15 Best Solar Companies in New London, CT (Mar 2023 Review)

The Cost and Benefits of Solar in New London

While solar panels can help save you money on energy over time, it's necessary to take into consideration the upfront costs. There are a few factors you should take into consideration when trying to determine how much it will cost and how much you can save, such as:

• How much power your home consumes: Households that consume plenty of power each month may call for more solar panels and, as a result, be more costly, but will also enjoy more savings over time.
• Incentives: The federal solar investment tax credit, which can save you some money, allows you to deduct 30% of the cost of installing your solar panel system from your federal taxes. Additionally, not including incentives, you can save about $23,000 over 20 years on your energy bills.
• The cost of electricity in your area: If your local power rates are quite high, there's a good chance you'll get a higher return on your investment in a solar panel system. In New London, you can save an average of $92 a month on your electricity bills.
• System size and type: Some models are more costly than others, so the one you choose can raise or lower your upfront cost. Plus, the more solar panels you need to buy, the more it'll cost.

Thanks to solar panels now being cheaper than ever as well as several solar incentives, they are a solid investment for many homeowners.

Solar Incentives in New London

One of the benefits of installing a solar panel system is earning federal and potentially state incentives. You qualify for the federal solar investment tax credit (ITC) for the tax year you turn on your a solar panel system. You can also potentially stack the ITC with other local rebates and benefits. Our article on solar incentives has more detailed information on the incentives you can take advantage of in New London.

Environmental Impact of Switching to Solar in New London

An important reason so many are considering adopting solar energy is to help bring down their environmental impact. You may be trying to figure out — how much does making the switch help the environment anyway? If your family uses a lot of energy, you can impact the environment even more by switching to solar power. Though solar panel production emits carbon dioxide, the panels make up for it by considerably lowering the amount of CO2 you would have released if you still used nonrenewable energy. In New London, you can reduce your carbon footprint by 40 pounds a year with solar panels. As you can see, trading traditional energy for solar has so many other rewards outside of saving money. One of the primary ones is that you can help save the Earth too.