11 Best Solar Companies in Bristol, RI (Mar 2023 Review)

The Cost and Benefits of Solar in Bristol

The cost of installing a solar panel system has dropped significantly in the past several years, but it's still a substantial investment for most homeowners. A few important factors that influence the cost of installing a solar panel system on your home and how much money you could save over time include:

• The make and model of solar panels you want: More efficient panels have higher prices, so that will influence your budget for your solar project.
• Incentives: Along with the federal Solar Investment Tax Credit (ITC), which gives you a tax credit currently worth 30% of your total installation cost, your local government may offer additional tax exemptions, credits or rebates that will help you save even more. Aside from incentives, you can save an average of $20,000 over the first 20 years with your solar system, too.
• How much you spend on energy: The average family in Bristol spends around $880 a year on electricity alone, so you could gain that much in savings.
• Typical energy usage: The more energy your household uses on average and the larger your current energy bills are, the more money you could save by making the switch to solar.

There are many good benefits of solar despite the upfront cost of installation. It can help the environment and your finances. Additionally, it can boost the value of your home, leading to even more benefits if you want to sell your home later.

Solar Incentives in Bristol

Although a solar power system is typically a $15,000 to $25,000 investment, it can save you a substantial amount of money over time due to reduced utility bills and government incentives. Everyone can take advantage of the federal Solar Investment Tax Credit (ITC), which allows you to claim 30% of how much your solar project cost on your tax return, reducing the amount of taxes you owe that year. In addition, there may be some state and city incentives that stack with the ITC too. Check out our article on solar incentives to learn what incentives you can benefit from.

Environmental Impact of Switching to Solar in Bristol

Swapping traditional energy for solar is a profound way to do your part for a greener future. You may be trying to figure out — how much does going solar do for the planet anyway? No matter where you are, you can help save the planet by switching to solar energy, but homes that consume a lot of energy will have an even bigger impact. Because solar panels don't release greenhouse gas emissions into the atmosphere when creating electricity, they're a good swap for traditional energy sources. In fact, you could expect to reduce your carbon dioxide emissions by about 40 pounds each year. If you want to do what you can for the environment, you'll no doubt understand that there are many advantages to adopting solar power other than just saving money on electricity. You can also help preserve the environment, which some would argue is priceless.