Rocky Hill, Conn., – The Clean Energy Finance and Investment Authority (CEFIA) announces an innovative loan product to make solar PV more accessible to Connecticut homeowners. The loan product, the CT Solar Loan, is the first of its kind, built specifically for residential solar. The CT Solar Loan, in a pilot phase, will provide an opportunity for homeowners to own solar PV with a small down payment and low monthly loan payments. This is the newest residential financing product offered under the State’s Energize Connecticut initiative, which is intended to help consumers save money and use clean energy.
“Working with Sungage, we’re making it possible for more Connecticut homeowners to install and own solar without shouldering the upfront cost of installation,” said Bryan Garcia—CEFIA, President and CEO. “This is another example of how we are working with the local solar industry to transition the market from being driven by subsidies towards affordable and accessible financing options for homeowners.”
The CT Solar Loan is a 15-year loan product that can be used to finance the installation of solar PV panels that meet CEFIA’s requirements. It does not require any home equity or a lien on the home. During the pilot program, the loan product will be offered only through selected installers. Please visit www.EnergizeCT.com/CTSolarLoan for additional information and opportunities.
“Residential solar is ideal for financing because the savings generated by the system can help pay down a loan over time. Solar is a great way to save money on your utility bill, but what most homeowners don’t realize is that solar can also be a worthwhile investment,” said Bert Hunter—CEFIA, Chief Investment Officer.
The launch of a solar loan pilot product not only gives Connecticut homeowners greater access to solar, it also provides a boost to Connecticut’s thriving solar industry, further supporting local jobs and economic activity. Dan Britton, the Director of Operations for the Connecticut branch of Sunlight Solar, is a Sungage Partner Installer. “We are very excited about the CT Solar Loan. We are confident that this loan will help grow Connecticut's solar industry by allowing more homeowners to invest in solar energy.”
The pilot loan program will be administered by Sungage, a financial services company committed to helping more people own solar. CEFIA selected Sungage as the program administrator following their response to CEFIA’s May 2012 request for proposals to foster financial innovation in the clean energy space.