Last Updated July 31, 2020
CT Electric distrubition company and Banc of America
Eligible Renewable/Other Technologies:
Long-term financing is available to retail end-use customers for the installation of customer-side distributed resources. Customer-side distributed resources are defined by Conn. Gen. Stat. § 16-1 as "(A) the generation of electricity from a unit with a rating of not more than sixty-five megawatts on the premises of a retail end user within the transmission and distribution system including, but not limited to, fuel cells, photovoltaic systems or small wind turbines, or (B) a reduction in the demand for electricity on the premises of a retail end user in the distribution system through methods of conservation and load management, including, but not limited to, peak reduction systems and demand response systems." This program, administered by Banc of America Leasing & Capital for the Connecticut Public Utilties Regulatory Authority (PURA), took effect in March 2006. In addition to electric generation projects, other conservation projects that reduce system demand are also eligible for the program.
The maximum total amount of financing for projects under this program is $150 million. Capital costs and project-development costs are eligible. Interest rates are fixed and will be determined at the time the application is approved by Banc of America. Loans will be collateralized by way of equipment, or other collateral or credit enhancements required by Banc of America.
The following conditions apply:
- Financing is available for customer-side projects with a minimum capacity of 50 kilowatts (kW) or greater
- Financing is available to customers of Connecticut Light and Power (CL&P) and United Illuminating (UI) for projects located in these utilities' service territories.
- Must be saving electricity (not gas or oil saving measures)
- If projects received any monies/grants from CT Clean Energy Fund or Conservation Load Management Funds, these monies must be subtracted from the amount subsidized under this loan program.
To apply for financing, interested companies should work with their electric distribution company to determine project qualification and contact Holly Andreozzi with Banc of America at (617) 434-7760.