Connecticut's Clean Energy Finance and Investment Authority (CEFIA) has created a competition for $1 million in low-cost capital for financial innovators that can deliver the most solar photovoltaic electricity to Connecticut homeowners without the use of state subsidies.
The new request for proposals seeks to support a financial strategy that maximizes the amount of new residential rooftop PV systems deployed per dollar of CEFIA investment. This effort is part of the Energize Connecticut initiative, which is intended to help consumers save money and use clean energy.
CEFIA intends to provide a $1 million long-term and low-interest loan to the winning bidder for delivering the greatest amount of solar PV deployment without the use of an expected performance-based buy-down (rebates) or performance-based incentives.
Eligible respondents include solar installation companies and private financial entities. Solar installations performed under this program must be installed by CEFIA-eligible installation companies, the agency notes.
This pilot program is intended to demonstrate how low-cost long-term financing can be an alternative to subsidies. If the pilot is successful, CEFIA staff will propose that additional funds be allocated in fiscal-year 2013 and fiscal-year 2014 to support a full rollout of the capital competition with up to $10 million in loan financing.