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With an increasing demand for a renewable and cleaner energy source to power our everyday needs, solar energy is the first reliable and go-to energy innovation in this field.
Solar energy is unswerving, sustainable, and in the long run, more efficient than most sources of energy currently being harnessed. Solar energy possesses a zero-carbon emission policy which makes it environmentally friendly and safe.
This article aims to answer the questions bothering Connecticut residents regarding solar energy, its efficiency, monetary value, and environmental value. Have you been searching high and low for solar companies in CT? Check out our team at Home Solar CT!
Is Solar Worth it in Connecticut?
The general line of thinking for most people is always that the sunnier states of Arizona or Florida are the most commercially viable locations for solar energy in the United States.
While this perception may hold to a large extent, the state of Connecticut has proven to not follow this trend due to high energy prices.
However, it is still a viable option for solar energy in the U.S. Connecticut ranked third in a recent study conducted by the National Renewable Energy Laboratory.
Connecticut’s relatively high position ranking can be attributed to its unsubsidized residential solar system installation and economic potential.
Connecticut also possesses a high potential of lifetime revenue from net metering, which is why Connecticut’s installation costs are relatively low compared with other states.
According to the Solar Connecticut website, the cumulative residential installation capacity is currently pegged at over 10 megawatts against its commercial capacity of 12 megawatts.
Do You Save Money with Solar Panels?
It is now a universally proven fact that solar panels provide an efficient means of reducing overhead costs and saving money.
All these advantages come on top of solar panels’ contribution to the goal of a greener environment by reducing the possibility of greenhouse emissions. Solar panels ensure you use less electricity and this, in turn, saves you some hard-earned money.
Do Solar Panels increase Home Value in Connecticut?
As has been the trend observed among most home sellers across the Connecticut state, there is a significant amount of premium paid for homes with functioning solar panels already installed.
This premium is referred to as the “solar premium” as more often than not, buyers are willing to pay more for homes with pre-existing functional solar panels.
Solar panels add increased value to a home, as is evident and this should boost confidence for intending solar energy customers.
Net Metering in Connecticut
A net metering offer is a simple way of crediting you for the excess electricity your renewable energy system generates. This creates a symbiotic relationship between utility providers and renewable energy producers.
Net metering is activated by connecting your solar energy system to the power grid. Your system then generates electricity and re-distributes the generated power throughout your community as needed.
In cases where their situations of excess power are created but not immediately consumed, that power gets fed back into the larger electrical grid, and it’s re-distributed.
Your power meter helps track how much electricity your system fed back into the grid in excess and in turn, acts to reduce your monthly electric bill, or in other cases, your utility provider offers you credits for when your system uses grid-generated power.
Net metering helps you minimize monthly payments for your electricity by crediting you for unused electricity. Net metering policies aim to ensure no electricity generated is wasted while reducing the overall cost of your solar investment.
Nearly unanimously, in late 2019, the Connecticut Senate intervened in Connecticut’s solar energy industry issue by extending its current strong net metering policy through 2021. This bold step ensured that those who opt for solar energy could now have their net metering locked in until 2041.
How Many People Have Solar Panels in Connecticut?
According to a study carried out by GoSolarCT.com, more than 19,000 Connecticut households have currently bought into the idea of using solar energy to power their homes and source of livelihood since 2011.
It was further observed that Connecticut state residents with extensive use of solar energy would have saved an average of about $1100and more per household on utility bills.
This significant number can be visibly seen in the installation cost of solar panels as it has drastically reduced by 20%.
Average Cost of Installation of Solar Panels in CT
The average cost of a solar panel installation in Connecticut ranges from $11,390 to $15,410, or on a cost per watt basis, the price ranges from $2.28 to $3.08.
Most potential solar panels installers ask how long it takes for them to recoup their investment through electricity savings.
This scenario is called the solar payback period, and in the state of Connecticut, the average solar payback period is 8.46 years.
How to Pay for Solar Panel Installation
Potential solar energy subscribers are faced with various choices as to how to pay for a solar panel system.
Luckily today, there are various financing options available aimed at providing intending subscribers the benefit of convenience in choosing their suitable payment option and plan.
Cash purchases are often the most common and widely used payment method for solar panels installation and often provide the most long-term value for your money.
Solar loans and solar lease/PPAs are also available to help finance your solar energy system for those who prefer $0-down options.
Solar is Worth the Price Tag in CT!
Even though the true profits of solar installation regarding saving on electricity bills would not be felt until a couple of years have gone by, the ends justify the means.
Solar energy is fast becoming the most reliable and cheapest source of energy and, if predicted, future energy.
Connecticut residents have a substantial head start, and these achievements need to be capitalized on.