Connecticut
Connecticut has the third highest cost of electricity in the country. Solar used to be tough to get in CT, but it has absolutely exploded in recent years.
Power is expensive. With the way renewable energy incentives are structured in Connecticut, the path has never been clearer to clean energy independence
Going solar means two things: Generating your power from a clean, renewable energy source AND saving money. This is done through a process called net-metering. Net-metering is the method where your home solar system is connected to your electric meter, which sends the excess energy from the solar panels to the grid when you aren’t using it.
Connecticut is based off of an annual net-metering program. Your utility tracks the extra electricity you produce, and you get to use the same amount later. If you produce the same amount of power that you use over the whole year, your electric costs are covered.
Keeping it simple, you need a system that covers your average yearly electricity usage. If you don’t produce all of your electricity from solar, you have to buy the extra power from your utility. If you overproduce, your utility company will treat you like a tiny power plant and pay you at the wholesale rate of power. You pay the retail rate. Not economical.
Locational Marginal Price (LMP)
Locational Marginal Price (LMP) is the cost of supplying the required electricity at a specific location on the electric power grid, considering both supply and demand and the and the cost of delivery itself. This is the cost of power that your utility buys power for from large scale electricity producers.
Let our geeks figure it out for you.
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The Solar Investment Tax Credit (ITC) was created to help with the cost of getting into clean energy. Started by the federal government, in 2005, and renewed in 2015, this credit covers 30% of the total cost of a Solar energy project, after any available state incentives have been applied.
What does this mean for you? No matter how big or small your system, you can write off nearly a third of the cost through your federal tax return. If you can’t claim it all in one year, no worries! You can write it off over time. No taxes to pay? There are programs to cover the cost for you.
There are now 1.8 million homes with solar in the United States thanks in part to the ITC (In 2018, there has been a new system installed every 100 seconds!). After 2019, the ITC will be set at 26%, and after 2020 it will be 22%. It is unknown whether it will be renewed after 2020.
There are two solar rebates available from the Connecticut Government. The Expected Performance Based Buy-down (EPBB), and the Power Based Incentive (PBI). The calculations for solar incentives aren’t as straight forward as tax credits, which is partly why we’ve developed our Solar Recommendation System (SRS).
To keep it simple though, it usually works out to a rebate of $0.46 per watt installed. As an example, for a 10kW system, the rebate would be $4,600.
These incentives are applied before the ITC. The funding for these rebates is dwindling and will likely be gone within two years. Let us figure it out for you.
In Connecticut if you decide to purchase or finance a solar system, you are exempt from any sales tax. A solar system in Connecticut that costs $25,000 really costs $25,000! Pretty great right?
You might be adding incredible value to your home but purchasing a solar system does not increase the property tax owing on your home or business. When it comes to the savings from solar, you can keep it simple.
All things considered, the cost of going solar in Connecticut is the best it’s ever been. If you have the pocket change lying around, you can buy solar. If not, no problem. It’s possible to get into certain programs that have no out of pocket costs. Let us find out for you.
If we can get you solar right away, we’ll tell you. If anything else can be done, we’ll help you with that to. Let’s start with solar.
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