ION Solar Pros (iSP) of Wolcott, Connecticut.
To paraphrase Benjamin Franklin, nothing is certain except for death and taxes – and rate hikes from Eversource. Connecticut already has the most expensive electricity rates in the continental U.S. and customers will see even higher bills in the near future. In May 2021, Eversource announced an 8.2 percent increase for residential customers, which will actually turn out to be 13.22 percent over a 3-year period. This means that a current monthly residential electric bill of $150 will jump to $170 or more. Commercial businesses fare even worse, with rate hikes of up to 23 percent.
It’s bad news all around, because we all know that electricity costs will keep going up, never down. In addition, more people are working from home now and are using more electricity than they did before the start of the pandemic. Given these factors, there’s no better time to consider going solar and saving money.
The average Connecticut resident with solar panels saves over 66.7%* per month on their electricity bill, and the dollar amount of these savings will increase each year as power becomes more expensive. Decisiondata.org estimates that in Wolcott, Connecticut, for example, solar is 37.7 percent more cost effective than the rest of the country and the return on investment is less than ten years. In addition, solar panel systems have become much more affordable and increase a home’s property value. A solar system calculator can show homeowners potential savings, whether they choose to pay cash, lease, or obtain a loan for a solar panel system.
Besides substantial savings on electricity, tax incentives sweeten the deal even more. In 2021 the federal solar tax credit covers 26 percent of a solar energy system’s cost. This tax credit will be reduced to 22 percent in 2023 and expire in 2024, so acting now makes sense!
*Dividing the average electric bill of $150 and the average solar savings of $100.
Decisiondata.org is a source of some of the data used in this post.
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