Grants REBATES

Grants, Incentives, Programs, Rebates, or Energy Credits can be from the IRS Federal Government, State, Or Local Municipalities. A summary of some programs are listed below. State incentives for renewables and efficiency can be found on DSIRE. Choose your state for more details. You must apply for these programs prior to beginning the projects. Most have a time limit from beginning to completion. Check with each agency, government, Utilities, or local municipalities for specific rules and Regulations. for more information please contact us (203)-415-8876.

IRS Federal Tax Credit

Solar , Geo-Thermal,Hydro Systems installed between Jan. 1, 2009, and Dec. 31, 2016, are eligible for a tax credit equal to 30% of the cost. To qualify, the system must supply electricity to a residence and meet local building codes.

That means a 5.2 kilowatt system that costs $44,200 would, in theory, earn a federal tax credit of $13,260. (This is a simplified example. Consult a tax adviser.)

The tax break can be applied to a solar-panel system installed at your primary residence or second home. Take the credit for the tax year the system becomes operational. Use IRS Form 5695. The credit can’t exceed the total amount owed in federal taxes for that year, but it can carry over to future years. Save receipts and certification statements. This is applied on your yearly tax returns.

ELECTRIC VEHICLE CREDITS
Applies to new vehicles only when placed in Service!
30D – New Qualified Plug-In Electric Vehicles

Chevrolet Volts, 2011-2014 – Credit $7,500.
Chevrolet Spark EV, 2014 – Credit $7,500.
Nissan Leaf
Ford C-Max
Toyota Prius Plug-In, 2012-2014 – $2,500.
Toyota Rav4 EV, 2012-2014 – $7,500.

Connecticut

LREC/ZREC Program

An Opportunity to Develop Renewable Generation in Connecticut Through the Low Emission Renewable Energy Credit (LREC) and Zero Emission Renewable Energy Credit (ZREC) Program

CL&P and UI customers who install new, qualifying renewable energy projects — ranging from rooftop solar panels to fuel cells — now have an opportunity to sell the qualified Connecticut Class I renewable energy credits (RECs) created from their projects to CL&P under a long-term, 15-year contract.
The following list links to websites and documents related to the LREC/ZREC Program:

What is an LREC?

An LREC is a Class I Renewable Energy Certificate from a low-emissions project as defined in Section 110 of Public Act 11-80. LREC-qualified projects are Connecticut generation projects that are located behind company customer meters, achieve commercial operation on or after July 1, 2011, and have emissions of no more than 0.07 pounds per megawatt-hour (MWh) of nitrogen oxides, 0.10 pounds per MWh of carbon monoxide, 0.02 pounds per MWh of volatile organic compounds, and one grain per 100 standard cubic feet. To qualify for the LREC/ZREC Program, LREC projects may not be larger than 2,000 kilowatts (kW).

What is a ZREC?

A ZREC is Class I Renewable Energy Certificate from a zero emissions project as defined in Section 107 of Public Act 11-80. ZREC-qualified projects are Connecticut generation projects that are located behind company customer meters, achieve commercial operation on or after July 1, 2011, and emit no pollutants. To qualify for the LREC/ZREC Program, ZREC projects may not be larger than 1,000 kW.

What Types of Projects Can Qualify for the LREC/ZREC Program?

The REC can be either zero emissions (ZREC) if it originates from a solar, wind, small hydro or other zero emissions generating source, or low emissions (LREC) if it meets certain measured emissions standards. Fuel cells are a good example of an LREC.
New York
INFORMATION COMING SOON!

Utility

If you currently get electricity from a municipal power authority, you may not qualify for state or other utility incentives.  For more information, ask your utility provider directly or refer to DSIRE.

Types of Incentives:

1. Personal Tax Incentives

These include income tax credits.  Most states offer these incentives to decrease the cost of making a renewable energy investment.  The percentage of the credit differs for each state.  In many, there may be a maximum dollar limit of the credit.  The credit may include carryover provisions, or it could be structured so it can be consumed over a specified amount of years.

2. Property Tax Incentives

These include exemptions, exclusions, abatements and credits.  Most property tax incentives allow the added value of your photovoltaic system to be exempt from the valuation of the property when determining your property tax.

3. Sales Tax Exemption

Most states offer sales tax exemption on the equipment and/or labor for renewable energy programs.

3. Rebates

Rebates are offered by states, local governments, and utilities to lower the net cost of solar electric systems.  Rebates are typically based the system size (per watt DC) of your solar array.

4. Solar Renewable Energy Credits

An SREC is a tradeable certificate that represents all the positive environmental attributes of electricity generated from a solar electric system.  Each time a solar system generates 1,000 kilowatt hours, or 1 megawatt hour, of electricity, an SREC is issued which can then be sold or traded separately.

5. Loan Programs

Certain loan programs are in place to finance renewable energy measures.  These programs may include advantageous benefits like lower interest rates or more relaxed qualification standards.

6. Net Metering

Net metering allows customers to get credit for the full retail value of the electricity their solar electric system generates.  Under this agreement, the customer’s electric meter tracks the surplus electricity generated by the solar electric system and the electricity that the customer consumes.  The customer is only billed for the net amount of electricity they use.

 

SOLAR

Trying to convert the sun’s rays into electricity doesn’t make sense for every home owner. For the solar panels that typically sit on your roof to be really effective, they need exposure to direct sunlight for at least five hours a day. If there’s a lot of fog and rain where you live, or obstructions like trees or neighboring structures, then your solar system won’t be as efficient.

But if your electric bills are high and your house receives sufficient sunlight, then solar panels might be a sustainable and energy-efficient alternative to consider. Prices have been falling in recent years. But even so, your payback period will be decades.

How many watts?

Solar-panel systems are classified by watts of capacity. Systems under 10 kilowatts — 1 kilowatt equals 1,000 watts — are primarily for residential use. The average size of a residential solar-panel system is 5.2-7 kilowatts. Installation cost varies by the size of the system and the state where you install it, but averaged $6.10 per watt nationally in 2011, according to the U.S. Department of Energy’s Lawrence Berkeley National Laboratory.

The median installed price of PV systems less than 10 kW in size that were completed in 2011 and ranged from $4.90 per watt in New Hampshire to $7.60 per watt in Washington, D.C., the Lab’s data shows.

However, once local, state, and federal tax incentives were factored in, the installed cost of a 5.2-kilowatt system in 2011 ranged dropped byfrom a range of $0.90 per watt to $1.20 per watt for systems.

In general, systems are cheaper in places like Arizona and California, where electricity is expensive, sunshine is plentiful, and solar has gained wider acceptance. Search the Database of State Incentives for Renewables & Efficiency for state and local incentives.

IRS expands federal tax credit

Systems installed between Jan. 1, 2009, and Dec. 31, 2016, are eligible for a tax credit equal to 30% of the cost. To qualify, the system must supply electricity to a residence and meet local building codes.

That means a 5.2 kilowatt system that costs $44,200 would, in theory, earn a federal tax credit of $13,260. (This is a simplified example. Consult a tax adviser.)

The tax break can be applied to a solar-panel system installed at your primary residence or second home. Take the credit for the tax year the system becomes operational. Use IRS Form 5695. The credit can’t exceed the total amount owed in federal taxes for that year, but it can carry over to future years. Save receipts and certification statements.

Reduce your electric bills

A typical residential system should lower your electric bills by 25% to 50%, says Monique Hanis, a spokeswoman for the Solar Energy Industries Association. The average household

pays about $110 a month for electricity, according to the Energy Department, so a solar-panel system should save you between $300 and $600 a year. The payback period will vary greatly depending on how sunny it is where you live, the size of your system, the cost of your system, and future swings in local electricity costs.

Figure it’ll take anywhere from six to 18 years, says Hanis. Solar panels have a lifespan of 20 to 30 years. HouseLogic tried out some independent online tools that estimate your solar panel payback period, and they showed it could take more than 30 years in some cases.

Producing excess energy can accelerate how quickly you’ll recoup your investment. A battery can store extra electricity for later use, or you may be able to sell surplus energy back to the utility company in a practice called net metering. Many cities have net metering in place, but check with your utility company before you install solar panels.

Leave a Reply

Your email address will not be published. Required fields are marked *