Facebook Ad Bing Ad

Are Solar Incentives The Only Reason for Solar Panels’ Cost-effectiveness in CT?

Green Bolt
Solar in CT

The remarkable drop in prices of solar panels over the past few decades has stimulated solar adoption rates across the US. Despite its small size, Connecticut has spearheaded an exemplary solar incentive program, which has resulted in the increased adoption of solar energy by households. 

Complementing the state’s solar incentives, the federal tax credit incentive has only fueled the state’s efforts to go greener. Today, an average homeowner can buy a solar panel system and expect to recover all their money within 6-7 years.

How is this possible?

Are solar incentives the prime reason for solar energy’s affordability? If so, then what happens when the incentives are rolled back?

What other factors are pushing down the prices of solar panels? And, how long will they work?

Let’s find answers to these and many more questions today. 

Of Course, Solar Incentives Work!

The federal tax credit alone slashes the cost of solar power systems by as much as 26%. That’s a steep discount on a long-term investment like this. Other incentives like net metering, RSIP, sales tax incentives, and so on make solar power systems remarkably cost-effective for homeowners in Connecticut.

Other Reasons Why Solar Panel Prices Have Plummeted

A recent study by MIT researchers has shed more light on the factors contributing to the affordability of solar panels. They discovered that solar panel prices have dropped due to several reasons, including government-funded research, government incentives, economies of scale, and other factors.

The study attributes the lion’s share of success in reducing solar panel prices to economies of scale. The ever-growing size of solar panel manufacturing plants has played an instrumental role in bringing down the costs. This, in turn, was made possible by a fervent rise in demand for efficient photovoltaic cells from across the world, especially in countries like Japan, Germany, China, Spain, and others.

This demand is slated to increase rapidly on account of the recent Paris Agreement on climate change. As the demand rises, the prices continue to drop.

As a result, solar panels will continue to become more affordable with time.


Leave a Reply

Your email address will not be published. Required fields are marked *

Lead-Acid vs. Lithium Batteries: Which Solar Battery Storage is Good for East Brunswick Homes?
Lead-Acid vs. Lithium Batteries: Which Solar Battery Storage is Good for East Brunswick Homes?

Homeowners are increasingly choosing to add battery storage to their solar power installation. When considering solar battery storage, you will always come down to the question: Should I choose a lead-acid battery or a lithium-ion battery? After all, these are the two most popular home storage batteries available in the market, and here is everything you need to know to make a decision.

Read More »
Will Solar Solutions Become More Affordable Over Time in Cedar Park?
Will Solar Solutions Become More Affordable Over Time in Cedar Park?

Green energy supporters in the U.S. who also support local economies have always been conscious of the fact that the majority of solar panels in the country are imported. They had an uneasy choice presented before them: choose green energy or support the local economy? What’s more, the imported solar panels were cheaper than the locally sourced solar panels too, tilting the balance in favor of foreign players.

Read More »

Get Started Today

Let’s talk about potential solar opportunities. We offer free, no obligation quotes to get you started on your solar journey.

If you’d like to talk with us outside of getting a quote then please reach out to us using our contact page.

"By hitting submit you recognize that we may contact you using phone, email, and/or text in regards to your inquiry. Please refer to our privacy policy for more information."
@ 2023 GREEN POWER ENERGY (844) 584-0008
47 East Street Annandale, NJ 08801

42 Ozick Dr, Suite 3, Durham, CT 06422

2112 Holly St, Austin, TX 78702

NJ HIC #13VH05559800

NJ ELC #34EB01151200

PA HIC #PA128259
CT HIC #0656622
CT ELC.0205319-E1
TECL #37773