Connecticut Green Bank Doubles Solar Funding to $110 Million, Boosting Commercial Projects and Renewable Energy Growth.

The Connecticut Green Bank has doubled funding for commercial-scale solar projects to US$110 million, doubling the funding of its Solar Marketplace Assistance Program from US$20 million to $60 million. The bank also announced plans to aid in the construction of 26 new projects with a total power capacity of 17MW. While Connecticut is not a major player in the US solar space in terms of sheer capacity, the state’s small-scale capacity is increasing, with the Solar Energy Information Administration predicting that the state will add over 200MW of new capacity in 2023, a record figure, of which over 150MW will be in the residential and commercial sectors. The Non-Residential Renewable Energy Solutions (NRES) programme allows customers of local electricity company Eversource to offset the costs of acquiring power with renewable power projects, which has potential for small businesses to minimise their electricity bills by investing in on-site solar. The announcement follows the first instance of an Inflation Reduction Act (IRA) tax credit transfer between two companies in Connecticut.