CT Solar Leasing Program
| Program Type | State-sponsored Leasing Program |
|---|---|
| Technologies | Photovoltaics |
| Amount |
Up to 10 kilowatts PV systems with an estimated cost of $86,000. 15 year lease agreement with monthly payments of $241, less for smaller systems |
| Required Documentation | Rebate approval under the CCEF (Connecticut Clean Energy Fund) Solar Rebate Program |
| Official Web Site | http://www.ctsolarlease.com |
Under the CT Solar Lease program, homeowners may lease a PV system up to 10 kWs for a period of up to 20 years. The state said that most systems will have a monthly lease payment of about $150. Applicants lease the system from CCEF for an initial 15-year period, with an option to either purchase the system at the end of the period, or lease it for another five years at a discounted rate. Lessees may opt to purchase the system at its market value at any time and at the end of either the 15 year lease or the five year extention. At the end of the 15 year and 20 year periods, the homeowner may also opt to sell the system back to the lessor.
The CCEF is investing $38.6 million in this program and plans to support up to 900 PV installations through the program. The program is financed by a non-bank subsidairy of U.S. Bancorp. called CT Solar Leasing, LLC.
The lease program is offered concurrently with the state’s solar rebate program and enrollees must also be registered for the CCEF rebate. To be eligible, homes for one to four families must not have a household income greater than 200 percent of the region’s median household income. The systems also must be installed by an eligible PV installer.
Under the program’s conditions the homeowner is responsible for maintenance and insurance over the life of the lease. But the installer must warranty the system for the first five years and the equipment must have their own manufacturer warrantees.
