As per the Energy Information Administration’s report, the hikes in electricity bills in Connecticut have finally made it the highest electric rate-paying state in the continental United States. As of February 2023, Connecticut’s average monthly usage of 713kWh is among the lowest in the country. However, its high utility rates pushed Connecticut’s average monthly bill to become the highest at $244.70.
As a result, it makes total sense that Stamford residents are flocking to solar power to help them reduce their utility bills. Here is a solar power estimate to explain how residential solar power installations and associated solar incentives bring much-needed cost savings for Connecticut residents.
Benefits of Going Solar in Connecticut
In Connecticut, the cost of solar power per watt is $2.86, which is below the national average of $3.00. Then there is the added benefit of:
- Reduced utility bills
- The cost of electricity remains stable
- Zero to low maintenance cost
Savings from Different Solar Incentives
Let’s consider the case of a $20,000 solar power system. Here are the cost savings that Connecticut residents can gain owing to multiple solar incentives.
- Federal Tax Credit (ITC)
The solar tax credit has been extended till 2032 and increased from 26% to 30%
The cost savings from ITC alone is $6,000. You will get this credit at the time of paying your taxes.
- Connecticut Green Bank Solar Program
Connecticut Green Bank Solar For All Program allows low-income households to access solar power at subsidized rates via purchase power agreements (PPAs).
Connecticut Green Bank Solar Investment Program (RSIP) offers cost reductions in their utility rates. Interestingly, the program is for people who buy a solar power system and also those who lease it. Owners receive a cost reduction of around $0.4 per unit of installed capacity. Lessees get a cost reduction of $0.3 per unit of installed capacity.
- Connecticut Solar Property Tax Exemption
The state also exempts property tax to owners who install solar power systems at their homes.
Estimated Cost Savings With GPE’s Solar Solutions
According to one estimate, Connecticut residents enjoy savings from reduced utility rates, cash rebates, tax breaks, and exemptions. These cost savings add up to $15,000 over the 20-year life of a solar power system. However, the estimated life of solar power solutions from Green Power Energy (GPE) is 30 to 40 years.
So, the savings of $15,000 double up to become $30,000.
Homeowners also get an impressive 25-year warranty on all components, installations, and products provided by GPE. Connecticut residents get to enjoy all the cost savings without any of the maintenance costs over the life of their solar power systems.
Don’t forget that under our warranty, the maintenance cost is $0.
If not under warranty, or unrelated, the cost is $250 per visit with subsequent costs roughly around $100/hr. Our cost savings are some of the strongest in the industry and our talented staff can walk you through your savings options. Contact Green Power Energy today for more information.
