According to SolarConnecticut, an advocacy group, a new law in Connecticut will lower the installed cost of commercial solar and is expected to attract more competitive bidders to the state's electric ratepayer incentivized Zero-Emission Renewable Energy Credit (ZREC) program.
The law, signed June 3 by Gov. Dannel P. Malloy, makes photovoltaic electric and solar heating and cooling systems installed in the state after Jan. 1, 2014, exempt from property taxes. Residential PV and SHC are already exempt from property tax in the state.
According to SolarConnecticut, the law also authorizes municipalities to waive some or all of the property tax currently assessed to owners of solar systems already installed or systems that will be installed prior to Jan. 1, 2014, upon request of solar system owners.
‘Property tax on commercial solar has been a real drag on getting businesses in medium and high property tax municipalities to work with our members on exploring solar,’ SolarConnecticut Executive Director Michael Trahan says in a statement, adding that he regards the new law as a big win.
Trahan says Malloy wanted solar developers to be able offer the property tax savings to state businesses in time for July's ZREC reverse auction program.