Benefits of Solar Energy
Solar energy has several advantages that will enhance your home for years to come.
- Better energy independence: Adding a battery backup or storage system lets you have dependable energy during grid outages and storms.
- Reduced carbon footprint: Solar is one of the universe's most abundant clean energy sources, meaning you can lower or beat your home's dependence on non-renewable sources.
- Smaller power bills: Producing some or all of your own electricity will cut power costs long-term. Plus, some states offer net metering programs that enable you to sell your unused energy back to the grid, generating additional credits toward your energy bill.
What Solar Incentives Are Available to Wallingford Homeowners?
Connecticut agencies and electric companies offer a number of solar incentives to help reduce your solar system costs. Here's a breakdown of relevant solar programs where you live.
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 Wallingford
Choosing a company is the first step toward an effective and valuable solar system. Make your choice based on the following crucial aspects.
Licensing and Training
In Connecticut, a journeyman 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 certificates from standards organizations and trade groups. The top ones in the industry come from the North American Board of Certified Energy Practitioners. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Wallingford
Your solar panels' style will affect how much power you can generate. 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.
You can also add electric car (EV) chargers and battery backup systems. These will increase your total installation cost, but they can enhance your solar system's efficiency. Not all solar contractors provide these optional components, so look for a provider that installs them if it's essential for you.
Most Wallingford homeowners opt for solar systems designed for five kilowatts (kW) of electrical capacity. These systems run about $18,750 to install, considering both parts and installation. You can see 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 Wallingford
Solar installers offer multiple different financing options to lower your costs and increase your savings. Though some providers offer unique payment plans, the most common are power purchase agreements (PPAs), solar leases, solar loans and cash payments. Most solar experts recommend paying cash or using a solar loan. Cash payments demand a large up-front sum, but they help you avoid paying interest, grant you system ownership, and qualify you for cost-saving solar incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Similar to a home or auto loan, you'll pay a set monthly rate with potentially $0 down. Solar leases allow you to pay a monthly rate to rent your panels, while a PPA lets you pay a variable rate based on only the energy you use. We generally advise against these options since you will not have ownership of your system and are disqualified from solar incentives, but they might be suitable in certain circumstances. Ask each company you're evaluating about the financing options it offers. A representative 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 Wallingford.
You can claim a 26% federal solar tax credit from the IRS for new residential solar systems purchased before 2032. Additionally, utilities and local governments may have their own financing plans and rebates that could reduce your total cost even 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 Wallingford
How much energy and money could I save per year by switching to solar?
How common is solar energy in Wallingford?
Will solar energy systems improve my Wallingford home worth?
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What's the average solar system size in Wallingford?
What is the average payback period for Wallingford solar panels?
How does "net metering" work, and do I need to participate?
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