Solar Financing for Businesses, Nonprofits and Public Properties
The Connecticut Green Bank offers the Green Bank Solar PPA – an opportunity to go solar with no money down, delivering immediate savings on electricity and offering peace of mind in knowing that an experienced third-party owns and operates your solar system to maximize its benefits.
Learn more in the tabs below or contact us.
What is a PPA? What types of properties are eligible?
Using a pre-approved local installer, the Green Bank or a selected partner oversees the development and asset management of a solar system on your building. You then purchase the electricity generated by the solar system at an agreed-upon rate, often at a significant discount to grid power, through a Power Purchase Agreement (PPA).
What are the benefits of a PPA?
The Green Bank Solar PPA is available to:
- Commercial properties: Properties must meet C-PACE program financing requirements or – on an exception basis – alternative underwriting criteria. All types of privately owned commercial properties – industrial, office, retail, agricultural and more – that are current on their property tax and assessment payments can use the C-PACE program to make energy improvements.
- Nonprofits organizations: Nonprofit properties must meet C-PACE program requirements or – on an exception basis – alternative underwriting criteria. All types of nonprofit properties – faith-based institutions, recreational facilities, museums, theaters and more – are eligible to use the program. Nonprofits can be assigned a tax identification number to make payments through the program.
- Municipal properties and other publicly-owned institutions: Public properties and institutions can use the Green Bank Solar PPA to add solar to their buildings. Municipalities must have an investment grade credit rating in order to qualify, or otherwise subject to alternative underwriting criteria.
Other key features
Benefits of a solar PPA include:
- No upfront installation costs
- No new debt to incur
- Lock in low electricity costs and realize predictable energy production
- Positive cash flow in year one
- Preserve capital and credit lines for other investments
- Managed by a third-party solar system owner
ResourcesHow do I get started?
- Standard agreement has a 20-year term
- Option to buy the solar system at fair market value
- Third-party solar system owner maintains the system and manages all equipment and warranty issues