Gov. Malloy believes his new credit program will attract a billion dollars in private investment to Connecticut.
Governor Dannel Malloy wants to provide new incentives for solar power in the state. His office is crafting new legislation that would let homeowners trade in renewable energy credits for the first time.
Malloy believes his new credit program will attract a billion dollars in private investment to Connecticut. People or companies that install solar arrays on houses could receive 15-year contracts from the state’s utilities to sell the renewable energy credits they generate.
It's a next step for the state, after its successful 2011 Residential Solar Investment program. That offered incentives to companies. Since that plan was put in place, 8,000 solar arrays have been installed on homes in the state.
Bryan Garcia, CEO of the state’s Green Bank said this next effort, will involve the whole industry.
"Contractors, the consumers out the market, the capital providers, this is a challenge to us as an industry to bring more clean energy to the residents of Connecticut," Garcia told a news conference. "If we're successful...we will have attracted over a billion dollars of investment, by deploying more than 300 megawatts of residential solar in the state. That's a ten-fold increase from our [2011] target."
If the legislation passes, it will be the first time homeowners as well as companies can benefit from selling renewable credits.
