Thanks to the extensive incentives and programs available to you in Connecticut, you can install a solar system for your house for zero dollars down through multiple loan programs. These programs offer low cost financing with minimal to no upfront costs so you can get away from the pricey CT utilities.
The options for you to receive zero dollar down financing through programs in Connecticut include the solar loan through Sungage Financial, Mosaic and Sunnova – all offered through Green Power Energy.
Solar loans are Green Power Energy’s most popular solar finance program in CT.
With a solar loan you will also get the State rebate. This rebate will get sent to the installer who will then submit the payment to you. As we have explained in other articles, the CT rebate is worth .463 per watt and is likely to expire before Summer 2020, so act soon. With this rebate and the 26% solar tax credit, the pay back in year one can be quite substantial!
Let’s take a 10 kW residential Connecticut solar system for example. Let’s say the cost of the job is $30,000 or $3.00/watt. This may be a low price, but good for this example. In this case, you would get 26% back from the federal government in year 1. For the $30,000 solar array that would be $7,800. Then the rebate of .463 per watt. For the 10 kW system that would be $4,630. So the combined eligible incentive for year 1 would be $12,430. That’s 41.4% back in year 1 alone!
With the solar loan, you can keep these rebates for yourself and make payments off the $30,000 while having an eliminated or greatly reduced electric bill, or you can put it towards the loan principal and most likely be cash flow positive on your zero down solar loan. Since CT has such a high utility rate, this is attractive.
The loan terms are flexible and there is generally not a prepayment penalty. The CT solar loans from Green Power Energy can be 5, 10, 15, 20, or even sometimes 25 years.
Since the system will be a viable energy producer for over 20 years, the 20 + year loan can be a great solution. With the solar tax credit, CT rebate, and energy savings, you can have a low fixed solar payment rather than a growing electric payment for your time in the home. CT residents need to look into solar now rather than later since the CT rebate is set to expire soon. A resident of the state with the highest utility rates should certainly at least see if solar is a possibility for their home or business.