Connecticut experiences a temperate climate with approximately 200 sunny days annually, providing a decent amount of sunlight for solar energy endeavors. While it may not have as many sunny days as some other states, Connecticut’s weather conditions still allow for viable solar power initiatives. The state has several solar incentives and rebates available to help residents save money on their solar energy systems. Here are some of the incentives available to Connecticut home and business owners:
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Federal Solar Investment Tax Credit (ITC):
Homeowners that qualify for the Solar ITC can take advantage of a tax credit for 30% of the total purchase price of their solar system, no matter the system size or cost. This credit applies to all solar projects that begin construction in 2023 and will last through 2033, at which point it will drop to 26%.
Smart-E Loans:
Smart-E Loans offer long-term, low-interest financing for energy efficiency and clean energy upgrades to Connecticut homes and businesses. The program offers a variety of financing options, including unsecured loans up to $40,000 with terms up to 10 years and secured loans up to $250,000 with terms up to 20 years.
Property Tax Exemption:
Connecticut offers a property tax exemption for renewable energy systems, including solar installations. This exemption means that the added value of your solar panels will not increase your property taxes.
Sales Tax Exemption:
Connecticut offers a sales tax exemption for solar energy systems. This means that you won’t have to pay sales tax on the purchase of your solar panels.
Connecticut Solar Rebates and Tax Credits:
The state of Connecticut offers a variety of solar incentives and rebates to help residents save money on their solar energy systems. The Connecticut Residential Renewable Energy Solutions Program offers rebates of up to $3,000 for residential solar installations. The state also offers a sales tax exemption for purchasing machinery, equipment, and installation of solar energy systems. According to the law, you don’t have to pay sales tax on your solar modules, racking, and inverters because they are directly involved in the production of electricity.
Further information and programs can be found at the Programs.Dsireusa.org
