Solar Energy in Connecticut?
Although most associate solar panels with the sunniest states, solar energy is a great option for those who live in Connecticut! Not only is solar a smart investment for long-term financial gain, but it can also significantly reduce your monthly utility bills. In addition, solar is a cleaner and more efficient alternative to finite fossil fuels.
Federal Tax Credit
Tax credits are a great way for residents who own their solar panel systems to earn money back. The Federal Tax Credit allows solar energy owners to deduct 26% of the cost of installing the solar system from their federal taxes.
The Federal Tax Credit applies to both residential and commercial systems. This credit can be applied to personal income taxes that would otherwise be payed to the federal government.
You qualify for these credits if you own your panels opposed to renting, installed in 2020 and actively generate electricity. When you’re ready to claim your credit, you are going to need to file IRS Form 5695 when doing your tax returns. You will be instructed to calculate your credit on the form.
This deal will not last forever. Residential and commercial solar energy system owners can deduct 26% of the cost of installation for systems that have begun construction through 2020. The tax credit then decreases in slow increments annually until 2021, where it is projected to stay at 10%. You’ll get the best deal if you switch to solar energy today!
Connecticut offers solar rebate programs, the Energy Conservation Loan Program and tax exemptions for renewable energy equipment. On top of these offers, Connecticut also has a net metering policy that credits you for the excess energy that your system produces.
Ask your solar provider to learn more about these programs and determine which ones you qualify for!
Connecticut has some of the worst air pollution in the northeast region of the US. According to the American Lung Association, Hartford County’s pollution has increased in the past year. In fact, Hartford has received a failing grade from the lung association.
Solar energy uses clean energy from the sun – an infinite resource. Virtually no CO2 is emitted as a result of solar panel usage, therefore significantly reducing your carbon footprint.
Thanks to significantly improved technology and government incentives, solar is more affordable than ever. Step into your future and switch to clean solar energy today.
Momentum Solar is committed to helping residents of Connecticut convert to clean, solar energy. We provide guidance at every step in the process, which includes helping you determine the best way to finance your system. Three options are available to you:
Pay upfront for your system: If you are able to, paying for your system outright offers substantial savings over time.
Take out a loan: Many homeowners don’t have enough money to pay for their system outright, but taking out a loan allows them go solar sooner. There are several types of loans available and we can help you find the best one for your financial situation. With a loan, you’ll be able to get a solar system installed on your property for $0 down so you can start experiencing cost savings sooner. Once the loan is paid off, you’ll own your system.
Lease your solar panel system: Leasing or a solar power purchase agreement (PPA) are attractive options for Connecticut residents who want to enjoy the savings associated with solar without owning the system. With a lease or PPA, you’ll pay a fixed amount for each kWh of electricity generated by your system, which will be substantially lower than paying for electricity from the grid. With no upfront investment and savings guaranteed during the entirety of your leasing agreement, this is an excellent way to go solar for little money down.
Why Momentum Solar
Momentum Solar provides its customers with a first-class experience throughout their solar energy journey. We take care of everything from custom design, permitting, and installation of every system.
Our mission is to provide cleaner energy while helping our customers take control over rising electricity costs. We firmly believe that solar energy will help you improve your environment while achieving your financial goals.