Benefits of Solar Energy
Solar energy offers numerous advantages that will enhance your home for years to come.
- Lowered energy bills: You can avoid the added cost of grid-tied power by generating some electricity right where you use it. Plus, many states offer net metering which can allow you to sell your unused energy back to help pay for your energy bill.
- Better energy independence: Solar panel systems can keep your home running through blackouts and emergencies. You can use your solar energy anytime with optional battery backup.
- Reduced carbon footprint: Utilizing solar is a surefire way to reduce your carbon footprint and home fossil fuel dependency.
What Solar Incentives Are Available to Torrington Homeowners?
Governments and utility companies 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: 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 Torrington
The more thorough your company research is, the better your photovoltaic system will ultimately function. Here are some crucial criteria to consider while searching for a solar company.
Licensing and Training
In Connecticut, an installer meeting minimum experience requirements can take an exam to become a licensed solar PV or thermal contractor. Once they're licensed, they'll need to enroll with the state's Clean Energy Fund, so their customers can earn incentives. Solar installers can also pursue certifications from standards organizations and trade groups. The most respected ones in the industry come from the NABCEP. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Torrington
Different solar panel types look and perform differently. Monocrystalline panels offer the best energy production but cost more than other options and generally have the highest quality. Polycrystalline panels produce less power, but start at a more budget-friendly price point. Thin-film panels work well for small projects like RVs and sheds, but they're not ideal for larger installations due to their low performance.
If you want to charge an electric car or use your solar power in cloudy weather, you can pay extra for accessories. By selecting the right components, you can make your system more productive and convenient to use. Not every solar contractor provides these add-ons, so look for a company that sells them if it's a priority for you.
If you're a resident of Torrington and are considering getting a five-kilowatt solar energy system, you could plan to spend about $18,750 for materials and labor. Find more information on specific component and solar panel costs in the table.
Solar Panel Cost | Average Cost |
---|---|
Solar Monocrystalline | $1,134 |
Solar Polycrystalline | $885 |
Thin-Film | $517 |
Solar Battery | $726 |
Solar Home EV Charger | $2,722 |
Financing Solar Energy in Torrington
Solar providers use multiple different financing options to increase your savings and lower your costs. Though some providers offer unique payment plans, the most common are cash payments, solar loans, power purchase agreements (PPAs) and solar leases. We suggest making a cash payment or securing 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 have full ownership of your system and can apply for solar panel incentives to minimize your total costs. Solar loans are another solid option if you don’t want to make a big initial investment. You can pay for your system in monthly installments while still benefiting from energy bill savings and solar incentives. However, you’ll spend more in total due to accruing interest. Solar leases involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) allows you to pay a monthly rate based only on the energy you use, like an electric bill. We usually don’t recommend these two options because you won't own the solar system and are disqualified from using solar incentives. Look for installers that offer multiple payment plans to find the right fit for your wallet.
The table below lists the average payback periods for different capacities of solar systems in Torrington.
You are eligible for a 26% federal solar tax credit for new solar power systems until the year 2032. City and state officials and utility companies might also offer discounts, rebates, and dedicated financing plans that could save you more.
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 |
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Frequently Asked Questions About Solar in Torrington
How much energy and money could I save per year by switching to solar?
Is solar energy readily available in Torrington?
Will solar energy systems increase my Torrington home value?
How can I check my property's solar viability?
How many years does a typical solar system last?
How long does it take to pay back a solar loan in Torrington?
How are traditional solar loans and PPAs different?
In contrast, solar loans can come from installer, the government, local banks and specialty lenders. You'll need to pass a credit check to qualify for most of them. While the upfront costs are more expensive, and you'll be responsible for taking care of the system, you'll also have full ownership rights and can apply for many more benefits.
Should I get quotes from multiple Torrington solar companies?
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