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Continuing on with how much more affordable solar is in Connecticut: In the past couple years, Connecticut has seen exponential growth in the deployment of solar energy. In 2014, The Nutmeg State ranked 17th in the installations of solar energy systems with an electric capacity of 45 megawatts. And the rate of solar panel installations doubled what it had been two years prior.
Local and federal government initiatives have supported the boon of solar energy in the state. Programs like Solarize Connecticut and Connecticut Property Assessed Clean Energy (C-PACE) provide screened contractors and half-off discounts. The graph below illustrates the Swanson Effect, which clarifies just how much the price for solar energy has decreased over the years:
In the past, the cost of solar panels was the main reason why more people didn’t use it. Long-term costs are greatly reduced, as the natural replenishment of solar energy will eventually replace electric bills. However, it is the initial cost of acquiring solar panels that still prevent many from taking advantage of their continued benefits. As you can see from the graph above, the price has lowered so much that if you are to install the solar panels and use them, you’ll quickly make back your money as your electricity bill will greatly decrease. If you want to learn how much you can save on your electricity bill then our partners at Sungevity can help you. They’ve already helped out 1000s of people, click here to have them help you! Oh, and they’ll give you a $500 discount…hurry before the offer ends!
Fortunately, all technological advancements eventually become cheaper as they get easier to manufacture, and solar panels are no exception. According to the Swanson Effect, the cost of solar panels will decrease by half every ten years. This has been proven by empirical analysis: The current cost per watt of photovoltaic (i.e., solar) cells is less than 40 cents today, compared to roughly $75 per in the early 1970s.
Understanding that solar energy is cheaper is one thing; knowing the best way that it can fit your needs and stay within your budget is another. There are three options to pay for solar energy—leasing, buying outright, or buying with credit.
In addition to the differences in prices from state to state, one must also consider the different tax credits and deductibles available from local governments. As mentioned, Connecticut offers many programs that make it easier to acquire solar panels in bulk. And there are new initiatives going into effect annually.
Looking at solar panel acquisition as an investment, the graph below illustrates what the expected return on investment (ROI) is over the course of its 25-year life cycle. What stands out is the disparity between the initial cost of a solar energy system, compared to its expected return. It has the highest initial investment, but about halfway through the 25-year cycle, the savings begin to exceed this. And because there are no lingering fees, all this money comes back to you. Want to know exactly how much money YOU can SAVE? Click here and our partners at Sungevity will help you (they’ll give you a $500 discount too…but for a limited time). They’ve already helped 1000s just like you!
Leasing can be considered a low-risk, low-yield investment. Maintenance responsibility falls on the owner of the panels, and savings come in the form of paying less than electricity.
The leasing option has the lowest initial investment, which can be as low as $0 down. Yes, that’s zero dollars upfront. This is made possible by allowing a third party to install panels atop your home, then paying this company a monthly fee for all the energy it produces. Unlike buying, the panels are still owned by the company, so they will perform maintenance on them in the same way that a landlord maintains a rented apartment. This eliminates any risk of a malfunctioning unit, as the providers are responsible for their upkeep. Many companies may offer the option to purchase the solar energy system at the end of the lease.
Power purchase agreements (PPAs) are a form of leasing, wherein a developer of solar technology handles all aspects of installation. The developer accrues incentives for the production of solar power, while the customer benefits from lowered or nonexistent electric bills. As mentioned, the Connecticut state legislature is in support of solar initiatives, so there aren’t any monthly or annual fees imposed on homeowners for supplementing their energy with solar power.
In Connecticut, a 5kW solar energy system will save you about $60 per month. These savings are among the highest savings of any state, and they can add up to tens of thousands over the course of a 25-year lease, which is the typical length. At the end of this kind of lease, consumers usually find they have saved enough money to purchase the system outright. You can do this too. Click the big yellow button below and our partners at Sungevity will help you calculate just how much you can save and show you just how short of time it will take to pay off the system. Oh, and they’ll give you a $500 solar discount. Hurry before this limited offer ends!:
Compared to leasing, buying outright may not seem like the best option. Not only does it entail upfront costs that can really affect your savings, the responsibility for their maintenance also falls on your shoulders, instead of the providers’.
However, consider this: Leasing panels means that you forfeit your tax-deductible benefits, whereas outright buyers can begin to see savings immediately. Add in the state and federal tax credits with the electrical savings, and you’ll begin to see an ROI from year one. This is particularly true in Connecticut, where electricity is considerably more expensive than in most other states. Don’t believe us? Click here and Sungevity will help you calculate just how much you’ll save by going solar and give you a $500 discount (but hurry because it’s only for a limited time). We partner with them as they’ve already helped 1000s of people save large amounts of money! Don’t hesitate. Click here to have them calculate it for you for free!
Furthermore, electric companies raise their rates according to their own sets of parameters. Meanwhile, solar energy will always be dependent on the amount of sun that shines on your house, which will not change over the course of your lifetime.
Factoring in state rebates, estimate that a solar panel would cost about $16,000 to install. Consider the federal incentive of 30%, which would provide a tax credit of $4,000. That changes the total to $12,000. The first-year savings are calculated at around $100 per month for owning a system, compared to $60 per month for leasing; this renders a return of $1,200 annually. All told, the upfront estimate of the system is about $10,800. Over the course of the 25-year life of a solar system, this would equate to $30,000, which equals almost a $20,000 return on the investment.
And in addition to these savings, adding solar panels will significantly increase the value of your house! Click here for a $500 solar discount have Sungevity calculate just how much you can save!
A home equity line of credit (HELOC) takes longer to show profit than leasing, since the loan payments must factor into the initial purchase. But in Connecticut, the cost of the loan is usually slightly less than—or breaks even with—the savings of electricity. After the initial loan period of 10 to 15 years, the benefits are slightly less than buying outright. That places buying with credit between buying outright and leasing—in terms of upfront costs versus back-end profits.
While the rebates make it a lot easier to buy solar energy systems, the five-digit upfront costs may still be a little daunting. Fortunately, there may be financing options available for solar panels in Connecticut. One method is using home equity to secure a loan, since Connecticut also rewards tax credits to those who go this route. That means the loan payments should end up less than the energy savings. You can secure a loan, establish a payment plan, and end up with a few thousand dollars in your pocket each year!
A HELOC can be acquired for as little interest as 5%. And it usually carries a 15-year repayment period. This means that the final ten years of your system’s life cycle are paid off, and all the savings go straight into your account. The savings with loan advances are similar to buying the panels outright, except it requires less money upfront. And depending on your home equity, they can be as low as zero down. If you want to figure out how a loan would work for you then our trusted partners at Sungevity can help calculate it for you. Also, they’ll give you a $500 solar discount! They’ve already helped 1000s of people just like you. So click here now before the $500 discount expires!
The Renewables Portfolio Standard is a regulation imposed by state governments that requires the increased production of renewable energy. In addition to solar, this may include wind, geothermal, or biomass. The federal alternative is Renewable Electricity Standard (RES).
State governments impose large compliance fees on utility companies that don’t meet these requirements. This is to force the compliance of electric companies, who are hesitant to pay customers that feed energy to the grid for their power. These companies also don’t want to absorb the losses incurred by customers producing their own power.
The following graph illustrates how Connecticut ranks among the United States in terms of RPS:
As shown, the Land of Steady Habits ranks 9th among US states in RPS, placing it in the upper 20th percentile. It has a relatively aggressive plan for establishing renewable energy resources, which involves utilities that are expected to supplement 27% of their energy by the year 2020. Residential solar is classified as a Class I source. Along with ten other sources like methane and hydroelectric power, it must account for 20 of the 27%.
An RPS solar carve-out is a more specific initiative than the RPS, wherein the mandates guarantee that a specific amount of renewable energy will come from the sun. This is as opposed to accepting just any form of renewable energy, such as the aforementioned Class I, II, and III resources. Connecticut currently has no official solar carve- out plan, though they have a strong foundation for increasing solar usage in the coming years.
Since 2011, the Connecticut Green Bank, formerly known as the Clean Energy Finance and Investment Authority (CEFIA), has supported programs like the Residential Solar Investment Program (RISP), Commercial Property Assessed Clean Energy (C-PACE) and Solarize Connecticut. These programs culminate in Connecticut Green Bank’s mandate to install 30 megawatts of residential solar by 2022.
If you want to see what programs you’d be eligible for, calculate your costs, AND get a limited time $500 solar discount on your solar panels and installation, then click here and our parters at Sungevity will help you. They’ve already helped out 1000s of people just like you! Don’t wait for this offer to expire! Click here now.
Connecticut’s state-level incentives are among the best in the country. And its government actively participates in furthering renewable resource programs. So the state ranks favorably among its peers. Savings are particularly high there because of its high electric costs, whereas homes there require the same amount of energy to power as anywhere else. Connecticut also has strong leasing options, which carry similar benefits to the buying option.
While the rebates provided by local governments have seen a decline over the last couple years, this coincides with the declining cost of solar panels. And they are still among the highest in the country in terms of percentages. You can find out just how much you can save by clicking this big yellow button and Sungevity will help you! You’ll also get a $500 solar discount (limited time offer so go there now)! They’ve already helped 1000s of people just like you. Here you go: