More than 10,000 Connecticut homeowners have invested in solar panels to date, reducing their electric bills and taking advantage of decreasing solar installation costs, according to the Connecticut Green Bank, based in Rocky Hill.
The General Assembly-authorized bank, established in 2011, reported solar demand is more than doubling in the state annually.
“The Connecticut Green Bank”™s ”˜Go Solar Connecticut”™ initiative is poised to support the rapid expansion of solar with a suite of homeowner resources, including education, qualified installers and financing,” the bank said in a statement.
So far, Go Solar projects have saved state residents an average of more than $1,100 per household on their utility bills, the bank reported, adding, “Solar systems generate ”˜free electricity”™ during their 25-to-30-year life cycles.”
“Residential solar is growing exponentially in Connecticut,” said Bryan Garcia, president and CEO of the Connecticut Green Bank, which was formerly the Clean Energy Finance and Investment Authority. “There has never been a better time to switch to solar energy. Solar demand in Connecticut is more than doubling every year, and the National Renewable Energy Laboratory recently ranked Connecticut third among states for favorable economics of going solar.
“Going solar is a smart choice, particularly now with the widespread availability of financing, including no-money-down options for leasing and owning your system,” he said. “Using reliable, pollution-free technology, these systems allow homeowners to take more control of their energy bills, making it easier to manage expenses over many years.”
The bank sees dollar advantages, as well, claiming solar photovoltaic systems increase property values without raising property taxes and those homes then sell twice as fast, on average, and at a premium compared with homes without solar panels.
Garcia also said, “Installing a solar system contributes to economic development and creates jobs. Go Solar installations have created more than 2,000 jobs in the residential solar PV (photovoltaic) market in Connecticut. Converting to solar energy also helps the environment. Buildings produce about one-third of carbon emissions in the United States. Solar power can reduce a household”™s carbon emissions by three to four tons a year ”” the equivalent of planting more than 100 trees annually.”
“Our Go Solar program makes the move to solar energy easier and more affordable than ever,” said Kerry O”™Neill, Connecticut Green Bank director of residential programs. “We are very sensitive to how quickly a homeowner may become overwhelmed or confused while researching the benefits of solar. So we created a very user-friendly website for residents to learn everything they need to know at gosolarct.com. Not only will homeowners be able to get a better handle on the technology; they also can take advantage of attractive financing, including loans and leases, through a simple application process and attractive terms. Many of the local and regional solar contractors with whom we work also provide additional financing options.”
The Connecticut Green Bank is offering two free lease payments to any new customer who applies for the CT Solar Lease.
And, O”™Neill said, homeowners who chose solar have the opportunity to take advantage of additional incentives and tax credits.
For an average solar installation, the incentive from the Connecticut Green Bank is 10 to 15 percent of the system”™s installed cost. “Factor in the federal tax credit, scheduled to expire Dec. 31, 2016, and a homeowner can enjoy a credit of 30 percent of a system”™s installed cost, less the Green Bank”™s incentive,” the bank said.
