upfront costs to solar installation presents an excellent opportunity
for people to increase access to embracing the solar lifestyle. Given
that solar systems can cost thousands of dollars, any strategy to
ease the expenses can significantly impact the entire industry. That
said, let’s discuss RSIP and how you can maximize its benefits.
What is RSIP?
The Nutmeg state strives to encourage more people to implement solar systems in their homes and business. The Residential Solar Investment Program (RSIP) was initially introduced in 2012 to push green technology utilization. RSIP offers rebates starting at $.463/watt for the first 10 kW installed.
rebate rates are dependent on the performance of your solar system.
If your system is
rated at 5kW, you can likely get a
rebate of $2,315 with
RSIP. This rebate can save you upfront costs and even help cover your
remaining electricity bills. It is because, despite going solar, some
still tend to consume from their electricity grids from time to time.
you’re thinking of participating in RSIP, get a contractor to help
you get started. They will assist with your paperwork and provide
consultation to cater to your needs. It is also essential to keep in
mind that qualified enrollees are customers of Eversource or United
Illuminating. Make sure that you live in primary residences with 1 to
4 family owner-occupants. Lastly, RSIP has no application deadline,
but it’s always better to start as early as possible.
Combining RSIP with Other Incentives
makes your leap to a solar-powered home more manageable, but you can
extend its benefits even further in conjunction with these
incentives. These are the incentives you can qualify to minimize
upfront installation costs further and earn savings.
Net Metering Credits
amount credited by your utility based on the extra electricity added
to your grid is the Net metering credit. Calculating this amount
comes from multiplying excess kilowatt-hour (kWh) fed into the
electricity grid by standard electricity rate. For instance, if your
solar panels produce 20 kWh, you can receive a credit worth 7.8
cents/h on your bill.
is no net metering cap stated on the aggregated capacity of your
utility’s service territory, unlike in Massachusetts. The remaining
credits can be forwarded to the next month but wiped at the end of
Federal Tax Credit
valuable incentive you can combine with RSIP is the Federal Tax
credit. This rebate refers to the 26% tax credit to cover your solar
system installation costs. For instance, if your overall solar
installation costs amount to $20,000, you can receive a $5,200 tax
credit. Your tax bill could be reduced to zero and receive the excess
if you owed less than $5,200 for that year.
Connecticut also provides low-interest loans to help you get started going solar. The Energy Conservation Loan offers up to $25,000 for eligible residents. It can be payable for ten years, with interest rates between 0% and 6%.
You can also acquire Smart-E loans to finance home improvements, including solar system installation. They provide up to $40,000 with interest rates between 4.49% and 6.99% payable for up to 12 years.
For more information, please go to Green Power Energy.