2024 Solar Incentives Guide for Wolcott, CT - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Wolcott.

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 Wolcott solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated June 24, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

What Solar Tax Credits, Incentives, and Rebates are Available in Wolcott?

Local Option - Property Tax Exemption for Renewable Energy Systems

Incentive Type:
Property Tax Incentive
Varies (local option)

Property Tax Exemption for Renewable Energy Systems

Incentive Type:
Property Tax Incentive
100% of value added by renewable system

Sales and Use Tax Exemption for Solar and Geothermal Systems

Incentive Type:
Sales Tax Incentive
100% exemption

Residential Solar Investment Program

Incentive Type:
Rebate Program
Customer-owned (EPBB):
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%

Connecticut Green Energy Building Solutions

Incentive Type:
Green Building Incentive

Smart-E loans

Incentive Type:
Loan Program

Sales and Use Tax Exemption for Energy-Efficient Products

Incentive Type:
Sales Tax Incentive
100% exemption

Energy Conservation Loan

Incentive Type:
Loan Program
Single family homes (1-4 family units): $25,000
Landlord Loan: $40,000

The United Illuminating Company - Small ZREC Tariff

Incentive Type:
Solar Renewable Energy Credit Program
$98.18 per ZREC (for Year 6 round of solicitation)

Eversource - Small ZREC Tariff

Incentive Type:
Solar Renewable Energy Credit Program
$100.74 per REC (for Year 7 round of solicitation)Tariff for Small ZREC determined through PURA

(Electric and Gas) Residential Rebate Program

Incentive Type:
Rebate Program
Ductless Heat Pump: $500
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

Incentive Type:
PACE Financing
Locally determined

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

Source: https://www.dsireusa.org/


The phrase "solar incentives" includes a range of financial incentives put in place to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. The incentives might include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are offered by the federal government, some by the Connecticut government and some by your specific utility company, county or municipality. Some solar incentives you might qualify for are:

  • Tax Credits: Tax credits decrease, dollar-for-dollar, how much income tax you owe the government. These are different from tax deductions.
  • Rebates: A rebate is a partial refund after the purchase of your solar panels. These may be offered by your local utility company, your county or your state. The cash back that you get from the rebates is normally applied before tax credits are calculated.
  • Tax Exemptions: Your solar panels could 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 value that solar panels add when calculating property taxes on your home.
  • Net Metering: Net metering is an incentive you can get after your solar panels are up and running. If you have a net metering agreement with your Wolcott utility company, they will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some locations, this is a dollar-for-dollar credit, while in other places you might make back a percentage of the value.

Best Regional Coverage

Momentum Solar

★★★★★
4.5
  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Best for Leasing

Sunrun

★★★★★
4.0
  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

Solar Veteran

Trinity Solar

★★★★★
4.0
  • Many financing options
  • Family-owned and -operated
  • Makes charitable contributions
  • Limited service area
  • Relatively short workmanship warranty

Federal Solar Incentives

When someone says "solar incentives," you probably think of federal incentives first. An incentive that most people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a predetermined percentage of the cost of your solar system.

The ITC applies to solar panels installed after January 1, 2006, on a primary or secondary residence in the United States that you own. 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 the installation date of your solar system. There is no cap on the claim amount.

Curious how the ITC might apply to your specific situation? Contact your local Wolcott solar panel installation expert to get more information.

The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit is valid until 2035. Any solar installation project that is completed between January 1, 2022, and December 31, 2032, may qualify for a 30% tax credit; this amount will then decrease slightly on a yearly basis until the current program ends. Starting in 2023, the expansion will also make it easier to get credit for energy storage systems.

More information about the new Inflation Reduction Act can be found here. Your local Wolcott solar panel installer can answer any questions you have and explain how the new Clean Energy Credit will apply to you.

State & Local Solar Incentives

Rebates, tax credits and more can be claimed at multiple levels. On top of federal solar incentives, there are often state and local ones as well. Incentives may be given by your county or municipality, or by the state of Connecticut. Certain incentives may be available for only a limited time, while others are ongoing.

Next Steps for Installing Solar in Wolcott

Nationwide solar energy use has increased enormously in the last 15 years, in part thanks to the increase in availability of solar incentives. You can obtain these incentives from the Connecticut government, the federal government or your local utility company. It is a good idea to talk to your local Wolcott solar installation company for more information about these incentives and to be sure that you're getting the most money possible for your solar panels.

EcoWatch's Wolcott, CT Solar Incentives FAQs

How can I find out if I qualify for specific solar incentives?

Broadly, solar incentives apply to:

  1. a new solar panel system
  2. installed on property you own
  3. within the U.S.
  4. within the date range specified by a particular incentive.

Specific incentives, including those run by the Connecticut government or by your county/municipality, may have additional qualifications. Speak with your local Wolcott solar installer to find out what incentives your project may qualify for.

How much can I save annually on my electric bill if I install solar panels on my house in Wolcott?

When you add solar panels to your house in Wolcott, you can anticipate savings of around $1,193.58 per year, or around $22,677.98 over 20 years.

When does the federal solar tax credit end?

The federal solar tax credit, formerly called the ITC and now named 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.

Can I use solar and another type of renewable energy in combination to power my home?

You can use multiple types of renewable energy, or a combination of renewable and non-renewable energy, to power your home. Be sure to talk through your plan with your local Wolcott solar installation expert. They can help you as you plan for your project and also help you understand the various incentives that you might or might not 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.

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