Connecticut's average cost of a solar panel installation ranges from $11,900 to $16,100. On a cost per watt basis, a solar panel installation in Connecticut varies in price from $2.38 to $3.22.
Federal Tax Credit – With the federal government's Residential Renewable Energy Tax Credit, any homeowner who goes solar is entitled to receive a tax credit of 30% of all qualified expenses related to installing the solar power system.
State rebate for all equipment – It is applicable for systems up to 10 kW. Connecticut will pay $675 back for each kilowatt the system is designed to produce. That means you can save up to $6,750.
Property tax incentives – a range of municipalities may eliminate property tax for the solar power system. The benefit can last at least 15 years, which means that even if some other improvements made to your house over this period increase the property tax you pay, you won’t have to pay any money for the solar setup added to your house. One of the 15 municipalities which offer a property tax exemption in Connecticut, presented below:
Every homeowner in Connecticut can economize even more with Net Excess Generation (NEG). Considering the fact that the amount of your leftover NEG from each month rolls over to the next, in the end of the year you may get the money from the government for producing your own electricity. It definitely may have a favourable effect on your budget.
Companies which provide Net Metering in Connecticut:
Weigh all pros and cons of solar energy twice before going for it. On the one hand you have a changeable weather which can’t guarantee a good solar harvest. On the other hand, local tax incentives and obvious advantages for the environment make solar energy an attractive thing to invest in. So, it’s up to you to choose.
When you install a solar system, 26% of your project expenses apply toward a credit to offset any taxes you owe that year. This federal tax credit is a major incentive to go solar, but it is going to be phased out by 2024.
To be eligible to claim this credit, you must owe federal taxes.