Connecticut Light & Power (“CL&P“) and United Illuminating (“UI“) officially opened the window for submitting applications into the Connecticut Small ZREC Program on January 8, 2013. This program will be accepting applications through January 22, 2013.
The Small ZREC Program offers a unique opportunity for projects under 100 kW (AC) to receive financing through a fixed price ZREC contract for 15 years. The pricing differs between CL&P and UI and is based on the weighted average price of the approved medium ZREC contracts, awarded to projects between 100 kW and 250 kW in later 2012 through a competitive RFP bidding process. The pricing for each utility is as follows:
UI Rate: $148.89/ZREC
CL&P Rate: $164.22/ZREC
To participate in the Small ZREC Program, projects must meet the following criteria:
- Located behind contracting utility revenue meter and have a dedicated REC meter
- Must not have received funding or grants from the Clean Energy Investment Authority or its predecessor, the Connecticut Clean Energy Fund
- Projects must be in service on or after July 1, 2011
- No larger than 100 kW (AC)
- Must have zero emissions – this may include solar, wind, and hydro
- Developers must have site control
The total number of applications selected will be based on a set budget of committed funds, which is approximately $2.7 million between the two utilities. In total, $2.36 million is attributed to CL&P and $552,310 is attributed to UI. The selection process is a first come, first serve process based on date and time of application submission. All projects submitted in the two week window does not exceed the allotted budget, then all applications will be accepted. If the total number of projects submitted does exceed the allotted budget, random selection will occur.
Sol Systems is currently working on behalf of several investors who are interested in ZREC-eligible projects. Our team is currently aggregating several small ZREC projects, specifically projects that are 50 kW or larger, have or will be submitted into the CT Small ZREC Program, and are looking for third party financing. By aggregating a pool of smaller projects, Sol Systems is helping to bring capital to project sizes that traditionally lack capital, while also providing our investors with the opportunity to diligence and purchase multiple projects in one round of transactions.
If you have a project that has been awarded a ZREC contract and is looking for financing, please contact our team at firstname.lastname@example.org or (888) 235-1538. Our team would be happy to discuss your project with you and assess financing opportunities.
About Sol Systems
Sol Systems is a solar finance firm and a leader in financial innovation in the renewable energy industry. Since its inception in 2008, Sol Systems has partnered with 350 solar installers and developers to bring over 3,000 solar projects from conception to completion by offering innovative financing solutions for residential, commercial, and utility-scale projects.
Sol Systems’ financing programs catalyze investments for a broad set of solar projects by simplifying their origination, diligence, and financing processes. Developers seeking financing for solar projects can access over $2.5 billion in capital through the Sol Systems investor network.
In addition to providing financing, Sol Systems also offers project due diligence, deal structuring, and asset management services – all designed to reduce overhead and transaction costs and quicken project development timelines.
For more information, please visit www.solsystemscompany.com.