As Connecticut residents are painfully aware, Eversource and United Illuminating have increased their rates significantly starting in January 2023, costing the average consumer an additional $85 per month, or over a thousand dollars per year. Connecticut now has the dubious distinction of being the third most expensive state in the country for electricity.
With rampant inflation causing prices of oil, gas, food, and other essentials to rise every month, it makes sense for homeowners to consider solar energy to save money on their utility bills - and potentially sell energy back to the utility company through net metering.
Moreover, the push for electric vehicles will cause an even greater demand for electricity and tax the capacity of the aging grid. This winter, Connecticut residents were warned there might be rolling blackouts. With the federal impetus to eliminate gas-powered cars and incentivize the purchase of EVs, what happens when more residents have electric vehicles that need to be charged? And how will the average consumer afford to charge their EVs when the price of electricity is up in the stratosphere? Fortunately, there’s an answer: a solar energy system with battery storage can provide protection against rising costs and the inconvenience and expense of power outages.
Finally, the state and federal governments are still offering amazing tax incentives to go solar. In Connecticut:
· Solar energy systems and labor costs relating to installation are 100 percent exempt from sales tax,with no expiration date.
· Property tax exemptions are available for renewable energy systems and hydropower facilities that generate electricity for private residential use.
· Consumers can be compensated by Connecticut’s Renewable Energy Solutions for power produced from residential distributed generation systems and Renewable Energy Certificates.
· The federal Solar Investment Tax Credit (ITC) has been extended to 2033. The tax credit is equal to 30 percent of the overall cost of the system’s components, installation, and other associated fees during the year of installation.
In addition, according to a recent study from SmartAsset, Connecticut is one of the top two states in the country where solar pays off the most. Connecticut is ranked in second place in the study, with energy consumers expected to save $44,984 over a twenty-year period—based on the criteria used in the study.
Ready to take action? Call Ion Solar Pros today at 866-582-0000.