Solar Tax Credits & Incentives in Vermont
Vermont is known as one of the most sustainable places in the country, so it is no surprise that the Green Mountain State has great solar incentives. Business owners and agricultural property managers switching to solar in Vermont can take advantage of a few local credits, programs, and exemptions available to drive down the investment costs and maximize the value of a renewable energy system.
Vermont State Investment Tax Credit (ITC)
Those who qualify for the federal tax credit in Vermont will also be eligible for a statewide investment tax credit on a solar energy installation. Currently, the Vermont state investment tax credit is equivalent to 24% of the federal ITC for all parts and costs of a solar project that take place within the state.
Renewable Energy Credits (RECs)
Under Vermont’s new Renewable Energy Standards, the state has carved a path for Renewable Energy Credits (RECs) to become big business for solar energy producers. For those who generate more than they consume, RECs can be sold on the open market to individuals and organizations looking to secure a source of green energy.
The Commercial Energy Loan Program (CELP)
Large commercial solar installations under $2 million in total costs may qualify for Vermont’s Commercial Energy Loan Program. The program is sponsored by the Vermont Economic Development Authority and helps finance both energy procurement and efficiency improvements for large properties.
Sales Tax Exemption
Vermont was one of the first states to officially exempt solar power parts and installations from sales taxes, having added renewable energy to the official tax law code in 1999.
Commercial and agricultural property owners in Vermont can trust Pope Energy to provide value at every step in the solar development process. Our Boston-based experts have decades of experience developing solar projects in New England with the local tools and resources to maximize the green energy investment for each of our valued partners.
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Please contact us today if you have any questions about how to qualify for Vermont commercial solar incentives, the federal investment tax credit (ITC), or accelerated depreciation on your green energy system.