Long-term financing is available to retail end-use customers for the installation of customer-side distributed resources. Customer-side distributed resources are defined by Conn. Gen. Stat. § 16-1 as "(A) the generation of electricity from a unit with a rating of not more than sixty-five megawatts on the premises of a retail end user within the transmission and distribution system including, but not limited to, fuel cells, photovoltaic systems or small wind turbines, or (B) a reduction in the demand for electricity on the premises of a retail end user in the distribution system through methods of conservation and load management, including, but not limited to, peak reduction systems and demand response systems." This program, administered by Banc of America Leasing & Capital for the Connecticut Public Utilties Regulatory Authority (PURA), took effect in March 2006. In addition to electric generation projects, other conservation projects that reduce system demand are also eligible for the program.
The maximum total amount of financing for projects under this program is $150 million. Capital costs and project-development costs are eligible. Interest rates are fixed and will be determined at the time the application is approved by Banc of America. Loans will be collateralized by way of equipment, or other collateral or credit enhancements required by Banc of America.
The following conditions apply:
To apply for financing, interested companies should work with their electric distribution company to determine project qualification and contact Holly Andreozzi with Banc of America at (617) 434-7760.
|Incentive Type:||Loan Program|
|Administrator:||CT Electric distrubition company and Banc of America|
|Eligible Renewable/Other Technologies:||Solar Photovoltaics,Wind (All),Combined Heat & Power,Fuel Cells using Non-Renewable Fuels,Lighting,Other EE,Wind (Small),Fuel Cells using Renewable Fuels|
|Loan Term:||Fixed interest rate, 1% below the customer's applicable rate not greater than prime rate (actual rate will be determined at time of application), buydown available for 10 years, terms of loan varies|
|Name:||Conn. Gen. Stat. § 16-243j|
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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