2023 Solar Incentives Guide for Greenwich, CT - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Greenwich.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated March 14, 2023
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Greenwich?
Local Option - Property Tax Exemption for Renewable Energy Systems
Property Tax Exemption for Renewable Energy Systems
Sales and Use Tax Exemption for Solar and Geothermal Systems
Residential Solar Investment Program
Up to 10 kW PTC: $0.358/W
10 to 20 kW PTC: $0.207/W
Incentive is reduced accordingly for Design Factors below 75%. Minimum design factor is 60%.
Up to 20 kW PTC: $0.03/kWh for 6 years
Minimum Design Factor 60%
Connecticut Green Energy Building Solutions
Sales and Use Tax Exemption for Energy-Efficient Products
Energy Conservation Loan
Landlord Loan: $40,000
The United Illuminating Company - Small ZREC Tariff
Eversource - Small ZREC Tariff
(Electric and Gas) Residential Rebate Program
Refrigerators/Freezers, Room A/Cs, Dishwashers, Clothes Washers, Dehumidifiers: Incentive Included in Retail Price
Central A/C: $200
Air Source Heat Pumps: $500
Heat Pump Water Heater: $750
Lighting: Incentive Included in Retail Price
Geothermal Heat Pumps: $500-$1,500
High Efficiency Furnace, Natural Gas Boiler, and Boiler Circulator Pump: Instant Discounts of $25-$800
Local Option - Residential Sustainable Energy Program
Federal Residential Renewable Energy Tax Credit
The term "solar incentives" refers to a range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You might qualify for several types of incentives, including cash back, discounts or credit towards your monthly utility bill, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the Connecticut government and others from the federal government. Categories of solar incentives include:
- Rebates: Rebates, or partial refunds after a purchase, are normally applied before any solar tax credits are calculated. Rebates may be provided by your local utility company, by your state or by your county.
- Tax Exemptions: Sales tax exemptions are applied at the time of purchase for your solar system. Property tax exemptions let you exclude the value added by your solar system when you're calculating the amount of property tax you need to pay.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
- Net Metering: Net metering factors in after your solar system is up and running. If you have a net metering agreement in place with your Greenwich utility company, they will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some locations, this credit is dollar-for-dollar, while in other areas you might be refunded a percentage of the value.
Federal Solar Incentives
Federal solar incentives are likely the first thing that comes to mind when you think about solar incentives. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit that reduces your taxes by a predetermined percentage of the money you spend on solar panels for your home.
The ITC can be applied to solar systems installed after January 1, 2006 on a primary or secondary residence that you own in the United States. Initially, the credit applied to 30% of the total cost — for panels, labor, equipment and accessories — although it may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.
To better understand how the ITC will apply to your situation, reach out to your local Greenwich solar panel installation expert and request more information.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now referred to as the Clean Energy Credit. For solar system installations that begin after January 1, 2022 and are completed by the end of 2032, homeowners can apply for a credit equal to 30% of the total cost. After 2033, the percentage will decrease annually until the Clean Energy Credit ends in 2035. Starting in 2023, the program expansion will also make claiming credit for energy storage systems easier than ever before.
Click here to learn more about the new Inflation Reduction Act. Your local Greenwich solar panel company is the best resource for answering your questions regarding the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
There are often state solar incentives available in addition to federal ones. Rebates, tax credits and more may be available at a more local level. These incentives might be offered by your county or municipality, or by the Connecticut government. Some incentives may be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Greenwich
The expanding number of available solar incentives has contributed greatly to the increase in the nationwide adoption of solar energy over the past 15 years. You might qualify for solar incentives from your local utility company, the federal government or the Connecticut government. Reach out to your local solar panel installation expert today to learn more and to save as much money as possible on solar panels for your Greenwich home.
Best Regional Coverage
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Greenwich, CT Solar Incentives FAQs
Can I receive any incentives when I add solar panels to a rental property, vacation home or commercial property?
While we recommend getting in touch with your local solar installer and/or tax professional to fully understand what solar incentives apply to you, many can be claimed on a second home, provided that it is in the United States and owned by you. There may be other incentives available for commercial properties specifically, depending on the details.
I already have solar panels installed. Do I qualify for any incentives?
If your solar panels were installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If you installed your system between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the exact installation date. Reaching out to the company that installed your solar system, or any local Greenwich solar installer, can help you learn what incentives you qualify for.
When does the federal solar tax credit end?
The federal solar tax credit, formerly called the ITC and now titled the Clean Energy Credit, is set to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
I want to change out my appliances for ones that are more energy-efficient. Are there any benefits I can apply for?
Under the new Inflation Reduction Act, there are several new financial incentives that are available when you make eco-friendly improvements to your home. More details about these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I use solar and another type of renewable energy in combination to power my home?
Yes, you can utilize multiple types of renewable energy to power your home — for example, a combination of solar and geothermal. You can also combine renewable energy generation with a backup source of non-renewable energy. You should discuss your proposed plan with your local Greenwich solar installation expert, to get an understanding of what will be needed and what incentives you will or won't qualify for.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.