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/
Solar incentives help mitigate the cost of installing solar panels on your home. These financial incentives are intended to encourage more homeowners to switch their home over to renewable energy. The incentives might include cash back, upfront discounts or monthly credits towards your utility bill. Some incentives are handled by the federal government, some by the Vermont government and some by your utility company, county or municipality. You might qualify for any of the following types of solar incentives:
- Rebates: Rebates, or partial refunds after a purchase, are typically applied prior to any solar tax credits being calculated. Rebates may be offered by your local utility company, by your state or by your county.
- Net Metering: Make sure you talk with your Milton utility company about signing a net metering agreement. This allows you to receive credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Exemptions: Tax exemptions may come in two forms. First, there is sales tax exemption, applied at the time you purchase your solar panels. The second is property tax exemption. This allows you to exclude the added value of your solar system when calculating property tax for your house.
- Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
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 are likely the first thing that comes to mind. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit equal to a predetermined percentage of the money you spend installing solar panels.
The ITC was originally for 30% of the cost of solar system installation, and has fluctuated slightly over the last few 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 accessories, labor and equipment. There is no maximum claim amount. 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 best understand how the ITC may apply to your situation, get in touch with your local Milton solar panel installation expert and request more information.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as renaming it to the Clean Energy Credit). The new Clean Energy Credit extends until 2035. American homeowners can now receive 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 decrease annually until the date of expiration. Beginning in 2023, it will also be easier to obtain credits for energy storage systems with the new act.
Click here to learn more about the new Inflation Reduction Act. Your local Milton solar panel installation expert is the best person to answer your questions about the new Clean Energy Credit and how it may apply to you.
State & Local Solar Incentives
Tax credits, rebates and more can be claimed at multiple levels. Along with federal solar incentives, there are often state and local ones as well. Incentives might be provided by the state of Vermont, or by your county or municipality. Certain 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 the federal government, those given by the Vermont government and those offered by local utility companies, to name a few. Solar energy use has grown enormously in the last 15 years, partially due to these incentives. Contact your local solar panel installation expert today to discover more about the various programs and to save the most money possible on solar panels for your Milton home.
EcoWatch's Milton, VT Solar Incentives FAQs
How much can I save annually on my electric bill if I install solar panels on my Milton home?
Once you add solar panels to your Milton home, you can expect to save approximately $1,210.76 per year, or around $23,004.49 over 20 years.
What are some environmental benefits of installing solar panels on my home?
Solar energy is a renewable energy source — by changing where you get your energy, you help reduce the strain on our planet's resources. You can also reduce your home's CO2 emissions by 200 pounds annually, or around 4,000 pounds over 20 years.
Can I apply for incentives both towards the initial cost of solar panels, and later as reimbursement?
Yes, you can receive both tax credits and rebates towards the cost of solar panels. Depending on which incentives you are eligible for, they may apply in a different order. Be sure to speak with your solar installer or a local tax professional to confirm that you are claiming the correct incentives and that you're getting the most money possible.
Can I use multiple types of renewable energy to power my home?
Yes, you can utilize multiple types of renewable energy to power your home — for example, a combination of wind and solar. You can also use both renewable energy sources and a non-renewable backup source of energy. You should discuss your plan with your local Milton solar panel installer, so that you understand what you'll need and what incentives you will or won't qualify for.
What if I want to add a solar system to a vacation home, rental property or commercial property? Do I still qualify for incentives?
While we recommend getting in touch with your local solar installer and/or tax professional to best understand what solar incentives apply to you, many apply to a second home, so long as that home is in the United States and owned by you. There may be additional incentives available specifically for commercial properties, depending on the details.
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.