More Connecticut Residents Now Eligible for CT Solar Lease ProgramOct 31st, 2009 | By John Waller | Category: Solar PV
The Connecticut Clean Energy Fund (CCEF) today announced that more Connecticut residents will now be able to qualify for financial assistance under the CT Solar Lease Program, which is largely funded by CCEF; the program’s income limits were raised after HUD updated its income limits for 2009. Homeowners who earn up to twice the median income for their area are eligible for the program.
The first of its kind in the nation, CT Solar Lease uses a combination of rebates and tax credits to help moderate and low income residents in the state gain access to clean, renewable solar energy. The program provides affordable solar leases to qualifying homeowners and eliminates the high upfront costs associated with solar photovoltaic (PV) systems. CT Solar Lease, launched in August of 2008, has been highly popular among Connecticut homeowners; more than 340 solar leases have been executed to date, which will enable the installation over 2.4 megawatts of residential solar PV in Connecticut.
“The CT Solar Lease Program has made solar electricity a reality for me and my family,” said CT Solar Lease Program customer Rick Ciervo of New Britain, Conn. “We read a straight-forward lease contract, picked an installer and signed on the line – that was it! No money down, no banks. The process was so simple.”
Ciervo added, “For us, the lease payment was equivalent to our monthly electric bill, and the PV system offsets almost 100% of our electricity usage. With the roughly equivalent payments, it was a no-brainer for us to do the right thing and get the PV system. Plus, the system has definitely raised awareness for solar PV in my neighborhood and amongst my friends, family and colleagues. It has inspired many of them to look into solar, and that makes me feel good.”
Lise Dondy, president of CCEF, said, “The CT Solar Lease program makes solar affordable by eliminating the large upfront cost of solar systems. We are proud to offer this innovative financing tool and are pleased that even more homeowners will now be able to qualify for solar leases.”
The CT Solar Lease program operates as a partnership between CCEF, AFC First Financial Corporation, Gemstone Lease Management LLC and U.S. Bancorp. Funding for the program comes from CCEF and from U.S. Bancorp, the program’s equity investor. AFC First Financial Corporation manages the application and approval processes for residents and handles the lease payments. CT Solar Leasing LLC, a non-bank subsidiary of U.S. Bancorp, finances the purchase and installation of the program’s solar PV systems. CT Solar Leasing LLC is managed by Gemstone Lease Management LLC.
For more information about the CT Solar Lease program, visit www.ctsolarlease.com.
This article from the CT Clean Energy Fund, found here: http://www.ctcleanenergy.com/NewsEvents/PressRoom/tabid/118/ctl/ViewItem/mid/1364/ItemId/176/Default.aspx?SkinSrc=/Portals/_default/Skins/subpages/subpage_level0