New Solar Incentives For CT
Although the solar cash incentives have decreased as of January 1 , the Connecticut Green Bank, formerly known as the Clean Energy Finance and Investment Authority, is coming up with new programs to encourage homeowners to switch to renewable sources of energy. The Green Bank is going for a different model this time, borrowing ideas from utility corporations to finance renewable energy projects. Connecticut currently has Low-Emission Renewable Energy Credit and Zero-Emission Renewable Energy Credit programs. These programs allow United Illuminating and Connecticut Light and Power to bid for electricity produced by renewable energy sources. These programs have been successful thus far, with a total of $155 million in contracts awarded this past year, which was the third year of the program’s existence.
SHREC, or Solar Home Renewable Energy Credits, is the program that the Green bank is proposing, and would basically be a copy of the existing programs but tailored for the residential market. For more information on the program and words from the Green Bank spokesman Mackey Dykes, check out the recent article in the Connecticut Post.
Although the cash incentives are indeed lower, they are still available and have not decreased by much. The state incentive is $0.67 per watt for the first 10kW, and $0.40 per watt over 10kW and under 20kW. There is also still a federal tax credit of 30% of the system after the state incentive, which is guaranteed until 2016. If you’d like to have one of our system designers come out and do a free site survey and discuss all your solar options, click here.