According to the Solar Energy Industries Association, Connecticut ranks 19th in the nation for installed solar capacity. From 2019 on, this growth is expected to continue in years to come. There are several incentives for Connecticut business owners to invest in solar solutions for their brick-and-mortars.
Why should your company consider a commercial solar energy system?
General Benefits
Connecticut is one of the fastest growing states in the solar industry. Commercial property owners are offered the following incentives to make the switch to solar energy:
- Sales and property tax exemption
- 26 percent federal investment tax credit for 2020
- Credit for sending solar energy to the utility grid during peak hours
- 5-year cost recovery and tax reduction on solar energy property
Incentive Programs
A couple programs have helped accelerate the growth of Connecticut’s solar energy market. These incentives are also applicable to other renewable energy sources, including wind and geothermal.
Zero-Emissions Renewable Energy Credits
ZERC is a lottery process, designed for commercial projects using 25 – 2,000 kilowatt of power. Basically, Connecticut utility companies pay business owners a fixed price for every kilowatt-hour of solar electricity generated over a 15-year contracted period. In turn, the commercial property owners can also expect to save on their monthly electric bills.
Commercial Property Assessed Clean Energy
C-PACE is a financing method in which business owners borrow money for renewable energy systems. Repayments are made through a “charge” or “assessment” on their property tax bill. There is no upfront cost to upgrade the building to solar and the benefits can be shared with other tenants on the property.
Electric Bill Reduction
According to 2019 EnergySage Solar Data, the average commercial property owner pays about $1,950 a month for traditional electricity. Depending on the size of the system, businesses can expect to save anywhere from 75 to 90 percent on electricity costs by going solar! This huge budget reduction could open the door to a world of new opportunities for business expansion.
Are you a business or commercial property owner interested in converting to solar energy? Work with the qualified installers at New Britain Roofing Co. Inc. We have over 40 years’ experience impressing customers in CT, MA and beyond. To learn more, contact us today!
