The Connecticut Clean Energy Finance & Investment Authority has launched a $1 million winner-take-all challenge to whoever can install the most solar electric arrays without using state subsidies.
The Capital Competition Pilot Program offers up to solar installation companies and private financial entities the chance to compete for a $1 million, 20-year loan with an annual interest rate of 2 percent. The winner of the money will deliver the greatest amount of solar photovoltaic deployment without using rebates or performance-based incentives.
By accepting the money, the winner will not be eligible for any state subsidies. However, the owners of the solar systems still can pursue renewable energy credits in the Connecticut electric market.
CEFIA designed this pilot program to prove solar energy installation can be economical with long-term, low-interest loans, instead of subsidies. If successful, CEFIA will make $10 million available for two years starting in July.
