A majority of the residents of the Constitution State are making the switch towards solar energy More and more people “go solar” because they want to place importance on caring for the environment. On top of the environmental benefits, a solar system installation can give you substantial savings.
Before embracing solar, you will need to make some considerations. If you are purchasing the system outright, then you will need to put money down or you may consider applying for a $0 down loan or lease if you don’t want to pay outright. You may also consider what products you may be interested in when it comes to solar panels and solar inverters. Nevertheless, a greener lifestyle is easy to achieve Just be sure to do a little research. To jumpstart your solar journey, let’s start with the costs of solar panels in Connecticut.
Cost of a Solar Panel Installation
On average, the cost of solar panel installation in Connecticut is $30,000. The price depends on system size and equipment. . If we are looking at a cost per watt ($/W) basis, you can anticipate the expenses to be at least $3.00/watt. The return on investment of the installation costs can be returned through electricity savings, the federal tax credit, and the CT’s state solar rebate, the RSIP. You can fully recover through these savings in an average of 7 years.
There are a plethora of solar payment options available for Connecticut residents. Apart from paying cash upfront, other acceptable methods can be in solar loans and solar leases or PPAs. You need to become eligible for these financing programs first to start enjoying their financial coverage which is as easy as a “soft” credit check. Solar financing programs offer $0 down payment options, which can give the option to be cash flow positive on your solar payments without paying upfront.
Average Monthly Solar Power in Connecticut
It is vital to being able to provide your annual energy usage to your solar contractor before making a solar purchase and understanding potential savings. Every establishment and household operates differently, considering the location, roofing, and solar panel placement. Some factors affect how your solar panels produce energy, which is why the system sizes may differ from house to house. Therefore, the estimate from your solar contractor will help you determine the number of solar panels need to sufficiently power your entire property.
For instance, properties that installed a 5kW solar system in CT can earn monthly savings averaging $119.72. Additionally, the amount of solar power produced depends on the amount of sunlight it receives. Thus, Connecticut residents generate the most solar energy during the warmest month, which is July.
The Average Return on Investment for Solar Panels in CT
Many Connecticut solar shoppers make the switch because of the state-based incentives and the federal tax credit granted to them. The Constitution State is known to have costly utility rates making the overall return on solar panels a viable solution for these concerns. After Hawaii, Connecticut has become the second state in the US to reach grid parity which means that solar energy is actually less expensive than the utility. They are also 7th among US states with the highest electricity rates. If they go solar, a solar panel installation can bring an average return of about 15.6% from the initial investment.
For more information, please visit Green Power Energy.
