Next to reducing utility bills, solar incentives are an essential factor in determining the cost-effectiveness of a solar system installation. Connecticut established varying policies to minimize the upfront costs of going solar so much that residents can save even without a state tax credit.
Even Though There is No Solar Tax Credit in Connecticut, You Can Still Save on Your Costs!
Despite the lack of solar tax credits in Connecticut, you can still utilize solar power rebates and more. There is even a federal tax credit available that you can use, which gives homeowners 26% of their solar installation costs back as a tax credit for going solar.
You can also take advantage of property tax and sales tax exemptions to increase the value of your home untaxed and save 6.35% on installation fees. Some solar rebate plans reduce the upfront expenses of going solar while some incentives provide a way to push back some of your payments to after the installation.
Accordingly, Connecticut is one of the leading states ranked 6th in solar friendliness with an average payback period of just 8 years. They can offer up to $460 worth of rebate for every 10 kW used. This rebate alone can give you more than a return on investment.
Furthermore, the states’ incentives are not exclusive to owners of solar arrays inf Connecticut. They can also give incentives to third-party companies who install and maintain solar systems on homes for leasing, these solar leasing companies will pass the savings along to the Connecticut resident by means of a lower power rate.Utilize Connecticut’s Solar Rebate through the Connecticut Residential Solar Investment Program (RSIP)
The Nutmeg state strives to encourage more people to implement solar systems in their homes. They unveiled another solar rebate program, offering monetary subsidies to ease upfront expenses.
The Residential Solar Investment Program (RSIP) was initially introduced in 2012 to push the utilization of green technology. In just two years, they immediately achieved beyond their goal of reaching 30 megawatts of residential solar photovoltaics (PV) by 2022. Therefore, they pushed the program for an extension with a higher goal of 300 megawatts expected by the end of 2022. RSIP further promotes this initiative by offering a comprehensive rebate program to Connecticut residents.
The rebate is based on $.0426 per watt installed. In order to qualify for the program, the system must have adequate sun access and limited shading. On a 10 kW system, this would equate to $4,260 back to the system owner in year one alone! With the tax credit on based on the system being sold at $3.22/watt, the total incentives in year one in this example would be $12,632!
If you’re thinking of participating in RSIP, make sure to get a contractor to help you start. Green Power Energy can assist with your paperwork and provide consultation to cater to your needs. It is also essential to keep in mind that qualified enrollees are customers of Eversource or United Illuminating. Make sure that you live in primary residences with 1 to 4 family owner-occupants. Lastly, RSIP has no application deadline, but it’s always better to start as early as possible.
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