Initial Numbers Depict Strong Demand - Homeowners Making Greater Investment
Rocky Hill, Conn., April 9, 2012 —The Clean Energy Finance and Investment Authority (CEFIA) announced today that just one month in to a new Residential Solar Investment Program (Program) it has already approved 126 applications for installations of photovoltaic rooftop systems.
Bryan Garcia, President of CEFIA said, “The initial response to our new program has been dramatic, demonstrating strong public interest in solar power and the dynamic nature of our state’s solar industry. We will be providing approximately $1.4 million in funding for these first 126 installations leveraging $2.8 million of additional private capital, which will produce more than 800 kW of new residential solar capacity.”
“We are well on our way to developing a scenario for the long-term success of residential solar installations that will contribute to bringing cleaner and cheaper energy to Connecticut,” Garcia said. “Under this scenario, we will ramp up consumer demand, drive down the installed costs, offer consumers attractive financing, and provide a suite of opportunities that ensures the presence of a viable solar PV industry here.”
Garcia noted that more than one-third of the 70 approved installation companies in CEFIA’s program have been involved in submitting the initial applications for the solar installations.Mike Trahan, Executive Director of the industry group Solar Connecticut, which represents many of those companies, said, “The Connecticut solar industry will continue working with CEFIA to establish clear long-term market signals that strengthen the industry and drive down costs to consumers at the same time.”
CEFIA has begun to see the active engagement of national solar companies.
Ed Steins, Regional Director for the North East SolarCity, one such company, said, “We have set up shop in Connecticut and are excited to offer homeowners and businesses the chance to pay less for solar electricity than they pay for utility power. SolarCity expanded to Connecticut in large part due to the efforts of the state—through programs at Connecticut Clean Energy Finance and Investment Authority (CEFIA) and the Department of Energy and Environmental Protection (DEEP) to promote, develop and invest in clean energy and energy efficiency projects. We applaud Connecticut’s continued commitment to cost-effective, clean energy deployment."
CEFIA intends to exceed the goals established in the legislation by incorporating financing options for consumers, energy efficiency, consumer aggregation, and other mechanisms to support the deployment of residential solar PV across Connecticut. The objective is to reduce the amount of ratepayer dollars relied on to support the long-term deployment of residential solar. This will be accomplished through a partnership and joint effort between CEFIA and Connecticut solar industry stakeholders.
For more information on the Residential Solar Investment Program please visit www.ctcleanenergy.com/solarhome.
About the Clean Energy Finance and Investment Authority
CEFIA was established by Connecticut’s General Assembly on July 1, 2011 as a part of Public Act 11-80. This new quasi-public agency supersedes the former Connecticut Clean Energy Fund. CEFIA’s mission is to promote, develop and invest in clean energy and energy efficiency projects in order to strengthen Connecticut’s economy, protect community health, improve the environment, and promote a secure energy supply for the state. As the nation’s first full-scale clean energy finance authority, CEFIA will leverage public and private funds to drive investment and scale-up clean energy deployment in Connecticut. For more information about CEFIA, please visit www.ctcleanenergy.com.