Connecticut Homeowners Should Take Advantage Of New Solar Programs

If you live in Connecticut, then congratulations: You live in the one of the top states for home solar in the country! The huge growth of home solar in Connecticut is led by generous rebates, local tax exemptions, and friendly net metering policies, on top of national incentives and tax credits that were recently extended. In addition, Connecticut homeowners pay almost twice the national average for electricity through their utility, so homeowners who switch to clean, environmentally-friendly solar power can save even more.

In June of 2011, Connecticut’s Clean Energy Finance Authority had a mandate to create 30 new megawatts of residential solar by the end of 2022. That number was quickly met, and in February of 2015, Governor Malloy challenged the industry to increase solar power to 10 times that amount, setting a new goal of 300 megawatts.

To meet those ambitious goals, Connecticut utilities must supply 27% of their power from renewable energy by 2020, with 20% coming from Class I sources like home solar. This has driven a huge increase in solar power in the state, and will continue to drive demand for the foreseeable future, as homeowners look to take advantage of favorable conditions and huge savings.

Pro-Solar Legislation

In 2015, Governor Malloy announced that he would sponsor legislation for a new residential solar incentive program that saves ratepayers money, creates clean energy jobs in Connecticut, and increases the use of renewable energy.

“We have seen incredible success with our Residential Solar Investment Program, and this new plan furthers our commitment to achieve our broader energy, environmental, and economic development goals.”

Generous Solar Power Rebates

Connecticut offers some of the highest solar power rebates in the country, covering a home solar power system up to 20-kilowatts. An average-size 7.5-kilowatt system receives around $4,050 in rebates as soon as the installation is completed, and if you need a larger system, you can receive a rebate of up to $9,400 off the cost of your install.

Local Tax Credits

Solar panels increase the value of your home, but in Connecticut, that value does not cause an increase in property taxes. Thanks to a generous property tax exemption (which has been in place since 1977) you won’t pay any additional property taxes on your new solar system. Plus, solar installations in Connecticut are 100% exempt from sales tax, which provides homeowners with an additional 6.35% savings right from the start.

Strong Net Metering Policies

Connecticut has an easy to understand, and easy to use, net metering policy that helps save homeowners even more money. Each kilowatt hour of solar power that you generate but don’t use is called a NEG, which stands for Net Excess Generation. Each month, any unused NEGs roll over into the next month, and then at the end of the year your utility must pay you for every unused NEG. If you need more energy than your system produces, like on a stormy winter day, you can simply tap into your own ‘bank’ of NEGs, and if you need less than your system produces, you get paid for saving electricity!

National Solar Tax Credits

In addition to state solar programs available in Connecticut, a little known national program called the Residential Renewable Energy Tax Credit helps homeowners install solar for shockingly low cost, and reduces their electricity payments by hundreds of dollars per year.

President Obama recently signed the Omnibus Spending Bill into law, extending the solar tax credit deadline. With the extension, homeowners who go solar now can save up to 30% on their installation!

Do You Qualify For Affordable Home Solar?

HomeSolarPrograms.com helps homeowners like you obtain more information about the solar programs and incentives that are available in Connecticut. It just takes a quick consultation with a solar specialist to find out if your home is a good candidate for solar, and there are no fees or obligations, so you have nothing to lose except your energy bill – while the incentives last.