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Connecticut

Connecticut

Incentives/Policies for Energy Efficiency

Printable Version
Local Option - Residential Sustainable Energy Program   

Last DSIRE Review: 12/12/2014
Program Overview:
State: Connecticut
Incentive Type: PACE Financing
Eligible Efficiency Technologies: Caulking/Weather-stripping, Duct/Air sealing, Building Insulation, Windows, Siding, Roofs, Comprehensive Measures/Whole Building, Custom/Others pending approval, Unspecified Technologies, Energy Audits, Other Measures (locally determined)
Eligible Renewable/Other Technologies: Solar Water Heat, Solar Space Heat, Photovoltaics, Wind, Geothermal Heat Pumps, Locally determined
Applicable Sectors: Residential, Property Owners
Terms:Locally determined
Funding Source:Locally determined
Authority 1:
Date Enacted:
Date Effective:
Conn. Gen. Stat. ยง 7-121n
07/01/2011
07/01/2011
Authority 2:
Date Enacted:
Date Effective:
S.B. 501
06/15/2012
06/15/2012
Summary:

NOTE: In 2010, the Federal Housing Finance Agency (FHFA), which has authority over mortgage underwriters Fannie Mae and Freddie Mac, directed these enterprises against purchasing mortgages of homes with a PACE lien due to its senior status above a mortgage. Most residential PACE activity subsided following this directive; however, some residential PACE programs are now operating with loan loss reserve funds, appropriate disclosures, or other protections meant to address FHFA's concerns. Commercial PACE programs were not directly affected by FHFA’s actions, as Fannie Mae and Freddie Mac do not underwrite commercial mortgages. Visit PACENow for more information about PACE financing and a comprehensive list of all PACE programs across the country.

Property-Assessed Clean Energy (PACE) financing effectively allows property owners to borrow money from the local government to pay for energy improvements. The amount borrowed is typically repaid via a special assessment on the property over a period of years. Connecticut has authorized local governments to establish such programs, as described below. (No local governments in Connecticut currently offer residential PACE financing.)

In July 2011, Connecticut passed omnibus energy legislation. In section 100, the state authorizes municipalities to create "Sustainable Energy Programs" within their respective jurisdictions (known as PACE).  Municipalities that wish to establish Sustainable Energy Programs must first declare the public need for a program, then publish its intention to create a program via public notice and solicit and consider public comment. Once a program is established, the municipality is authorized to enter into a contractual assessment on the property for the amount required to complete the requested energy upgrades. The assessment is considered a lien on the property and the municipality may collect payments in a manner consistent with how the municipality collects property taxes. To finance the programs, municipalities may issue bonds, secure private funding, or state or federal funds (or a combination of these).

In June 2012, Connecticut passed the Commercial PACE or "C-PACE," which is specific to non-residential property owners. The Clean Energy Finance and Investment Authority is working to administer the C-PACE financing program.


 
Contact:
  Information - CEFIA
Clean Energy Finance and Investment Authority
865 Brook Street
Rocky Hill, CT 06067
Phone: (860) 563-0015
Fax: (860) 563-4877
E-Mail: info@ctcleanenergy.com
Web Site: http://www.ctcleanenergy.com
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.