Going Solar in Vermont Made Easy with Incentives and Rebates
Now is the perfect time to switch to solar energy in Vermont! The state ranks 5th highest in the country for residential and commercial electricity costs. This makes Vermont an ideal place to invest in solar power and take advantage of the state’s generous solar incentives and rebates that reduce the upfront costs of installing solar panels.
Vermont’s Solar Incentives, Rebates, Tax Credits, and Benefits
Vermont Renewable Portfolio Standards (RPS)
Vermont has an ambitious Renewable Portfolio Standard (RPS) goal of 75% renewable energy by 2032, one of the highest targets in the nation. These standards require utilities to source a percentage of their electricity from renewable sources like solar. To meet these goals cost-effectively, Vermont utilities provide attractive solar incentives to homeowners and businesses to install solar panels.
Check if You Qualify for $0 Down Solar Installation and Rebates
Vermont Net Metering
Vermont’s net metering program is solar-friendly, allowing homeowners to connect their solar panels to the grid. With net metering, you earn credits on your utility bill for any excess solar electricity your system sends to the grid, offsetting your energy costs.
Interconnection Standards
Well-designed interconnection standards streamline the process of connecting solar systems to the utility grid, reducing costs and ensuring reliable net metering across Vermont.
Performance-Based Incentives (PBIs)
Vermont offers Performance-Based Incentives (PBIs), also called Solar Power Performance Payments. You earn payments based on the actual kilowatt-hours (kWh) or BTUs your solar system generates as renewable Solar Renewable Energy Credits (SRECs). The value of SRECs can vary but provides an income stream to offset your system’s cost.
Sales Tax Exemption
No sales tax is charged on solar installations in Vermont, providing 6% upfront savings on your system’s cost – a valuable solar incentive.
Property Tax Exemption
Adding solar panels won’t increase your property taxes in Vermont. Your home value may rise by around $17,000 for a 5kW system, but you’ll continue paying property taxes based on your home’s pre-solar value.
Federal Solar Tax Credit
In addition to Vermont’s solar incentives, you may qualify for the 30% Federal Solar Investment Tax Credit (ITC) when you purchase your solar system with cash or a loan.
Green Mountain Power’s Bring Your Own Device (BYOD) Program
If you’re a Green Mountain Power customer, you could receive up to $10,500 in incentives for installing a home battery through their BYOD program aimed at reducing peak energy costs.
Between Vermont’s solar incentives and the Federal ITC, going solar has never been more affordable for Green Mountain State residents. Install solar panels today to save money and reduce your carbon footprint!
