By: Patrick Gallagher
Connecticut, in partnership with U.S. Bancorp and a consortium of lenders, has amassed nearly $60 million in financing to help expand a 2008 solar leasing program that has already facilitated more than 850 home solar system leases.
The second rollout of the CT Solar Lease program will provide for the installation of about 1,500 solar photovoltaic systems and about 400 solar thermal systems, which were not covered under the initial program. Additionally, businesses and larger organizations will be eligible to participate, with about $12 million reserved for leases of commercial-scale systems.
Under the program, which was launched in August 2008 by the Clean Energy Finance and Investment Authority (then the Connecticut Clean Energy Fund) and U.S. Bancorp, homeowners could apply to lease solar systems under 15-year contracts from the public-private organization CT Solar Leasing L.L.C.
Since its inception, the program has been managed by AFC First Financial Corp., which in turn contracts with local solar firms for the design, installation and maintenance of the solar systems. Read more …