Once you’ve begun seriously considering a solar energy system for your business, it’s wise to take the time to assess the financial feasibility of your goals.
An effective feasibility report will break down each of these key figures:
- The estimated cost of your project
- Expected financial incentives
- Net cost
- Estimated energy production
- Projected energy savings
When you’re planning for a solar initiative, financial incentives and solar rebates should not be overlooked, especially at the beginning of your project. After all, understanding and leveraging all available energy incentives can be the difference between project fulfillment and project failure. At the very least, maximizing your solar rebates is critical for maximizing the return on your solar energy system.
If you’re a small to mid-sized business in Connecticut and you’re considering deploying a solar energy system, here’s a quick rundown of the most relevant solar energy systems to get you started on the path to making solar a reality.
Solar Incentive Programs
Sponsored by the Connecticut Green Bank, the Commercial Property Assessed Clean Energy (C-PACE) program lets you pay for green improvement – like a solar installation – over time with a voluntary benefit assessment on your property tax bill. C-PACE allows you to enjoy the benefits of a solar upgrade immediately while repaying the cost over time along with property taxes. With C-PACE you can:
Take control of your energy costs while increasing your bottom line with more predictable energy expenses
Upgrade your facility to make it more efficient for you, your employees, and customers
Partner with a reliable financing provider whose goals are to maximize energy and cost savings
With customizable financing options and terms of up to 25 years, C-PACE simplifies the process of financing your solar upgrade, so you can start saving money from day one.
Property Tax Exemption for Renewable Energy Systems
If you decide to deploy a solar energy system in Connecticut, you may be eligible for a 100% property tax exemption. That means you won’t have to pay any additional taxes on the increased value of your facility after installing your new solar photovoltaic (PV) system. Learn more about the details of the tax exemption here.
When you deploy your solar installation, you need to make sure you’re getting credit for all of the solar power your system generates. Connecticut has a net metering policy that credits your business for all of the extra electricity your solar panel system produces, so you can then use those credits when your system doesn’t generate enough power. Eversource Energy offers one of the most robust and most popular net metering programs for businesses in Connecticut.
The Solar Tax Credit (ITC)
2019 is the last year to take advantage of the federal Investment Tax Credit (ITC). The solar ITC offers a rebate of up to 20%of your system’s costs that will be deducted from your federal income tax. However, only businesses that purchase their PV systems outright (with either cash or through a solar loan) are eligible.
Leveraging Your Options
If your business is interested in transitioning to a solar energy system, now’s the time to capitalize on all of the solar energy incentive options at your disposal. If you want a team of experts on your side to leverage your opportunities for you, contact our team at Verogy today. We provide clarity at every step of the process, so your business can gain access to solar energy as quickly as possible while saving money from day one.