2020 was a roller coaster of a year in the larger world, especially due to the COVID-19 pandemic, but you can still take advantage of solar energy during this unusual time. If you want to power your business and your facility through renewable energy, Verogy is here to help you. Let’s look at the Connecticut solar incentives available to commercial businesses and facilities right now.
We previously wrote about a net metering phase-out in Connecticut, but it appears we spoke too soon. While opponents of net metering did their best in 2018 to pass legislation to hinder this particular solar power incentive, the Connecticut legislature almost unanimously passed legislation to save net metering in Connecticut in May 2019. The bill delays legislative action on net metering until 2021, so you can still access this benefit in 2020.
What exactly is net metering? It’s a solar power incentive where your utility company puts a meter on your solar array. When the meter spins forward, your facility is using the utility company’s power, but when it spins backward, you’re using power generated by your solar array. Then your utility company bills you for the difference between your utility energy usage and solar energy usage. If the difference is positive, you pay that to your utility company. If the difference is negative, you receive a credit from your utility company for your solar energy generation and usage.
Why are CT incentives for solar power available to businesses and residents? The state government and utility companies like Eversource provide these incentives to encourage solar energy adoption by making it a more financially feasible option for Connecticut residents and businesses. Solar tax credits and incentives, including net metering, allow you to cover the cost of working with a solar company like Verogy to install solar panels on your building or near your facility.
The Connecticut Green Bank offers multiple renewable energy incentives. These incentives include the C-PACE program (Commercial Property Assessed Clean Energy) and the Green Bank Solar PPA incentive. The C-PACE program allows businesses to pay for green upgrades to their facilities through a voluntary benefit assessment that appears on the businesses’ property tax bill. This program ensures that businesses can access low-interest capital to finance their solar energy systems.
The Green Bank Solar PPA (Power Purchase Agreement) incentive enables commercial properties, nonprofit organizations, and municipal and publicly owned institutions to switch to solar with no money down. If you participate in this incentive, the Green Bank or one of their partners develops and installs your solar project. Then you purchase the solar array’s electricity from the Green Bank or their partner, so you don’t have to make a large direct investment in your commercial solar array.
The state of Connecticut also offers tax exemptions that help grow its solar industry. Perhaps the most important is the solar property tax exemption, which exempts 100% of your solar project’s assessed and associated costs from your property taxes. Connecticut also provides sales and use tax exemptions for the equipment used in solar installations and other green energy projects. Since your solar installation is largely exempt from taxes, you can install your project and begin lowering your electric bills and increasing your building or campus’s energy efficiency without worrying about any extra costs.
Solar tax credits and incentives, including net metering, allow you to cover the cost of working with a solar company like Verogy to install solar panels on your building or near your facility.
Verogy works with you to access as many solar incentives as you’re eligible for to make your solar project an affordable reality. We will use our project financing and development services to ensure your solar project fits within your budget while also lowering your utility bills. Reach out to us today to start the solar project financing and development processes. We have the experience and the knowledge you need to successfully navigate both processes.