Make a Smart Investment in Your Home, and in a Clean Energy Future
Install a solar photovoltaic (PV) system and reduce your electricity costs with a proven, reliable, pollution-free technology. It’s now an affordable smart energy choice for Connecticut homeowners. The Connecticut Green Bank provides incentives to offset the cost of your investment.
Buying a solar PV system is an investment in the future. Although buying a PV system may require an upfront payment, it can deliver significant energy cost savings for years to come. A lease option, which requires little or no money down, can be an attractive alternative that could provide immediate savings on your electric bill.
A number of factors determine what a system will cost and how much you can save over time, including the future price of electricity and how long your system operates. Connecticut residents pay an average of 18 cents per kilowatt hour for electricity from utilities. By combining Connecticut incentives, utility net metering credits for the power you generate, federal tax incentives and low-interest financing, you could realize long-term cost savings over the life of your PV system. The more electricity prices climb, the faster you’ll see savings. Consult a tax advisor regarding potential tax savings.
Steps to Take Smart Energy Action
Step 1 -
Before installing your solar PV system, it's important to make your home as energy efficient as possible. Schedule an energy efficiency assessment for your home through the Home Energy Solutions program. Alternatively, you can work with an independent contractor certified by the Building Performance Institute, Inc., a certified energy manager, a certified energy auditor or a professional engineer. Your assessment will identify cost-effective ways to save energy.
Step 2 -
Find an Eligible Contractor. The contractor will review your project with you, provide information about solar systems and assist you with your incentives application. Connecticut Green Bank will pay the incentive directly to the Eligible Contractor, who passes the savings on to you by reducing the total system cost. As with any significant purchase, shop around when considering purchasing a solar system. Gather as much information as possible, check contractor references and obtain multiple quotes.
Need financing? See the section below for more information.
Step 3 -
Install your system! Connecticut Green Bank will pay the incentive directly to the installer Eligible Contractor, who passes the savings on to you by reducing the total system cost.
Please email us at email@example.com to learn more.
Residential Solar Incentives
Connecticut Green Bank offers two incentive models to help you go solar:
1. Purchase a solar system for your home
The Expected Performance Based-Buydown (EPBB) incentive provides you with an upfront cost reduction based on major design characteristics of your system, such as panel type, installation tilt, shading, orientation and solar insolation (a measure of solar radiation energy on a given area). The incentive is paid directly to your Eligible Contractor, on behalf of the homeowner.
Incentives are tiered, with the first tier at up to 10 kilowatts (kW) for utility consumption equaling the last 12 months of electricity usage determined from utility bills. The second tier starts from the previous 12-month utility consumption up to 20 kW. Connecticut Green Bank does not provide incentives for any portion of a system that exceeds 20 kW.
Your incentive is calculated with the following maximum rates per watt:
- Up to 10 kW (depending on previous 12 month utility electricity consumption): $0.540/watt
- Greater than previous 12 month utility electricity consumption up to 20 kW: $0.40/watt, click here for a sample calculation.
Systems with a calculated “design factor” greater than or equal to 80% will receive the full incentive amount. Systems with a calculated “design factor” less than 80% will receive an incentive discounted according to calculated design factor. Please contact an Eligible Contractor for more information regarding design factor calculations. Qualify for a five percent bonus if your system includes major components principally manufactured in Connecticut, with an additional bonus if they are principally manufactured in a Connecticut distressed municipality.
2. Lease a system with little or no upfront costs
The Performance-Based Incentive (PBI) is designed to allow homeowners to benefit from solar PV systems for little to no upfront cost. Under this model, an Eligible Third-Party PV System Owner owns the system and enters into a contract with the homeowner. The PBI is paid to the System Owner based on actual performance over the course of 6 years, and is used to reduce the homeowner’s monthly cost. The PBI model also provides an additional bonus for projects that use major system components principally manufactured in Connecticut. Incentives are tiered, with the first tier at up to 10 kilowatts (kW) for utility consumption equaling the last 12 months of electricity usage determined from utility bills. The second tier starts from the previous 12-month utility consumption up to 20 kW. Connecticut Green Bank does not provide incentives for any portion of a system that exceeds 20 kW.
Your incentive is calculated with the following maximum rates based on performance:
- Up to 20kW: $.054/kilowatt hour click here for a sample calculation.
Contact an Eligible Contractor for more information regarding design factor calculations. Qualify for a five percent bonus if your system includes major components principally manufactured in Connecticut, with an additional bonus if they are principally manufactured in a Connecticut distressed municipality.
Residential Solar Investment Program Inspections
As a requirement to receive an incentive through the Residential Solar Investment Program (RSIP), Connecticut Green Bank maintains the right to send out a third party inspector on behalf of Connecticut Green Bank to assess whether your solar PV system has been installed in accordance with relevant codes and specifications. Although the inspector is not responsible for remedying issues with your system, the inspector will report any findings back to Connecticut Green Bank and your solar PV installer.
If your system is selected for inspection, you will be copied on an email sent by Connecticut Green Bank staff to the inspector chosen to review your system. The inspector will contact you by email and/or phone to arrange for a date and time for the inspection. Please go to the following link for inspector pictures and bios: http://www.ctgreenbank.com/inspections
Your Connecticut Neighbors Are Going Solar
Take a look at an Excel spreadsheet of residential solar installations in Connecticut for information on system costs, sizes, contractors installing systems and other details. (Requires Microsoft Excel to view, sort and print the information. If you do not have Microsoft Excel installed, click here to install the free MS Excel Viewer.)
Read the Residential Solar Investment Program Weekly Market Watch Report - Data updated as of January 22, 2016.
Residential Solar Investment Program Incentive History
Click here for a history of the Program Steps with EPBB and PBI levels for each
Who Is Eligible?
If your home is a 1-4 family owner-occupied residential property in the Eversource or UI service territories, and offers a good location for a solar system, you can qualify for residential solar incentives. Mobile homes are not eligible.
What Makes a Good Location for a Solar System?
- A roof facing south, southeast or southwest – Although a roof is the best location, a system can also be installed on the ground if a roof cannot be used.
- A 35 to 50 degree roof tilt –This allows for optimal year-round energy production. A solar system can also be placed on a flat roof using a racking system.
- Clear access to the sun for most of the day – The location should be unobstructed by trees, roof-gables, chimneys, buildings and other features of your home or surrounding landscape.
- Adequate space on your roof or property.
- A roof in good condition –If your roof needs to be replaced in the very near future, you may want to replace it before the solar system is installed to avoid the cost of removing and reinstalling your system.
- Manufactured homes where the customer owns the land (deed in place).
If you are a Connecticut resident and are not served by one of the utilities listed above, please visit your utility’s website to see what programs are available to you. Please click here for information on how to contact your municipal utility.
|No interest for 6 months!||The Currans will reduce their electricity bill by $1353 this year!|
With the Smart-E Loan, the Currans could afford to have solar panels installed on their home, helping them save for their family’s future.
Certain installers offer independent options to purchase or lease a solar PV system.
Get Started Now
FIND AN ELIGIBLE CONTRACTOR AND GET STARTED TODAY!