In addition to the 30% Federal Tax Credit, solar incentives available to Connecticut residents can greatly reduce the cost of going green.
Connecticut State Rebate
The Connecticut Green Bank provides a state rebate for homeowners in Connecticut. The current incentive offers a $0.513 per watt rebate for the first 10,000 watts and $0.40 per watt for up to 20,000 watts for grid-tied photovoltaic (PV) systems. Sunlight Solar applies for the rebate on your behalf, so the state rebate amount is deducted from your system investment immediately. This means you do not need to pay the full price out-of-pocket and wait for your reimbursement. Additionally, systems subsidized by Connecticut Green Bank may be sized to cover up to 100% of your home’s electricity requirements.
SRECs (Solar Renewable Energy Credits) are quarterly paychecks provided to residential and commercial properties that produce green energy. Depending on the market, the credits are sold for about $200-$450.
1,000 kWh of production = 1 SREC
For example, a 5kW solar array will produce approximately 6200 kWh a year. Take 6200/1000 = 6.2 SRECs. With this example, you will be able to sell 6 credits a year for 10 years at the quarterly traded market price. These payments significantly contribute to the break-even period of a solar array.
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