2024 Solar Incentives Guide for Wilton, CT - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Wilton.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
Get a free quote from one of our trusted Wilton solar installers to see how much you can save.
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Updated February 03, 2024
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What Solar Tax Credits, Incentives, and Rebates are Available in Wilton?
Connecticut Green Energy Building Solutions
Property Tax Exemption for Renewable Energy Systems
Energy Conservation Loan
Landlord Loan: $40,000
Local Option - Residential Sustainable Energy Program
Sales and Use Tax Exemption for Energy-Efficient Products
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%.
Third-Party-Owned (PBI):
Up to 20 kW PTC: $0.03/kWh for 6 years
Minimum Design Factor 60%
(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
Eversource - Small ZREC Tariff
Sales and Use Tax Exemption for Solar and Geothermal Systems
Local Option - Property Tax Exemption for Renewable Energy Systems
Smart-E loans
The United Illuminating Company - Small ZREC Tariff
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" covers a range of financial incentives implemented to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You may be eligible for various types of incentives, such as cash back, discounts or credit towards your monthly utility bill, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the Connecticut government and others from the federal government. You might qualify for any of the following types of solar incentives:
- Tax Exemptions: Your solar system could qualify for exemptions on both sales and property tax. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions allow you to exclude the value added by your solar panels when calculating property taxes on your house.
- Rebates: Rebates, or partial refunds after a purchase, are usually applied prior to any solar tax credits being calculated. These rebates can be provided by your local utility company, by your state or by your county.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the federal government.
- Net Metering: Net metering factors in once your solar system is up and running. If you have a net metering agreement with your Wilton utility company, it 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 other places you might get refunded a percentage of the value.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Federal Solar Incentives
When you hear the term "solar incentives," federal incentives might be the first thing that comes to mind. You may have heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit that reduces your taxes by a predetermined percentage of the money you spend on your solar system.
The ITC was originally for 30% of the total cost of installing solar panels, 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 installation cost includes the panels themselves as well as the cost of equipment, accessories and labor. There is no maximum amount you can claim. The ITC can be applied to solar systems installed after January 1, 2006, on your primary or secondary residence. The residence must be owned by you and in the United States.
To better understand how the ITC may apply to you, contact your local Wilton solar panel installer and request more information.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as retitling it the Clean Energy Credit). The Clean Energy Credit re-raises the credit up to 30% for solar installation projects started after January 1, 2022, and completed by the end of 2032. At this point, the percentage will decrease slightly each year until the program expires in 2035. Starting in 2023, the expansion to the program will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. The best way to fully understand how the new Clean Energy Credit will apply to you is to get in touch with your local Wilton solar panel installers.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. As with federal incentives, these can include tax credits, rebates and more. Incentives may be handled by your county or municipality, or by the state of Connecticut. Certain incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Wilton
The expanding number of solar incentives available has enormously increased the use of solar power nationwide over the past 15 years. You can get solar incentives from the federal government, the Connecticut government or from your local utility company. Reaching out to your local Wilton solar panel installation company is an excellent first step towards making sure you get all the incentives you qualify for when you switch to solar energy.
EcoWatch's Wilton, CT Solar Incentives FAQs
How much can I save on my electric bill annually if I install solar panels on my Wilton home?
On average, Wilton homeowners who install solar panels save around $1,207.35 per year, or approximately $22,939.62 over 20 years after making the switch.
What are the best solar panel installation companies near me?
To find the right solar panel installer for you, check out our guide to Wilton's top solar panel companies.
I want to switch my appliances out for ones that are more energy-efficient. Are there any incentives I can get?
Under the new Inflation Reduction Act, there are several new financial incentives to encourage you to make eco-friendly improvements to your home. More details about these incentives, including information about incentives for purchasing new appliances, can be found here.
What if I add a solar system to a vacation home, rental property or commercial property? Will I still qualify for incentives?
Many solar incentives are intended to apply to a property you own that is located within the United States, and most secondary residences fall into this category. There may be other solar incentives available for commercial properties, depending on the specifics. We recommend getting in touch with your local solar installer and/or tax professional to fully understand what incentives will apply to your specific situation.
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.