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Funding Increase for the Residential/Small Solar PV Rebate Program

Rocky Hill, Conn., February 8, 2006 – On January 26, 2006, the Connecticut Clean Energy Investment Committee approved additional funding of $3 million for the Residential/Small Solar PV Rebate Program, to support residential installations of under 5 KW and small commercial, industrial and institutional installations of under 10 KW. This additional funding should support about 130 new installations, consisting of approximately 120 residential and 10 small commercial, industrial and institutional installations.

The increase was approved, in part, because of the success of this program over the last 15 months. To date, under the previously approved $1.8 million program budget, approximately 75 residential solar installations have been approved totaling just over 308 KW. Thirty-five of the installations have been completed and the remaining approved systems are scheduled for construction. During this same period, three small CI&I; installations were approved totaling 20 KW with funding of just over $90,000.

Lise Dondy, CCEF chief operating officer, commented, “The CCEF is pleased to be able to play a role in addressing long-term energy costs for the average consumer by making it more economically feasible for these consumers to install small solar units on their homes or where they work. The power provided by such systems can help serve as an important hedge against future rate increases.”

Given the recent electric rate increase, concern about the dependence on fossil fuel, air emission concerns, and continued program outreach, Connecticut Innovations expects that the demand for small solar PV systems will increase and that the newly approved funding will help satisfy expected demand.

The Connecticut Clean Energy Fund (CCEF) was created by the Connecticut General Assembly and is administered and managed by Connecticut Innovations, a quasi-public state organization. CCEF is promoting the development and commercialization of clean energy technologies and is stimulating markets for electricity from clean renewable sources. CCEF’s main goals are to create clean energy supply for Connecticut; develop clean energy technologies; and to educate residents about clean energy’s importance for the state’s energy future. CCEF’s funding comes from a surcharge on electric ratepayers’ utility bills.

Connecticut Innovations (CI) stimulates high-tech growth by investing in early-stage Connecticut technology companies, providing both the equity capital and the guidance they need to succeed. CI is a quasi-public organization whose mission is to strengthen Connecticut’s economy by accelerating the growth of a vibrant high-technology community. Since 1995, CI has been the state’s leading investor in high technology, investing more than $133 million in Connecticut technology companies.