CT Solar Lease allows homeowners to lease a photovoltaic (PV) or solar thermal system, with fixed monthly payments, for a term of 20 years, at no upfront down payment.* This program, which takes advantage of federal tax credits for solar energy, is available to owners of one- to four-family homes in Eversource (CT Light and Power) and United Illuminating (UI) territory. Lease for solar thermal systems is available statewide. Applicants are subject to credit approval.
Homeowners must an eligible installer to design and price a PV system. All electricity generated by a leased PV system reduces the homeowner's electric bill. At the end of the 20th year, the homeowner may (1) buy the system at a fair market value price, (2) extend the lease for another five years at a reduced monthly payment, or (3) remove the system -- at the program operator’s. If a participating homeowner decides to sell the home, the lease must be assumed by the new homeowner, or the initial homeowner must continue to abide by the terms of the lease.
The program assumes ownership of the renewable energy credits (RECs) associated with a PV's systems electricity generation. The solar lease is covered under comprehensive insurance and warranty coverage provided by Assurant. AFC First Financial Corporation is a partner in the development of CT Solar Lease Program and manages the application and approval processes for residents and handles the lease payments.
See the program web site for more details, to view a list of eligible installers, and to access an application.
* Depending on the cost and efficiency of the leased system, the cost of electricity generated from the leased solar system might initially exceed the cost of conventional electricity. No down payment required if Total System Cost is less than or equal to $4.50 a watt.
|Incentive Type:||Leasing Program|
|Administrator:||AFC First Financial|
|Eligible Renewable/Other Technologies:||
No upfront down payment, participants can choose to pay a fixed or escalated monthly payment
20 year lease term
|Name:||AFC First Financial Corp|
This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.
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