What Incentives Are Available for Solar Panel Installation?

Solar panels can benefit homeowners by increasing their home value, lowering their energy bills, reducing their carbon footprint, and making them far less reliant on the grid, which is beneficial in the event of an unexpected or sudden power outage. When you choose to invest in solar panels for your home in Waterford, CT, not only will you save money long-term, but you can also save money upfront with the available solar panel incentives.

What Are the Available Solar Panel Incentives in Waterford, CT?

As a resident of the state of Connecticut, you can save money on your solar panel purchase and installation by taking advantage of the current incentives. These incentives are designed to help create a greener future, reduce energy usage, and harvest natural solar power to reduce the state’s carbon footprint.

When you meet with one of our solar panel experts to determine the right system for your home, we’ll give you more details about these incentives and how they apply to you so that you can reduce your total purchase price and save money in the process.

Federal Solar Investment Tax Credits

Homeowners who invest in solar systems can save money with the Federal Solar Investment Tax Credits, or ITC. This incentive reduces tax liability and gives homeowners a credit of 30% of the total solar panel equipment cost. This 30% credit also covers solar panel materials, installation, and labor costs. The ITC credit does have certain requirements, and homeowners must purchase their system outright to benefit from it.

Connecticut Green Bank’s Solar PPA

The Connecticut Green Bank’s Solar PPA is an incentive that allows homeowners to make the switch to solar panels without putting any money down. With this incentive, they will see immediate savings on energy bills, and those savings will continue over time.

The benefit of this PPA is that homeowners can purchase the electricity harvested by their solar panels at a much lower rate than traditional grid power typically costs. With this incentive, you won’t have to pay any upfront or installation costs; instead, you can reduce your energy bills and benefit from positive cash flow within one year.

Connecticut’s Solar Property Tax Exemption

Connecticut’s Solar Property Tax Exemption is another incentive available to homeowners who want to invest in solar panels. With this tax exemption, when you make the switch to solar, you won’t have to pay sales tax on your solar system or pay the accompanying increased property taxes that result from your increased home value that follows a solar system installation.

There are many benefits associated with investing in a customized solar system for your home. If you want to harvest solar energy to power your home, we can help design the right plan based on your average energy usage. Our products are 55% more efficient than traditional solar panels and come with a 25-year industry-leading warranty. Contact us today at Mystic Solar in Waterford, CT, to learn more about our solar panels and how you can benefit from these incentives.