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As of December 31st, 2021, existing energy programs in Connecticut for non-residential solar investors have expired. Those programs include the Low Emission Renewable Energy Credit and Zero Emission Renewable Energy Credit (LREC/ZREC). We understand that this may be disappointing news for those who may have solar on their to-do list, but fortunately there are new and improved alternative programs to advance and continue the progress of solar energy development in Connecticut for residential and commercial users.
At the beginning of 2022, the Non-Residential Solar Renewable Energy Solutions (NRES) Program was launched. This two tariff option program will help commercial customers install solar energy systems and create new revenue streams. Qualified projects can sell their Renewable Energy Credits (RECs) at a fixed 20-year price by choosing one of the following options: Buy-All Tariff or Netting Tariff.
Key points of the Buy-All Tariff:
- Customers will have two separate meters
- A utility meter to calculate energy used by the property
- A revenue meter to calculate energy sold to the utility in exchange for compensation.
- You will still buy all of the energy you use from the utility company.
- The 20 year fixed rate is locked in at $0.20097 per kWh.
- You can apply all or a portion of the REC incentive to a “payment beneficiary” who can receive a direct payment. The customer on record can not receive a direct payment, only a bill credit.
Key points of the Netting Tariff:
- Customers will have one bi-directional meter calculating energy in and out.
- Solar generated energy is used to offset the energy consumed from the grid, lowering the electric bill.
- The 20 year fixed rate is locked in at $0.095075 per kWh and provides an additional revenue stream on top of the lowered electricity bill.
- REC payments will be paid quarterly and can be assigned to a 3rd party.
- The customer receives an on-bill credit for the electricity and can elect a “payment beneficiary”. The customer on record can not receive a direct payment for the electricity, only bill credit.
These incentives are some of the most comprehensive solar incentives in the country and can even be paired with the new Connecticut Energy Storage incentives. Contact us today for more information! 203-642-4105.