Vermont is known as The Green Mountain state for its beautiful landscapes and natural beauty. Homeowners are quickly turning to solar to contribute to preserving their beautiful environment and save money. As of 2020, 14.18% of the state’s electricity is solar, this is much higher than most states. This is because Vermont offers some great incentives to motivate homeowners to install a solar system. Not only can you save on taxes, but net metering can reduce or eliminate your energy bill. The incentives alone make solar make sense in Vermont.
Incentives to go solar in Vermont
Let’s start with how you can (legally) avoid paying some taxes on your new investment. With the Vermont Renewable Energy Systems Sales Tax Exemption you won’t pay any sales tax on the purchase of your system, and the Uniform Capacity Tax and Exemption for Solar keeps you from having to pay increased property taxes. This means you can reap the benefits of increased property value without having to pay the taxes that usually come with similar investments. You might want to talk to your utility provider about exclusive customer incentives. For example, Green Mountain Power customers can get up to $10,500 toward the purchase of a new home battery when they enroll in their Bring Your Own Device program. Learn why batteries are a great addition to your system.
The federal tax credit for solar
Vermont residents are eligible to claim the federal tax credit for renewable energy. This credit can be applied on top of any other incentive mentioned above. To receive any money from the credit, you must owe income tax at the end of the year. If you don’t owe income tax in the year that you go solar, you have up to five years to collect the credit.
You should contact a qualified tax expert and consult with them. Neither Freedom Forever’s family of independent authorized dealers nor Freedom Forever itself can give you tax advice. A qualified tax professional will understand your situation and be able to give you the most relevant advice.
Your solar system may produce more energy than you are using. Net metering allows you to sell your excess energy back to the grid and get a credit on your energy bill. As of May 24, 2021, net metering is credited on a one-to-one exchange. This means you get credited for the exact amount each kWh sells for. Beginning September 1, 2021, the electricity you sell back will be one cent less than what it normally sells for. For example, If you are a customer of Green Mountain Power, you currently can get the standard usage rate of 14.84 cents per kWh.
The environment loves solar
It is no secret that Vermont has some of the most beautiful outdoor spots. As any outdoor enthusiast will tell you, preserving the environment for future generations is crucial, especially in today’s climate crisis. Going solar is one of the best ways to contribute to sustainability efforts. Solar systems help reduce harmful greenhouse gas emissions that directly affect climate change. Let us help you do your part in preserving the Vermont great outdoors.
Freedom Forever is here to serve Vermont
We are here to serve you on your solar installation project. We understand that saving money is one of the top reasons homeowners decide to go solar. Talk to one of our independent authorized dealers to find out how much you could save. Go solar with Freedom Forever and enjoy the peace of mind that comes with our 25-year production guarantee. Freedom Forever guarantees that the solar system will produce the electricity promised with our 25-Year Production Guarantee.
Once your system is on, it is monitored 24 hours a day, 7 days a week. If it ever breaks, we’ll make it right!