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Malloy Proposes New Solar Energy Legislation

HARTFORD, CONN. – Gov. Dannel Malloy will sponsor legislation for a new residential solar incentive model designed to save ratepayers millions of dollars and create local jobs in the clean energy sector. 

Gov. Dannel Malloy visited Goodwin Technical High School in New Britain where he announced he will be sponsoring legislation for a new residential solar incentive model.

Gov. Dannel Malloy visited Goodwin Technical High School in New Britain where he announced he will be sponsoring legislation for a new residential solar incentive model.

Photo Credit: Contributed

The legislation will create the Solar Home Renewable Energy Credit (SHREC) as a cost-effective solution to meet increasing homeowner demand for residential solar energy.

A SHREC policy is projected to save Connecticut ratepayers anywhere from $68 to $168 million on Class I RPS (Renewable Portfolio Standard) policy costs over the life of the program, while supporting the creation of over 6,000 jobs and contributing $532 million to the state economy.

“We are making Connecticut greener, cleaner and more efficient than ever before, and we’re doing it by increasing private investment. Our programs are showing that we can combat global warming, protect the environment, and create local jobs by encouraging green energy,” Malloy said. “We have seen incredible success with our Residential Solar Investment Program, and this new plan furthers our commitment to achieve our broader energy, environmental, and economic development goals. It’s a major step forward.”

The SHREC would attract more than $1 billion of private investment in residential solar Photovoltaic (PV) systems in Connecticut, making solar PV more accessible and affordable to ratepayers throughout the state. 

In addition to increasing the volume of residential solar projects, the RSIP also has reduced installed costs by 30 percent, decreased incentives by 70 percent, attracted $175 million in low-interest and long-term financing from local banks and credit unions, and increased investment in the market from $10 million in 2011 to more than $160 million in 2014.  

Although Connecticut, like most states, has a Renewable Portfolio Standard (RPS) directing utilities to secure renewable energy on behalf of ratepayers, only 5 percent of the electricity used to fulfill RPS is currently produced in-state.

The SHREC will help to address this problem by funding an RSIP that can continue to encourage local projects increasing economic development and job creation within Connecticut’s borders.

The initiatives will be included in his legislative package of proposals for the 2015 session of the General Assembly. 

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