Cape Light Compact is excited to announce it is now accepting applications for its new Low Income Solar Revolving Grant Program.
The Program will fund 100% of the equipment and installation cost of solar photovoltaic (“PV”) systems on affordable housing properties to reduce electric bills for low-income homeowners and renters, and benefit the environment by increasing the amount of renewable electricity on the electric grid. The program is available to qualified individual homeowners, organizations that own income-qualified rental housing, and organizations that construct housing to be sold to income-qualified homebuyers.
“Building off of the concept we developed with our SREC pre-purchase program with Habitat for Humanity of Cape Cod over the last couple of years, this new program provides funding for income-eligible customers to install solar on their homes to reduce their electric bill, while also supporting the installation of local renewable energy sources right here on Cape Cod and Martha’s Vineyard,” said Maggie Downey, Compact Administrator.
Once the PV system is installed, the homeowner will own the PV system and the electricity that it produces, thereby providing a zero-cost source of electricity for the homeowner or tenant to reduce or eliminate their electric bill. The grant recipient will assign the Renewable Energy Certificates (RECs) that the PV system will produce over its lifetime to the Compact. The Compact will sell these RECs and reinvest the sale proceeds into the Revolving Grant Fund in order to continue funding future PV systems.
The initial round of awards under the Low Income Solar Revolving Grant Program is funded by a $250,000 grant from the Massachusetts Clean Energy Center and a $125,000 match from the Cape Light Compact. The Compact’s grant match is funded by former Cape Light Compact Green power supply customers, who chose to opt-in to a renewable power supply product and pay a small premium to support local renewable energy resources.
“We are also proud to be partnering with locally-based solar installation companies as part of this grant program, making this program a win-win for the homeowner, our local economy, and our environment,” said Downey.
To learn more about the program, including the eligibility requirements and application process, please visit www.capelightcompact.org/solargrant. Funding is limited and is generally awarded on a first-come, first-served basis, so eligible applicants are encouraged to apply soon.