National Tax Day is approaching! Don't forget to claim a 30% Solar Tax Credit for your solar system. Read about Solar Tax Credit.
A good discount makes any purchase even better, and solar panels are no exception. You can save quite a bit by taking advantage of solar incentives in Connecticut. And we'll tell you how.
The US government wants more people to go solar: it’s a modern and green way of getting energy. This is why the Solar Investment Tax Credit (ITC) program was developed. It allows American citizens to claim 30% of the cost of their installation as an income tax deduction. The cost here is not only solar panels, but also shipping, installation expenses and more. For example, if your system overall made you spend $10,000, the government returns you $3,000. To claim the ITC, complete all the necessary forms and submit them when filing your taxes.
In Connecticut, any net excess generation during a monthly billing period is carried over to the following month as a kilowatt-hour credit for one year. At the end of the year (March 31), the utility pays the customer for any remaining NEG at the avoided cost of wholesale power.
Residential Renewable Energy Solutions offers new residential installations installed after January 1st, 2022 the opportunity to sell the energy and renewable energy certificates (RECs) at a fixed 20-year price by selecting one of two incentive rate structures: Buy-all or Netting.
Under the Buy-All incentive rate structure, the utility will purchase all energy and RECs generated by the facility. Under the Netting incentive rate structure, the utility will purchase all RECs generated by the facility, and any energy exported to the grid that is not consumed on-site. Customers receive monetary on-bill credits for the exported energy equal to their retail rate.
Connecticut PV system owners can avoid paying additional property taxes on the added value their solar system brings to their home by applying for a solar system tax exemption. This certificate will ensure any new PV system installed and its equipment will not be part of your property tax. Additionally, any such home improvement will definitely make it about 4% more valuable on the property market, says the Zillow report.
4%
this is how much solar panels increase the value of your house
Although Connecticut doesn’t offer solar easements, it does offer a land subdivision which will help ensure your PV system always has adequate sun exposure, protecting you from potential obstacles. Subdivision of land will help guarantee that your neighbor will not enlarge the size of their building or allow their vegetation to block sunlight from reaching your system.
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Years of experience in translation and a love of nature help Julia find the right words to encourage going solar. She joined the team in 2023 and is happy to make her contribution to a greener future.
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