Attractive tax incentives and financing options are great encouragement for Connecticut home and business owners to consider solar powered electricity as an alternative to gas generated electricity.
RGS Energy, a market leader in solar energy system installation, offers a “Power Purchase Agreement” (PPA) that lets Connecticut residents purchase just the power they need. Like any other utility, RGS will hook up your home to its PV power generation system and charge you a flat monthly rate for the power you produce. Qualified homeowners can have the service connected with no upfront costs, so all you’ll experience is the reliable electricity and the low monthly rate. RGS maintains the system, too.
For residents who prefer to purchase a solar energy system, the state of Connecticut offers many tax and rebate incentives to lower the upfront costs of installation. Listed below are federal and state incentives available to every Connecticut resident. Be sure to check with your local municipality and utility to see if they offer more.
Tax credits, exemptions and rebates on purchases
The federal government offers a 30 percent Incentive Tax Credit off the top of the purchase price of your solar power system, regardless of how much it cost.
Connecticut offers sales and use tax exemptions for the purchase of the PV system equipment and the cost of labor to install it. These exemptions drop initial acquisition costs even further.
The state also offers a 54 cents per Watt rebate for systems that generate up to 5 kW capacity for all its residents who participate in the “Clean Energy Efficiency Fund’s Home Energy Solutions” program. It also offers an additional 40 cents per Watt for systems with capacity between 5kW and 10kW
Ongoing financial rewards
Property Tax Exemptions: Homeowners enjoy a property tax exemption that eliminates taxes on the increased value of residences with installed PV systems.
Net metering: The process of selling excess PV-generated electricity back to the grid, net-metering pays homeowners for the excess electricity their systems generate. Unlike Massachusetts and New York, Connecticut doesn’t impose a cap on the aggregate capacity of net-metered systems. At the end of the “annualized period,” utilities are required to reimburse owners of small PV systems the value of their “net excess generation” (NEG) for that period.
Renewable Energy Credits: This program pays PV owners for the number of kilowatt-hours (kWh) powered by solar and not by traditional utility power sources.
Cash or financing options available
The Connecticut Green Bank is the nation’s first full-scale “green” bank, specializing in leveraging public and private funds to scale up clean energy investments across the state. Using the power of millions of public and private dollars, the bank can provide strong lending terms that make owning a PV power system affordable.
Connecticut makes it easy and affordable to access clean solar PV power for all its homes and businesses. To learn how solar energy can work for your home or business, visit www.rgsenergy.com for information and a free quote.