinvest renewable energy credits earned by each system into a fund to defray future operating costs such as inverter replacements and out of warranty repairs. The program offers a list of over 20 installers that have been approved by the Connecticut Clean Energy Fund and CT Solar Lease.