Connecticut’s solar industry is experiencing some of the most rapid growth among smaller states in the country. This may not come as a surprise considering electricity rates are significantly higher than average, making solar energy a great investment for many residents.
The price of electricity in Connecticut is the 4th highest in the country. With average costs at 20.12 cents/kilowatt, this clocks in at 58.4% higher than the national average of 12.7 cents/kilowatt. Solar power is a great way to combat these extreme prices, and Connecticut offers several incentive programs to help homeowners make the change. For a limited time, the state will provide a rebate based on the size of your solar installation, in addition to a tax exemption program and the ability to sell back excess energy.
In addition to federal incentive programs, Connecticut offers some great rebates and tax breaks for homeowners who go solar. Together, the following programs can decrease your investment substantially:
Federal tax credit: Available nationwide, this program provides a tax credit of 30% of the cost of installing a new solar system until the year 2019.
Residential solar investment program: The state of Connecticut offers homeowners a rebate based on the size of the system.
The current rate is $0.48/watt installed, which could earn you back about 13% of your investment.
Sales and property tax exemptions: Connecticut established legislation to exempt solar energy equipment from both property and sales taxes.
Net metering: Both Eversource and United Illuminating offer net metering to customers with solar, meaning that they will buy back any excess energy your system produces, providing a huge long-term savings potential.
The increasing popularity of solar means that installation prices are continuing to drop. The average cost of a residential solar system in Connecticut is half of what it was 2009, with outright prices as low as $20,000 before any rebates or incentives. When you add in the 30% tax credit, statewide rebate, tax breaks, and long-term savings, solar just make sense for many homeowners in Connecticut.
Even if you do not currently have this kind of outright investment, solar could still be an option for you through a loan or leasing plan. Many solar installers offer such plans to help make solar affordable to all, allowing you to reap the long-term benefits without the initial cash. Of course, purchasing the entire system upfront is still the best if it is financially feasible for your family.
As the industry continues to grow, solar prices will likely continue to drop. However, many of these incentive programs will expire within the next few years. If you’re looking to go solar, now is the time.
With exceedingly high electricity costs and many beneficial incentive programs, it is obvious that going solar in Connecticut can save you some serious cash. However, many homeowners are also interested in solar for environmental reasons. From Kent Falls State Park to Long Island Sound, Connecticut has many incredible natural areas worth protecting. Going solar helps the natural environment by improving air quality and reducing carbon emissions associated with climate change. Since the start of Connecticut’s Residential Solar Investment Program, homeowners have installed enough solar panels to reduce CO2 emissions by almost 89,000 tons! This is the equivalent of taking about 19,000 vehicles off the roads for one year.
Already high energy costs have been rising in Connecticut
There are many factors that must be carefully considered before investing in solar. However, thanks to higher-than-average electric costs and multiple state incentives on top of federal incentives, solar is a clear choice for many homeowners in Connecticut looking for big savings.
Solar to the People makes it easy to take the first steps in the solar process by offering a solar calculator that provides pricing estimates and connects you with a variety of reputable installers in your area.
So check it out today to join the 1000 people every year who are making the move to solar in Connecticut!