AMERICANS can get a myriad of benefits for embracing green energy.
In Connecticut, you could save over $1,000 on certain energy improvements thanks to a government program.
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The state offers a sales tax exemption for purchases of solar and geothermal energy devices.
That exemption also extends to certain installation costs.
The amount of money you could save depends heavily on the cost of your installation.
MarketWatch estimated that someone buying an 8-kilowatt home solar system, which costs around $21,000, could save over $1,300 “right away.”
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That’s because Connecticut has a sales tax of 6.35%, which can be waived for specific energy projects.
Not everyone will qualify for the tax waiver, however.
WHO QUALIFIES?
To get the sales tax waived, you must be purchasing your equipment in Connecticut.
You must also be buying the right kind of equipment.
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- Active or passive solar water or space heating systems
- Geothermal resource systems
- Solar electricity-generating systems
- Equipment related to any of these systems
- Certain installation services related to these systems
The final criterion is to present the proper documentation to the equipment seller at the time of purchase.
The certificate, CERT-140, is available through the Connecticut Department of Revenue’s website.
You do not need to be a homeowner to qualify for the waiver.
Tenants, commercial property owners, and manufacturers are also able to use the form to purchase tax-free solar and geothermal equipment.
Some people in the Nutmeg State may also qualify for property tax exemptions thanks to their solar power.
Residents will need to check with their local government to see if they qualify for that discount.
Is solar power taking off?
Once an environmentalist dream, solar power is now a fast-growing energy source across the US.
Residential solar energy — the installation of solar panels on one’s property — has become increasingly popular and affordable.
The cost of panels is about half what it was a decade ago, according to CNet.
It can also reduce monthly energy bills for some, while reducing dependence on fossil fuels, which contribute to climate change.
Over half of America’s new energy-generating capacity in 2023 came from solar power, according to SEIA, an industry group.
Government incentives like the Inflation Reduction Act and other tax benefits are expected to increase the accessibility of solar power further.
Despite growth, solar still produces only a small percentage of the grid’s power.
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Connecticut is not the only government doling out cash to incentivize solar uptake.
The federal government also offers a heavy tax credit for those installing solar in their homes.
The credit covers 30% of the cost of solar power installation.
Federal credits are expected to save people thousands.
Other states like New York and New Jersey also offer sales tax exemptions for solar purchases.
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