The cost of installing solar panels has dropped dramatically in recent years, an event which hasn't escaped the notice of home-owners in Connecticut.
Connecticut currently boasts being the 20th ranking state in the nation for solar capacity, which is impressive for such a geographically small state.
Nevertheless, everybody should be interested in cutting the cost of their utility bills, since nobody likes paying high bills no matter how much they make. In this post, we'll go over a cost-benefit analysis of installing solar panels to see if it is worth the initial investment.
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How Much Does It Cost To Install Solar Panels?
The average cost of installing solar panels on a home in Connecticut runs about $15,000, ranging as low as $13,000 and up to $17,000. This is actually a bit lower than some states.
As always, the "sticker price" of installing solar panels doesn't count the incentives offered to homeowners. First there is the Federal Investment Tax Credit (ITC) which reimburses the cost of installing a solar energy system by roughly 30%, given that the buyer has enough taxes to apply the credit. There are also Connecticut state tax breaks given for installing solar, as well as a loan program which the state of Connecticut offers.
Average Time For Solar Panels To Recover Investment
Solar panels save on your energy bill, enough that they can pay for themselves over the long run. This period of time is what we call the "solar payback period." Assuming a standard 5KW system install, the average solar payback period is roughly 8-9 years. This is before we take the tax incentives into account.
There are variables that affect the payback period. Connecticut doesn't get as many sunny days as the states further south. The angle and incline of your roof also affects how efficient solar panels will be. However, solar panels still save on your electricity bill even given the least favorable variables.
A typical solar panel produces around 250 watts of power per hour of sunlight. Assuming a six hour minimum of sunlight, that works out to 1.5 KWH per day per panel, or 540 KWH per year.
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Obviously, with the news going as it has been, we don't need to tell you that the Earth is approaching a state of climate emergency. Recently we have seen a profound shift in water distribution; places like Mississippi have been flooded while Nevada has been under drought so long that Lake Mead has dried up. Naturally, renewable energy harnesses the natural power of the sun without polluting the atmosphere with greenhouse gases from fossil fuels. In turn, every household we get onto a solar power plan is one less home consuming power from fossil fuels.
However, our motto around here is to look at things from a cost-benefit standpoint. Not everyone appreciates the science behind global climate change statistics, but who can argue with dollars and cents?
Connecticut Residents Find Solar Power Installations Well Worth It!
Considering the rate at which Connecticut is adopting solar power, the state's residents are certainly finding that the investment is well worth the initial outlay.
See How much you could save by switching to solar
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The average cost of installing solar panels on a home in Connecticut runs about $15,000, ranging as low as $13,000 and up to $17,000. However, this investment can be recouped over time through savings on your energy bills. On average, Connecticut homeowners save up to $100 per month on their energy costs by switching to solar. This amounts to a total savings of $1200 per year!
Solar energy continues to be one of the best investments for Connecticut homeowners year after year. In fact, many Connecticut residents are able to save more than $30,000 in electricity costs over 20 years by switching to solar energy.
Use our FREE Solar Calculator to see your potential savings.