Connecticut Gov. M. Jodi Rell recently announced the state's Solar Lease Program, whereby the Connecticut Clean Energy Fund (CCEF) provides a combination of rebates and tax credits to lower the cost of leasing solar systems.
Administrator AFC First Financial Corp. has completed the paperwork for what will be the first residential solar lease under the program. The 5.88 kW system, being installed on a home in Simsbury, Conn., by Solar Works Inc., is the first of an anticipated 1,000 residential solar photovoltaic systems to be put in service under the program in the next three years.
Homeowners with qualifying credit and whose household income is less than or equal to 150% of the median income in their area are eligible for the program. This is the first time a ratepayer-funded organization such as the CCEF has partnered with financial institutions to leverage federal tax credits in order to make renewable energy more affordable. CCEF is investing $38.6 million in the program.
CT Solar Leasing LLC will finance the purchase and installation of the systems. By owning these systems, CT Solar Leasing can take advantage of federal business tax incentives presently unavailable to consumers. With the CCEF's Solar PV Rebate Program and the federal tax incentives, there is no need for a down payment.
SOURCE: AFC First Financial
