Due to the extremely high cost of electricity from utilities, Connecticut began investing in solar energy. Utilities cost on average eighteen cents per kilowatt hour making it easy for a solar installation to quickly pay for itself through savings. This led to the start of the Connecticut Residential Solar Investment Program through Connecticut Green Bank.
Incentives Through the Residential Solar Investment Program
Connecticut broke down the incentives for the Residential Solar Investment Program into two distinct categories. These categories vary depending on if you intend to purchase your solar installation or lease the solar installation. Either way, they offer you significant savings.
Purchasing a Solar System
If you intend on purchasing a solar system, the Residential Solar Investment Program offers an incentives based on the wattage of your system. The incentive is .463 cents per watt.
For a 10 kW system, Connecticut Green Bank provides $0.426 per watt. This incentive is capped at 10 kW. So, if your system is a 10 kW system Connecticut Green Bank offsets your costs by $4,260 This incentive works for solar loan programs as well, because in this scenario, you will also be the system owner.
Leasing a Solar System
Connecticut Green Bank offers performance based incentives for any leased solar system allowing you to add solar to your house with little to no upfront costs. They provide payment to the owner of the solar panels at your house based on how much electricity your solar system generates over the course of six years. Their incentives work for any power generated under twenty kilowatts per year and pay at a rate of $0.035 per watt generated. This allows you to lease a solar system with minimal monthly payments that almost always become completely offset from the cost reduction of your electric bill. You can qualify for these incentives so long as you use an eligible third party provider of your leased solar system.
Who’s Eligible for the Connecticut Residential Solar Investment Program?
Any owner-occupied residential property in the Eversource or UI service territories is eligible for the Residential Solar Investment Program. The only other requirement is your house must offer a good location for a solar installation. CT Green Bank qualifies a good location for a solar installation as:
· South, southeast, or southwest facing roof
· 35 to 50 degree roof tilt
· Minimal obstruction of the sun from trees or any other objects
· Enough roof space for a solar installation
· Lack of roof damage
· You must have full ownership of the property
There has never been a better time to install a solar system for your household than now with the Connecticut Residential Solar Investment Program.