The Connecticut Clean Energy Fund, a utility-funded quasi-public fund administered by the State of CT, has refocused its funding initiatives away from residential photovoltaic subsidies.
All forms of commercial and industrial on-site co-generation, including wind, hydro, PV, and solar thermal, are being subsidized by grants already funded in the amount of 12.86 million dollars. Any project projected to yield more than 10,000 watts of peak power qualifies.
Subsidies are also available, at reduced rates, for residential PV installations up to 5,000 watts peak, when installed by “eligible” contractors.
The good news is that solar hot water subsidies, which do apply to residential consumers, have been increased by 60% and funded through March 2012. That’s actually the bargain of the month from subsidies, as solar hot water in CT has a typical payback of 5-6 years, much more attractive than a 12-14 year payback on PV purchases and 20 year leases.
Adding up federal tax incentives, state tax incentives and Clean Energy subsidies, solar hot water is a fabulous deal, yielding solar hot water covering app. 75% of yearly costs for about one third the total installed cost of the system. If this appeals to you, even as we move toward colder weather in CT (my panels were cooking over 100 degrees all day, pre-heating my 80 gallons of storage), leave a comment or contact me.