People everywhere use solar power to save on energy bills and help the environment. Connecticut, known for its landscapes and diverse seasons, is no exception to this trend. But what does it truly cost to “go solar” in the state? Well, installing solar panels on your property in Connecticut reduces electricity costs and helps you save money.
As of January 2023, information from solar.com indicates that Connecticut is ranked fourth in the US for its average retail electricity price. The rate in Connecticut stands at 30.24 cents per kWh. To provide a clearer perspective on this figure, it’s nearly double the national average of 16.2 cents per kWh. Moreover, this rate is three times the cost per kWh produced by a standard solar system.
In this guide, we dive deep into these topics, offering readers an insightful overview of the cost, savings, & rebates of solar panels in Connecticut. Whether you’re a homeowner considering a switch or simply curious about the solar movement in the state, this post provides all the information you need to make informed decisions.
Savings from Solar Energy
Savings from solar energy can be substantial and come in various forms. Here are some of the key ways in which individuals, businesses, and communities in Connecticut can save money by using solar energy:
Electricity Bills
One of the most significant savings from solar energy is the reduction of higher electricity bills. Solar panels produce electricity from sunlight, which can offset or even eliminate the requirement to purchase electricity from the grid. This can lead you to save a significant amount over the lifetime of solar panels.
Federal Tax Credits
According to EcoWatch, the average cost of switching to solar electricity in Connecticut is around $14,700 after accounting for the 30% federal solar investment tax credit. This implies a significant reduction in expenses due to the tax advantage. Using solar energy provides environmental and financial benefits to residents of the state.
Reduced Maintenance Costs
Solar panels only need a little maintenance after getting installed. Just clean and check them once in a while to make sure they work well. This can save you money on maintenance compared to other energy production methods.
Long-Term Investments
Solar panels in Connecticut can last for a more extended period, usually around 25 to 30 years or even more. This means that the money you invested in solar panel installation can help you save for many years after the solar panels have covered their cost. This leads you to have more money in the long run.
Increased Resale Value of Your Home
Homes and businesses with solar installations tend to have higher property values. A solar energy system can make a property more attractive to potential buyers, leading to better resale value. Based on the research by the National Renewable Energy Laboratory, every $1 saved on utility bills enhances the value of your property by $20 in the USA, including Connecticut. This equates to a more excellent market value when it comes time to sell your home.
Environmental Savings
While not directly financial, it’s important to note that using solar energy has positive environmental impacts, including reduced greenhouse gas emissions & air pollution. This can lead to societal savings in terms of environmental remediation efforts.
Cost of Solar Panels in Connecticut
The solar panel cost Connecticut depends on various factors, including the size of your solar system, solar panel type, installation costs, permits, taxes, and rebates. These factors are detailed as follows:
Average Cost
According to EcoWatch, the average solar panel system in Connecticut costs around $21,000, excluding federal tax. This data emphasizes the initial investment required for homeowners and businesses transitioning to solar energy. However, it’s important to note that various savings, rebates, and Connecticut solar panel incentives can offset this upfront cost.
Decreasing Cost Trend
In the last ten years, advancements in technology and the efficiencies gained through larger-scale manufacturing have all contributed to a consistent reduction in the cost of solar panels. This trajectory is foreseen to persist, further enhancing the affordability of solar energy in the times ahead.
Return on Investment (ROI)
Despite the initial costs, the return on investment for solar panels in Connecticut is competitive, especially when considering savings from monthly electricity bills, state and federal incentives, and the potential increase in property value.
Financing Options
Most people who own homes pay some of the money at a time for solar panels. There are different ways to pay for them, like solar loans, leases, & power purchase agreements. Each choice has good and bad points that can vary from solar panel cost Connecticut in the long run.
How Can You Get a Rebate for Solar Panels in Connecticut?
A solar panel rebate is a financial incentive provided by governments, utilities, or other organizations to promote the use of solar energy systems. To qualify for the refund, you must buy and install solar panels for your home or place of business. You will then usually receive a set amount of money back. According to the Market Watch Guide, Connecticut offers no solar rebates.
However, RSIP (Residential Solar Investment Program) offered rebates before 2022, but it was subsequently substituted by the RRES (Residential Renewable Energy Solutions) Program, which showed no rebates. Both programs are managed by the Public Utilities Regulation Authority (PURA). This transition underscores the evolving nature of Connecticut solar panel incentives and policies within regions, where programs may be altered or replaced to align with changing renewable energy goals and strategies.
Conclusion
We have highlighted the economic and environmental advantages of adopting solar panels in Connecticut. By harnessing the sunlight in the region, residents can significantly reduce their energy bills while positively contributing to sustainability efforts. Furthermore, the availability of rebates and incentives further ease the deal, making solar panel installation an even more appealing investment.
For those looking to transition to solar energy, Infinity Energy stands out as a reliable partner for solar panel installation services in Connecticut. Our expertise and experience in the field enable us to guide homeowners through the process, from assessing costs and savings to facilitating the installation. Contact us today to get a free estimate!
