Pilot Residential Solar PV Capital Competition Announced
The Clean Energy Finance and Investment Authority (CEFIA) announced today a competition for $1M in low-cost capital for financial innovators who can deliver the most solar photovoltaic (PV) electricity to CT homeowners without the use of state subsidies. The Capital Competition Request for Proposals (RFP) seeks to support a financial strategy that maximizes the amount of new residential rooftop PV systems deployed per dollar of CEFIA investment. This effort is part of the Energize Connecticut initiative, which is intended to help consumers save money and use clean energy.
CEFIA intends to provide a $1 million long-term and low-interest loan through its Capital Competition Pilot Program (Program) to the winning bidder for delivering the greatest amount of solar PV deployment without the use of an expected performance-based buy down (Rebates) or performance-based incentives (PBI’s).
CEFIA will provide up to a $1 million loan for 20-years at an annual interest rate of 2%. CEFIA is seeking bidders with a strong credit history of financial health to ensure repayment over the 20-year term of the loan. Eligible respondents include solar installation companies and private financial entities. Solar installations performed under this Program must be installed by CEFIA eligible installation companies. Click here for a current list of eligible solar PV installers.
The winning proposal will demonstrate the ability to deliver the most residential solar energy by using a long-term and low-interest loan in lieu of subsidies. The winning bidder will not be able to use any rebate or PBI incentive. This pilot program is intended to demonstrate how low-cost long-term financing can be an alternative to subsidies. The winning bidder will however own the renewable energy credits (RECs) and can monetize them in the Connecticut Class I Renewable Portfolio Standard market. CEFIA will work with the winning bidder to assist them in monetizing the value of the RECs produced from the systems financed.
If the pilot is successful, CEFIA staff will propose that additional funds be allocated in FY 2013 and FY 2014 to support a full rollout of the capital competition up to $10 million in loan financing.
Proposals are due by March 18, 2013 and there will be a pre-bid conference call on February 18, 2013.
Please visit www.ctcleanenergy.com/rfp to review the RFP and for additional information.
About the Clean Energy Finance and Investment Authority (CEFIA)
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.
About Energize Connecticut
Energize Connecticut helps you save money and use clean energy. It is an initiative of the Clean Energy Finance and Investment Authority, the Energy Efficiency Fund, the State, and your local electric and gas utilities, with funding from a charge on customer energy bills. Information on energy programs can be found at www.EnergizeCT.com.