New York-based solar developer EnterSolar has completed a 520 kW solar photovoltaic project for Carling Technologies Inc., a manufacturer of circuit protection components and controls in Plainville, Conn.
Peyton Boswell, managing director of EnterSolar, says Connecticut’s commercial property-assessed clean energy (C-PACE) program managed by the Connecticut Green Bank was a major factor in the project’s successful development. C-PACE allows building owners to finance qualifying energy projects through a voluntary assessment on their property tax bill.
“The whole project was driven by the C-PACE financing,” Boswell says.
EnterSolar specializes in the commercial and industrial (C&I) solar power segment. For a lot of its clients, the calculation of whether to invest in a solar generation system comes down to a discussion about capital allocation. They are allocating capital and assessing risk and return.
Boswell says Carling was very creditworthy and could have financed the system any number of ways. “They liked the idea of the Connecticut Green bank with a 20-year fixed-rate proposition. It’s a really nice marriage with the long-term solar asset.” Read more.