Bringing Solar Power to the Constitution State
Solar has developed into a sound investment in the state of Connecticut as installation costs have fallen and solar incentive programs have become more robust in the past years. The state has a 20% Renewable Portfolio Standard (RPS) in place for 2020 and is planning to have reduced greenhouse gas levels 10% below 1990 levels in the same time span. Connecticut is well on its way to achieving these goals, with 265 MW currently installed, and plans to install another 902 MW over the next five years.
Connecticut has instituted several incentive programs designed to make solar economically feasible for businesses and commercial property owners. With multiple financing options available, including low- to no-cost solutions, almost any business can take advantage of solar energy.
Commercial Property Assessed Clean Energy (C-PACE) Program
The C-PACE program is an innovative financing solution that is helping building owners access affordable financing for energy upgrades to their properties. C-PACE enables building owners to finance qualifying clean energy and efficiency improvements through a voluntary charge on their property tax bill that allows them to pay for the installations over time. Funding provided under the C-PACE program is secured by a lien on the property, with the repayment obligation transferring to the subsequent owner if the property is sold.
In addition to these two initiatives, solar array owners in Connecticut are also able to take advantage of on-site net metering, state sales tax exemptions on the system, the 30% federal Income Tax Credit, and accelerated bonus depreciation on their system. Solect can help you understand these programs in more depth, and assist you in determining which approach works best for your organization.