Affordable PV Solar Systems for Connecticut Residents
Energy prices are soaring, Congress is on vacation (or is it staycation?) and they still haven’t passed the Renewable Energy Tax Credits. Residential solar is an attractive alternative to traditional home energy, but the initial cost of the systems put them out of reach for most Americans. That’s why the state of Connecticut is taking matters into their own hands and launching a program that will make it possible for median income families to outfit their homes through a subsidized solar leasing program.
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On Friday, the Governor M. Jodi Rell, unveiled the Connecticut Solar Lease Program. The program is run by the Connecticut Clean Energy Fund (CCEF), and it is the first of its kind here in the US. By pulling together a number of rebates and tax credits, the CCEF is able to lease solar energy systems to CT residence for a relatively low fixed monthly rate.
To qualify for the program, Connecticut residents must pass a credit check, be below 150% of the areas median income, and install it on a 1-4 family owner occupied structure. Depending on your homes energy needs and the installation needs, some systems can be as little as $50 a month while others could run over $200. They estimate that for a typical home with a 15 year lease will pay about $120 a month.
There are some drawbacks to the system. As with any lease you don’t own the equipment, but you are responsible for maintenance it. They estimate that you should not have to make any repairs (other than for weather damage) in the first ten years. Another tricky area is when you want to sell your house. Assuming your buyer wants to, and can pass a credit check, they can assume the lease but if they don’t want to, you are stuck paying to have the system uninstalled.
Despite these drawbacks this is a huge step forward in empowering the public to seek out cleaner and cheaper sources of energy, reducing our nations overall dependence on fossil fuels.
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7 Comments, Comment or Ping
Remy Chevalier
The only problem with this Faustian bargain is the Connecticut Clean Energy Fund which is owned, controlled and operated by NorthEast Utilities and nuclear power interests, and “only” doing this to have “complete” control over the growth of the photovoltaic market.
Aug 12th, 2008
Ali
My question is this - who owns a 1-4 family structure AND qualifies as below 150% of the median? That seems like an oxymoron to me, although I am on the West coast and the cost of living is higher here. Most people over here that are below 150% of the median are renters…
Aug 12th, 2008
MikeTheActuary
@ALI: Incomes are fairly high in CT, and housing prices, while bad, are nowhere near the insanity in certain parts of the West Coast.
The household income cap is roughly 90-130k depending on metro and household size, which is enough to afford a modest/starter home in many towns.
Still, they could have done more good with a 200% cap, rather than a 150% cap.
Aug 12th, 2008
Matt
@ALI:
Based on a chart on the CT Solar Lease site, for household of 4, qualifying incomes would be between $95K and $176K per year (depending on the area). That seems reasonable to me, I know I’m well below that, unfortunately NH doesn’t have a program like this.
Aug 12th, 2008
Daryl
This seems like a lot of red tape. Connecticut should follow other States and simply offer a sizeable rebate to all residents. The more solar power the better so why limit it? If the ultra rich want to use the rebate then it’s fine with me . . . it’s still saving the environment! I’m for any incentive that get’s us off the dirty niple of oil faster.
While I’m on the soap box, how about a rebate for wood pellet stoves . . . much cleaner then oil and it’s a renewable resource from the U.S.
Aug 14th, 2008
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