Connecticut’s Clean Energy Finance and Investment Authority (CEFIA), the state’s Green Bank and the first of its kind in the country, recently announced the creation of a new solar program to support the development of residential and commercial PV systems.
The program, entitled CT Program Lease II, is a public-private leasing option for the installation of residential and commercial solar thermal and photovoltaic capacity. CEFIA, along with US Bancorp and other financing institutions will invest approximately $60 million in aggregate in solar PV and solar thermal hot water systems. As reported in www.greentechmedia.com, Connecticut is hopeful that the program will support up to 1,500 residential solar PV systems, 400 residential solar thermal hot water systems and 40 commercial solar systems in the next two years, ultimately deploying an additional 14 megawatts of solar PV and 4,600 million Btus of solar hot water systems.
Building off of the success of its first Solar Lease Program where CEFIA provided 100% of the residual capital, under CT Program Lease II, CEFIA is investing $9.5 million in solar deployment, with private investment totaling $50 million. Program participants include US Bancorp, a syndicate of other debt providers, a renewable tax equity partner and insurance and service companies.
Connecticut’s public-private partnership can be a useful model for other jurisdictions to follow in their efforts to spur distributed generation development through the deployment of renewable resources.