16 Best Solar Companies in Old Lyme, CT (Mar 2023 Review)

The Cost and Benefits of Solar in Old Lyme

The cost of installing a solar panel system has dropped significantly in the past few years, but it's still a large investment for most homeowners. There are a few factors you should consider when determining the overall cost and how much you can save, including:

• Incentives: Along with the federal Solar Investment Tax Credit (ITC), which gives you a tax credit currently worth 30% of your overall installation cost, your local government may offer additional tax exemptions, credits or rebates that will help you save even more. Excluding incentives, you can save an average of $23,000 over the first 20 years with your system, too.
• How much energy costs for you: The average family in Old Lyme shells out around $1,100 a year on home energy use alone, so you could end up with that much in savings.
• The type and model of solar panels you're thinking of getting: More efficient panels have higher prices, so that will affect your budget for your solar project.
• Energy consumption: Solar may be a high-cost option for households that don't need a good amount of energy a month.

Though a solar panel system costs a decent chunk of money upfront, it can save you much more over time. The question of how much, though, depends on a number of factors, such as the kind of solar panels you get and your energy consumption.

Solar Incentives in Old Lyme

Although solar power is typically a big investment, it can save you a lot of money over time due to lower power bills and government incentives. Everyone can take advantage of the federal Solar Investment Tax Credit (ITC), which will allow you to claim 30% of how much you paid for your solar installation when you file taxes, lowering the amount of taxes you owe that year. Additionally, there may be some state and city incentives that can save you some extra money too. For detailed information about incentives for homeowners in Old Lyme, visit our our article on solar incentives.

Environmental Impact of Switching to Solar in Old Lyme

One of the best reasons to switch to solar power is to cut your dependence on traditional energy sources like burning fossil fuels, which are hazardous for the environment. But you may be wondering — how much exactly can you help by using solar power? The amount of energy you use is an important factor to consider. The more energy your household consumes, the bigger your impact when you go solar. In Old Lyme, the average person can reduce their carbon footprint by 40 pounds a year after going solar. Since solar energy is renewable and generates electricity without a carbon footprint, making the switch to solar power is one easy step you can take to help preserve the environment.