To assist house owners and residents of inexpensive multifamily housing in Connecticut have simpler entry to the advantages of photo voltaic vitality and battery storage, the Connecticut Inexperienced Financial institution introduced its Photo voltaic Market Help Program (Photo voltaic MAP) is now out there to inexpensive properties with 5 or extra items. This enhancement was enabled by passage of laws in 2021, which expanded the definition of a residential buyer because it pertains to photo voltaic vitality technology to incorporate multifamily properties. Photo voltaic MAP for inexpensive multifamily properties will formally launch with an informational webinar presentation on Thursday, June 6 at 9 a.m.
Via Photo voltaic MAP, no-cost technical help is offered to inexpensive multifamily housing businesses, property managers, and house owners to simplify and navigate the method of going photo voltaic (together with battery storage) from begin to end. This system helps determine venture websites, conduct feasibility and design photo voltaic installations. The Inexperienced Financial institution additionally offers the financing, incentives and contractors to take tasks from idea to completion.
Previous to 2021, inexpensive multifamily properties have been outlined as business properties, which compete for a capped incentive. Inexpensive multifamily properties can now entry the Residential Renewable Power Options program, which has no cap and can typically present advantages better than the business incentive. This system additionally permits the tenants to share within the financial savings from the photo voltaic system. Photo voltaic MAP provides a lease association to keep away from sophisticated financing constructions and simply share the advantages with property house owners and tenants.
Inexpensive multifamily properties also can profit from the Power Storage Options program, which offers substantial incentives that assist tenants develop into extra resilient within the occasion of a grid outage.
The Connecticut Inexperienced Financial institution has been awarded Greenhouse Gasoline Discount Funds from the Environmental Safety Company (EPA) that can be used to scale back the price of capital for inexpensive multifamily housing tasks — passing alongside significant advantages to tenants and property house owners alike together with extra vitality financial savings, improve in resilience from grid outages by storage, and extra. Moreover, Inexperienced Financial institution has partnered with the Council of Governments and submitted an implementation utility below the EPA’s Local weather Air pollution Discount Grant. This grant funding, if awarded, can be utilized to assist deploy photo voltaic vitality and battery storage in susceptible communities and handle different boundaries to photo voltaic tasks, corresponding to eventualities the place new roofs or structural upgrades are required previous to set up or the place interconnection is price prohibitive.
Since 2020, Photo voltaic MAP has supported photo voltaic venture improvement at state and municipal properties, together with the Cities of Manchester, Portland, Mansfield, and Branford. Future rounds of this system will help the state’s 10 megawatt per yr photo voltaic objective and rising curiosity from all sectors in battery storage.
Information merchandise from the Connecticut Inexperienced Financial institution
