Connecticut is one of the fastest-growing small states for solar currently ranking 22nd in the nation for new solar installations. It’s not just about land space and the natural sunshine (although the state receives over 2,585 hours of sunshine a year); the policies and economics driving these installations are just as impactful.
The Residential Solar Investment Program (“RSIP”) is a Connecticut Green Bank program that makes it easy and affordable for homeowners to make the leap to a solar-powered home. It offers two types of incentives: The Expected Performance-Based Buydown (“EPBB”) and the Performance-Based Incentive (“PBI”). Connecticut enacted legislation that established a sales and use tax exemption for solar energy equipment. The sales and use exemption cover both the equipment related to eligible systems and labor (services) relating to the installation of eligible systems. Connecticut also provides a property tax exemption for renewable energy systems that generate electricity for private residential use.
THE SOLAR TAX CREDIT IS EXPIRING SOON!
Extended renewable energy tax credits have been included in a $1.4 trillion federal spending package alongside a $900 billion COVID-19 virus relief spending bill. The solar investment tax credit (ITC), which was scheduled to drop from 26% to 22% in 2021, will stay at 26% for two more years. This means solar projects in all market segments (residential, commercial, industrial, utility-scale) that begin construction in 2021 and 2022 will still be able to receive a tax credit at 26%. All markets will drop to a 22% tax credit in 2023 so don't delay!
If you are installing a solar panel system that is <2 MW, or already have a generator, you may be eligible for Net Metering, a method of measuring the energy consumed and produced by a customer’s generating facility and receive credits from your utility company for any surplus energy your system produces.
Let's Get Started!
Our renewable energy specialists will review your data to confirm your eligibility for state and federal incentives. We'll do that by generating a custom design to offset your electric usage. Enter in some simple answers regarding the property and we'll get back to you right away to schedule a quick review.