2023 Solar Incentives Guide for Jericho, VT - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Jericho.
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.
Get a free quote from one of our trusted Jericho solar installers to see how much you can save.
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Updated September 15, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Jericho?
Local Option - Property Assessed Clean Energy
Standard Offer Program
Local Option - Property Tax Exemption
Uniform Capacity Tax and Exemption for Solar
Uniform $4.00/kilowatt property tax payment for systems 50 kW and greater
Renewable Energy Systems Sales Tax Exemption
Residential Energy Efficiency Rebate Programs
Emerging Tech Window ACs (only for window ACs that meet ENERGY STAR's 2019 Emerging Tech Award Criteria): $200
Heat Pump Heating & Cooling System: Up to $500 off at time of purchase
Clothes Dryers: $200 or $400
Dehumidifiers: Up to $40
Heat Pump Water Heaters: Up to $600
Swimming pool pumps: $250 or $500
Lighting: Reduced prices at participating retailers
Horticultural Lighting Fixtures for Indoor Growing: $100
Smart Thermostats: Up to $100
Home Performance with Energy Star: Up to $2,000
Vermont Gas - Residential Energy Efficiency Program
Combination Furnace: $800
Hot Water Boilers: $600-$800
Combination Boilers: $900-$1,100
Direct Vent Space Heater: $200
Water Heaters: $200
Tankless Water Heaters: $300-$500
Indirect Water Heater: $100
Drain Water Heat Recovery: $300
Solar Hot Water: $950
Solar Furnace: $200
Residential Heating Systems Rebate Program
Central Wood Pellet Furnaces and Boilers: $2,000 rebate
Furnaces and Boilers: $250 rebate
Cold Climate Heat Pumps: $600 - $800 discount
High Performance Circulator Pumps: $15 - $50 discount
Small-Scale Renewable Energy Incentive Program
Residential: $0.40/kWh/yr
Commercial: $0.40/kWh/yr
Special Category: $0.80/kWh/yr
Advanced Wood Pellet Heating:
Flat Incentive: $3,000
Custom Incentive: $1.25/sq-ft; $10.00/MBH thermal storage tank adder
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are designed to make renewable energy usage more affordable via financial incentives for individuals who install solar panels on their homes. You may be eligible for several types of incentives, such as discounts, cash back 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 Vermont and others from the federal government. Categories of solar incentives include:
- Tax Exemptions: Your solar panel system may qualify for both sales tax and property tax exemptions. Sales tax exemptions are applied at the time of purchase. Property tax exemptions allow you to ignore the value added by your solar panels when calculating property taxes on your home.
- Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar system. States or counties will also sometimes offer limited-time rebates. If you receive a rebate, that amount will usually come off the total price before any tax credits are calculated.
- Net Metering: You can sign a net metering agreement with your Jericho utility company that will apply to all or a percentage of the excess electricity your solar panels generate. They will then subtract this value from your monthly utility bill.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the federal government.
Best Technology
Tesla Energy
- 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
Federal Solar Incentives
Federal solar incentives are probably the first thing that you think of when thinking about solar incentives. It's likely that you've 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 installing solar panels.
The ITC applies to solar systems installed after January 1, 2006 on a primary or secondary residence in the United States that you own. Originally, the tax credit was for 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 amount you can claim.
Your local Jericho solar panel installation expert can provide you with more information about the ITC and how it may apply to your situation.
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 new Clean Energy Credit is valid until 2035. Homeowners can now apply for a 30% credit for solar systems that began installation after January 1, 2022 and are completed by the end of 2032. This new credit will then be decreased by a few percentage points every year until it expires. Starting in 2023, the program 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 Jericho solar panel installers are the best people to answer your questions regarding the new Clean Energy Credit and how it will apply to you.
State & Local Solar Incentives
Some solar incentives are often also provided at the state and local level. Similar to federal incentives, these might include rebates, tax credits and more. Certain incentives are offered for only a limited time, while others are ongoing. Your local solar incentives may come from the Vermont government, or from your specific county or municipality.
Next Steps for Installing Solar in Jericho
Solar incentives may be provided by the Vermont government, the federal government or your local utility company. The growing number of solar incentives available has contributed to a large increase in solar energy use in the last 15 years. Reach out to your local solar panel installer today to discover more about the various programs and to save as much money as possible on a solar system for your Jericho home.
EcoWatch's Jericho, VT Solar Incentives FAQs
How do I learn if I qualify for different solar incentives?
It's best to speak with your local Jericho solar installer for a better understanding of which incentives your project may qualify for. Usually, solar incentives apply to new solar systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, such as those offered by the government of Vermont, might have other requirements.
If my house already has solar panels, can I still claim incentives?
If your solar panels were installed after January 1, 2022, you may qualify for the recently increased 30% tax credit under the Inflation Reduction Act. If you installed your system between 2006 and 2021, you might qualify for a tax credit between 26% and 30%, depending on the date of installation. Speaking with the company that installed your system, or any local Jericho solar installer, can help you learn more about what incentives you might want to apply for.
How much can I save on my electric bill annually if I install solar panels on my house in Jericho?
After adding solar panels to your house in Jericho, you can anticipate savings of approximately $1,212.78 per year, or approximately $23,042.81 over 20 years.
What are the highest-rated solar panel installation companies near me?
To find the best solar panel installers near you, read our article on the top solar companies in Jericho.
Can I use both solar and another type of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Be sure to talk through your ideas with your local Jericho solar installer. They can help you plan your project and also help you understand the various incentives that you may or may 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.