Connecticut is by far the best state in the country right now for getting energy efficiency and renewable energy projects completed right now for the following:
1. The Connecticut Green Bank is offering 100% financing for energy efficiency and renewable energy projects. Connecticut rolled out the first state-wide Property Assessed Clean Energy financing program. Terms are 5% to 6% for 10 to 20 year terms fully amortizing, non-recourse municipal liens that run with the property.
2. Renewable Energy Credit Program (LREC/ZRECs). Connecticut utilities are in the third year of a five year program that provides annual operating subsidies to renewable energy projects with low or zero emissions. Contracts are for 15 years and in the past two years have provided between five and twelve cents per kilowatt hour.
3. The financing and renewable energy credits can be combined with the federal solar tax credit which offers a tax credit up to 30% of the cost of the project.
4. Both major utilities United Illuminating and CL&P are offering significant rebates and incentives toward the cost of upgrading lighting and HVAC systems.
5. The costs of solar, LED lighting and other energy measures has dropped considerably in the past two years, shortening the payback period for energy investments.
The combination of these factors makes Connecticut the best state to execute energy efficiency projects.
The Connecticut Green Bank allows commercial property owners to generate immediate savings with no upfront investment.
Renewable energy projects such as solar, wind and some waste-to-energy projects are eligible to bid for 15 year annual operating subsidy contracts provide throught the Low/Zero Renewable Energy Credit program (LREC/ZREC).
The small ZREC program for solar and wind projects less than 100 kW is distributed through a lottery system held twice per year from 2012 through 2016. MSL Group, Inc. has successfully helped clients in the first small ZREC round to win 15 year subsidies.
The large ZREC/LREC program for solar, wind and low-emission projects are put out to bid twice per year.
We are recommending that clients first utilize C-PACE financing to fund project costs and then place bids for ZRECs each round until they win. Any system installed after 2011 is eligible for subsidies for the next four years of ZREC bidding.
Contact MSL Group, Inc. today for a no-obligation assessment of your proposed renewable energy project.
Connecticut commercial real estate owners can now finance 100% of the cost of energy improvements and renewable energy projects with the C-PACE program.
Connecticut Property Assessed Clean Energy (C-PACE) is an innovative program that is helping commercial, industrial and multi-family property owners access affordable, long-term financing for smart energy upgrades to their buildings.
C-PACE allows building owners to finance qualifying energy efficiency and clean energy improvements through placing a voluntary assessment on their property tax bill. Property owners pay for the improvements over time through this additional charge on their property tax bill and the repayment obligation transfers automatically to the next owner if the property is sold. Similar to a sewer tax assessment, capital provided under the C-PACE program is secured by a lien on the property, so low-interest capital can be raised from the private sector with no government financing required.
MSL Group Inc. provides project development services to take projects from concept to project commissioning.
For a no-obligation assessment of your building to determine if C-PACE is right for you, contact MSL Group at (203) 257-5661.