Who would guess that a state located in the northeast would rank seventh in the nation for solar-friendly policies? Known as the Constitution State, Connecticut does a lot to help homeowners who want to go solar.
First, What does it cost to go solar in Connecticut?
The cost of solar is described by using the term “per watt installed”. For residential US customers, the average cost per watt installed is $3.16 and the average system size is 5-8 kilowatts. This gives a ballpark average cost anywhere from $14,000 to $30,000. If you are eligible, you can apply for the 26% federal residential renewable energy income tax credit (ITC). The ITC is a tax credit, meaning a credit against your tax liability of what you already pay in taxes. Do note, the tax credit will continue at 26% through 2020 but will begin dropping until the tax credit ends in 2022.
Solar is an investment that will pay for itself over time by eliminating your utility bill. In many cases, adding solar to your home can come with no out of pocket expenses through zero-down lease or loan programs. In most situations, your new solar payment is lower than any previous cost of electricity.
For more details on the Solar Tax Credit, visit our blog called How to Claim the Federal Solar Tax Credit.
What other rebates and financial incentives are available for solar in Connecticut?
Connecticut Green Bank was established in 2011 to support the state’s energy strategy for a cleaner, less expensive, more reliable sources of energy. We apply for this rebate program on your behalf and take the estimated incentive off of your top line cost to give you the best price possible. All of our customers are approved for this incentive although the amount varies by project size and shading.
So how long will it take for my solar system to pay for itself in Connecticut?
Most of our customers start saving from day one with their utility bill eliminated and a locked-in low monthly payment. As utility rates increase at a conservatively estimated 3% per year, solar locks in your monthly payment so you can avoid market increases altogether. Solar Power Rocks says that most CT solar customers see $3.96/return per dollar invested. Thats huge!
When should you go solar?
The sooner you go solar, the sooner you can lock in your electric rate and insulate yourself from rising utility costs. There is no doubt that going solar will start the process of saving you money on your energy.
