Connecticut Solar Incentives & Rebates | Sunnyrate
Connecticut Solar Incentives & Rebates | Sunnyrate
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Going Solar is Simple with Sunnyrate's Connecticut Solar Incentives and Rebates
Connecticut ranks third in residential and fifth in commercial electric rates in the United States as of September 2022. With such high electricity costs, many property owners are turning to solar energy to save on their bills. Connecticut also offers a wealth of solar incentives and rebates, making the switch to solar even more attractive.
Discover Connecticut Solar Incentives and Rebates
Connecticut Renewable Portfolio Standards (RPS)
Connecticut's robust Renewable Portfolio Standards (RPS) are a driving force behind the state's leadership in renewable energy. Utilities face significant fees if they do not meet the RPS targets, which required 27% of energy from renewable sources by 2020. This motivates utilities to provide solar incentives to property owners.
Connecticut Net Metering
Net metering laws in Connecticut allow property owners to connect their solar panels to the public utility grid. This program lets customers earn credits for the electricity they generate, offsetting their utility costs. If your system produces more electricity than you use, the surplus is credited to your bill.
Connecticut Interconnection Standards
Connecticut's interconnection standards simplify the process of connecting solar systems to the grid. These statewide standards make solar installation easier, less expensive, and improve the reliability of net metering.
Connecticut Power Solar Incentives and Rebates
Connecticut offers excellent solar incentives and rebates for systems up to 20 kW. You can receive the rebate as a lump sum or have your solar installer deduct it from the bill, often handling the paperwork for you.
Connecticut Performance-Based Incentives (PBI)
Connecticut provides Performance-Based Incentives (PBIs), known as Solar Power Performance Payments. These payments are based on the actual energy production of your system, measured in kilowatt-hours (kWh). The energy is credited as Solar Renewable Energy Credits (SRECs), whose value varies with supply and demand. SRECs help reduce the overall cost of your solar system.
Connecticut Solar Property Tax Exemption
Since 1977, Connecticut property owners who install solar systems have benefited from property tax exemptions. Your property will not be reassessed, and you will continue to pay the same property tax after installing a solar system.
Connecticut Sales Tax Exemptions
In Connecticut, solar energy systems are exempt from sales tax, providing a 6.35% savings on your purchase and installation.
Connecticut Energy Efficiency Loan Program
Connecticut offers loans to property owners for solar systems through the Smart-E Loan program. Qualified applicants can borrow up to $40,000 at interest rates of 4% to 7%, with repayment terms ranging from 5 to 12 years.
Connecticut Inflation Reduction Act (IRA)
Eligible property owners may qualify for a 30% tax credit on the cost of their solar system under the Connecticut Inflation Reduction Act.
Don’t Forget the Federal Tax Credit, Connecticut!
In addition to Connecticut's incentives, property owners can benefit from the Federal Investment Tax Credit (ITC). This credit allows you to deduct 26% of your solar system's cost from your federal income tax if you purchase the system with cash or a loan. Leasing the system, however, transfers these incentives to the third-party owner, making purchasing a wiser choice.
Why Choose Sunnyrate for Your Solar Investment?
By switching to solar in Connecticut, you’re not only helping the environment but also reaping significant financial benefits. Sunnyrate is here to guide you through the process, ensuring you take full advantage of all available incentives and rebates. Contact us today to explore the best options for your solar investment and start saving on your energy costs.
