Homeowners and small businesses in Connecticut will now have easier access to solar energy due to a new leasing partnership.
Government and private companies are beginning to see the benefits of solar installations by joining together and creating a nearly $60 million leasing program to give Connecticut home and small business owners better access to solar financing. This month, the state's Clean Energy Finance and Investment Authority (CEFIA) announced the new Connecticut Solar Lease Program II, which comes as encouraging news for residents who wish to preserve Connecticut's ecosystem while saving money on their energy bills.
A public-private partnership
The new leasing program brings together government and private financial partners to make solar energy more available throughout the state. The plan leverages $9.5 million of ratepayer money to bring in $50 million of private financing from companies including U.S. Bank, First Niagara, and Peoples United Banks, showing that large corporations are listening to consumer demands to reduce fossil fuel dependency. Commenting on the partnership was Connecticut Governor Dannel P. Malloy.
"Expanding renewable energy options in Connecticut is a critical part of making energy cleaner, cheaper, and more reliable. This newest financing tool will help move us away from polluting fossil fuels at the same time we are creating more green jobs and making the state more competitive," he said. "I applaud CEFIA and their partners for their innovation and commitment to consumers and the environment."
Expanding green energy in Connecticut
The new program expects to expand solar energy throughout the state including around 1,500 residential solar photovoltaic (PV) systems and 40 commercial solar systems over the next two years, creating nearly 14 megawatts of solar PV capacity.
Last month Governor Malloy signed revisions to the state's clean energy bill that calls for 20 percent of energy consumption in Connecticut to come from renewable energy sources. The state currently has 38.21 megawatts of solar PV capacity according to the National Renewable Energy Laboratory.
Government and private companies showing commitment to clean energy
Beyond making solar energy easier to implement for small business and homeowners, this news is important for residents in Connecticut and throughout the country because it shows a greater commitment from government and large corporations for a fossil fuel free, energy independent future. These recent developments in the solar energy industry show that a greener American future is not just a priority for environmentalists, but for everyone.
Connecticut also offers tax incentives and rebate programs to make solar energy systems easier to logistically install. These types of programs can be found in neighboring states such as Massachusetts, New York, New Jersey, and Delaware that want to make solar energy systems more available for residents and business owners.