2024 Solar Incentives Guide for Milton, VT - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Milton.
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.
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What Solar Tax Credits, Incentives, and Rebates are Available in Milton?
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/
The phrase "solar incentives" refers to a wide 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. Different kinds of incentives, like cash back, discounts or credit towards your monthly utility bill, might be available to you. Some incentives may be provided via the state of Vermont, by your utility company or by county or municipality, while others are federal. You might qualify for any of the following types of solar incentives:
- Rebates: A rebate is a partial refund after the purchase of your solar system. These could be offered by your local utility company, your county or your state. The rebates are usually applied before tax credits are calculated.
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you've signed a net metering agreement with your Milton utility company, the company will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some areas, this is a dollar-for-dollar credit, while in others you may make back a percentage of the value.
- Tax Exemptions: Tax exemptions may come in two forms. First, there is sales tax exemption, which is applied at the time you purchase your solar panels. The second is property tax exemption, which allows you to exclude the added value of your solar system when paying property tax on your home.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the government.
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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
When you hear the term "solar incentives," federal incentives may be the first thing that comes to mind. An 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 the cost of your solar system.
The ITC can be credited towards the value of a solar system installed on your primary or secondary residence in the United States. The solar system must have been installed on a property you own after January 1, 2006, for you to be eligible for the credit. The ITC initially covered 30% of all system costs (panels, labor, equipment and accessories), although the total amount has fluctuated over time between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the amount you can claim.
To find out exactly how much money the ITC could save you, contact your local Milton solar panel installer.
In August 2022, the Inflation Reduction Act expanded and extended 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 expires in 2035. Starting in 2023, it will also be easier to qualify for credits for energy storage systems with the new act.
Click here to learn more about the new Inflation Reduction Act. The best way to learn more about how the new Clean Energy Credit might apply to you is to talk with your local Milton solar panel installation expert.
State & Local Solar Incentives
Not all solar incentives are federal; rebates, tax credits and more are often offered at the local or state level. Incentives might be handled by the state of Vermont, or by your county or municipality. Some incentives may be available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Milton
There are many kinds of solar incentives: those given by local utility companies, those given by the federal government and those provided by the Vermont government, to name a few. Solar energy use has increased tremendously in the last 15 years, thanks to these incentives. We recommend talking to your local Milton solar installer for more information about these incentives and to ensure that you're getting all the money you can for your solar system.
EcoWatch's Milton, VT Solar Incentives FAQs
How much will solar panels save me annually on my electric bill in Milton?
After adding solar panels to your Milton home, you can expect to save around $1,210.76 per year, or about $23,004.49 over the next 20 years.
What are the environmental benefits of switching to solar energy?
Solar energy is a renewable energy source — by switching where you get your energy, you can help reduce the strain on our planet's resources. Solar panels can also reduce the CO2 emissions from your home by 200 pounds a year, or around 4,000 pounds over 20 years.
Can I qualify for incentives both towards the initial cost of solar panels, and later as reimbursement?
The order that incentives will be applied in may vary depending on which incentives you are eligible for but typically yes, you can receive multiple types of incentives for your solar project. Get in touch with your solar installer or a local tax professional to confirm you are claiming all possible incentives and applying them in the correct order.
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, such as a combination of geothermal and solar. You can also combine renewable energy generation with a backup source of non-renewable energy. Make sure that you discuss the details of your plan with your local Milton solar installation expert, to make sure you know what you'll need and what types of incentives you will or won't qualify for.
What if I add solar panels to a vacation home, rental property or commercial property? Do I still qualify for incentives?
Many solar incentives apply to a property you own that is located within the United States; most secondary residences will fall into this category. Other solar incentives may be available for commercial properties, depending on the specifics. We recommend speaking with your local solar installer and/or tax professional to best understand what incentives may 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.