2023 Solar Incentives Guide for Plainville, CT - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Plainville.
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 May 04, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Plainville?
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
Solar incentives encourage homeowners to make the switch to renewable energy by offering financial incentives that lower the burden of solar panel installation and use. You might be eligible for several kinds of incentives, such as 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 state of Connecticut and others from the federal government. Some broad categories of solar incentives include:
- Net Metering: Net metering is an incentive you can get once your solar panels are up and running. If you have a net metering agreement with your Plainville utility company, the company will subtract the value of the excess energy your solar system produces from your utility bill each month. In some locations, this is a dollar-for-dollar credit, while in others you might make back a percentage of the value.
- Tax Exemptions: Your solar system may qualify for both sales tax and property tax exemptions. Sales tax exemptions are effective at the time of purchase. Property tax exemptions let you ignore the added value of the solar panels when calculating property taxes on your house.
- Rebates: Solar rebates can be offered by your local utility company, or by your county or state. These rebates are essentially partial refunds that are applied after you purchase solar panels and before tax credits are calculated.
- Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
Federal Solar Incentives
Federal solar incentives are probably the first thing that comes to mind when you think about solar incentives. A federal incentive many people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a specified percentage of your solar system's cost.
The ITC initially applied to 30% of the total cost of solar system installation, although it has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total cost of installation includes the panels themselves as well as the cost of labor, accessories and equipment. There is no maximum amount you can claim. The ITC applies to solar panels installed after January 1, 2006 on your primary or secondary residence. The residence must be in the United States and owned by you.
Talking to your local Plainville solar panel installer is the best way to understand how the ITC could apply to your situation.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as renaming it to the Clean Energy Credit). Homeowners are now eligible for a credit of 30% of the total solar system installation costs for projects that began after January 1, 2022 and will be finished by the end of 2032. The percentage will then begin to decrease yearly until the Clean Energy Credit expires in 2035. Starting in 2023, the expansion to the program will also make credits for energy storage systems even easier to claim.
More information about the new Inflation Reduction Act can be found here. The best way to understand how the new Clean Energy Credit applies to you is to speak with your local Plainville solar panel company directly.
State & Local Solar Incentives
Not all solar incentives are federal; rebates, tax credits and more are often offered at the state and local level. The incentives — which may be handled by the state of Connecticut, or by your county or municipality — may be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Plainville
You can qualify for solar incentives from the Connecticut government and the federal government, as well as from your local utility company. Growing availability of solar initiatives in the past 15 years has helped increase solar adoption nationwide. If you're prepared to make the change to solar energy, calling your local Plainville solar panel installation expert is a great first step.
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EcoWatch's Plainville, CT Solar Incentives FAQs
How much can I save annually on my electric bill if I install solar panels on my Plainville home?
After adding solar panels to your home in Plainville, you can anticipate savings of around $1,151.14 per year, or around $21,871.65 over the next 20 years.
What are the highest-rated solar panel installation companies near me?
To find a top-rated solar panel installer, check out our guide to the top solar companies in Plainville.
What are some of the environmental benefits of switching to solar energy?
Solar energy is a renewable energy source — by changing where you get your energy, you help reduce the strain on our planet's resources. Solar panels can also reduce your home's CO2 emissions by 200 pounds a year, or around 4,000 pounds over 20 years.
When does the federal solar tax credit end?
The Clean Energy Credit (previously called the federal solar tax credit, or ITC), is scheduled to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
I want to change out my appliances for ones that are more energy-efficient. Are there any benefits I can apply for?
The new Inflation Reduction Act creates a number of new financial incentives that are available when you make eco-friendly improvements to your home. More details regarding these incentives, including information about incentives for purchasing new appliances, can be found here.
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.