Benefits of Solar Energy
Solar energy has multiple advantages that will enhance your home for years to come.
- Smaller power bills: Generating some or all of your own energy will save you money on your electric bills long-term. Plus, some states provide net metering programs that allow you to sell your surplus energy back to the grid, generating additional credits toward your energy bill.
- Better energy independence: Photovoltaic solar panel systems with battery backups and storage systems work through power outages and emergencies, and you won't have to depend on the power grid for your safety and comfort.
- Reduced carbon footprint: Solar is a highly abundant clean energy source, meaning you can lower or beat your home's dependence on fossil fuels.
What Solar Incentives Are Available to New Haven Homeowners?
Governments and utilities often reward homeowners for going solar. Here are some of the rebates, tax credits or other programs you could qualify for.
Incentive Type: Property Tax Incentive
Incentive Amount:
Varies (local option)
Incentive Type: Property Tax Incentive
Incentive Amount:
100% of value added by renewable system
Incentive Type: Sales Tax Incentive
Incentive Amount:
100% exemption
Incentive Type: Rebate Program
Website: gosolarct.comIncentive Amount:
Customer-owned (EPBB):
Up to 10 kW PTC: $0.358/W
10 to 20 kW PTC: $0.207/W
Incentive is reduced accordingly for Design Factors below 75%. Minimum design factor is 60%.
Third-Party-Owned (PBI):
Up to 20 kW PTC: $0.03/kWh for 6 years
Minimum Design Factor 60%
Incentive Type: Green Building Incentive
Website: ctgreenbank.comIncentive Type: Loan Program
Website: ctgreenbank.comIncentive Type: Sales Tax Incentive
Incentive Amount:
100% exemption
Incentive Type: Loan Program
Website: capitalforchange.orgIncentive Amount:
Single family homes (1-4 family units): $25,000
Landlord Loan: $40,000
Incentive Type: Solar Renewable Energy Credit Program
Website: uinet.comIncentive Amount:
$98.18 per ZREC (for Year 6 round of solicitation)
Incentive Type: Solar Renewable Energy Credit Program
Website: eversource.comIncentive Amount:
$100.74 per REC (for Year 7 round of solicitation)Tariff for Small ZREC determined through PURA
Incentive Type: Loan Program
Website: capitalforchange.orgIncentive Amount:
$25,000
Incentive Type: Rebate Program
Website: energizect.comIncentive Amount:
Ductless Heat Pump: $500
Refrigerators/Freezers, Room A/Cs, Dishwashers, Clothes Washers, Dehumidifiers: Incentive Included in Retail Price
Central A/C: $200
Air Source Heat Pumps: $500
Heat Pump Water Heater: $750
Lighting: Incentive Included in Retail Price
Geothermal Heat Pumps: $500-$1,500
High Efficiency Furnace, Natural Gas Boiler, and Boiler Circulator Pump: Instant Discounts of $25-$800
Incentive Type: PACE Financing
Website: cpace.comIncentive Amount:
Locally determined
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in New Haven
The purchase price and performance of solar panels often rely on the solar company that mounted them. Here are some essential aspects to keep in mind while searching for a solar installer.
Licensing and Training
In Connecticut, a journeyman who meet minimum experience requirements can take an exam to become a licensed solar PV or thermal contractor. Once they're licensed, they'll need to register with the state's Clean Energy Fund, so their customers can earn incentives. You should also visit a company's website to learn about its private certifications. Two of the most prestigious are the PV Installation Professional and Solar Heating Installer certificates, granted by the North American Board of Certified Energy Practitioners (NABCEP). Some companies don't publish this information online, so you should also ask your estimator about them.
Cost of Solar Panels in New Haven
Your photovoltaic panels' model will impact how much electricity you can produce. Monocrystalline panels are among the highest quality and perform the best but cost the most. Polycrystalline panels generate less, but they're a great traditional option for low budgets. Thin-film panels are excellent for non-traditional roof shapes and cost the least, but don't work well for large residential installations.
Additional components, such as battery storage and electric vehicle (EV) chargers, will increase your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not all solar contractors provide these optional components, so look for a company that installs them if it's important for you.
Most New Haven homeowners opt for solar systems rated for five kilowatts (kW) of electrical capacity. These systems cost about $18,750 to install, considering both parts and installation. You can find more specific solar cost information in the table.
Solar Panel Cost | Average Cost |
---|---|
Solar Monocrystalline | $1,161 |
Solar Polycrystalline | $905 |
Thin-Film | $529 |
Solar Battery | $743 |
Solar Home EV Charger | $2,786 |
Financing Solar Energy in New Haven
There are a plethora of ways to pay for a solar energy system, and the right one will help you decrease overhead. A few of the most common options include loans, leases, power purchase agreements (PPAs), and cash payments. We suggest paying with cash or using a solar loan for the best return on investment (ROI). Cash payments require a hefty sum up-front, but you’ll pay the least long-term by avoiding interest. You’ll also own your system and can apply for solar panel incentives to cut your total costs. Solar loans are another good option if you don’t want to make a big initial investment. You can pay for your system in monthly installments while still enjoying energy bill savings and solar incentives. However, you’ll pay more in total due to accruing interest. Solar leases involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) lets you pay a monthly rate based only on the energy you use, akin to an electric bill. We usually don’t recommend these two choices because you won't own the system and are disqualified from using solar incentives. Ask each installer you're considering about the payment plans it offers. A team member can help you determine the best option for your financial situation.
The table below lists the average payback periods for different capacities of solar systems in New Haven.
A 26% federal solar tax credit applies to new home solar systems purchased through 2032. Additional incentives may be available through local governments, usually in the form of rebates and special financing programs.
Solar System Capacity | Estimated Payback period |
---|---|
1 kW | 1.9 years |
2 kW | 3.8 years |
5 kW | 9.4 years |
10 kW | 18.9 years |
Ready to Get a Quote on Your Solar Project?
Please enter a valid 5-digit zip code!
Frequently Asked Questions About Solar in New Haven
How much energy and money could I save per year by switching to solar?
How common is solar energy in New Haven?
Should I expect a boost in my property value after switching to solar energy?
What's a New Haven solar panel's average lifespan?
How do I care for my new solar system?
How long does it take to pay back a solar loan in New Haven?
How does "net metering" work, and do I need to participate?
What's the difference between a PPA and traditional financing?
In contrast, solar loans can come from local banks, installer, specialty lenders and the government. You'll need to pass a credit check to qualify for most of them. While the upfront costs are greater, and you'll be responsible for taking care of the system, you'll also have complete ownership and can apply for many more incentives.
To share feedback or ask a question about this article, send a note to our Reviews Team at reviewsteam@thisoldhousereviews.com.