Solar Dollars and Sense
How should I pay for my solar power system?
- If you finance your installation, your monthly payments may be similar to what you currently pay, but the great news is that you’ll enjoy free solar electricity for many years after you pay off the loan.
- If you buy your system outright, it will typically pay for itself in 8-12 years. That’s equivalent to a return on investment of 10 to 18% — and it’s tax free!
Why should I purchase a solar system rather than lease one?
- Buying your system outright or with a loan will save you far more money than leasing one:
- You will receive all federal tax benefits and local incentives.
- Once you pay off your loan, all of the electricity produced by your system is free. That’s 15-20 years of free electricity!
- Loans charge a flat rate, but most leases contain an escalator clause that increases your payments 3% per year. If you pay 12 cents per kilowatt-hour in year one, a 3% escalator drives the price up to 18.2 cents in year 15!
- It’s hard to find home buyers who are willing to assume your lease, so you’ll likely have to pay off the lease or pay to have the system removed.
- Rule of thumb: If the lease charges an amount higher than 9 cents per kilowatt hour and has a 3% escalator, you will save more by purchasing the system.
Will I still need to be connected to the grid?
Does solar power make financial sense in Connecticut?
P.S. Connecticut is surprisingly sunny: Hartford gets about 2,600 hours of sunshine each year, which is about the same as Houston and more than Rome! We also have many more sunny days than the world’s largest producer of solar electricity, Germany.
What is net metering?
Is rooftop solar expensive?
Are special incentives available in Connecticut?
What is the federal solar tax credit?
What guarantees and warranties do you provide?
- Solar panels: 25-year warranty
- Microinverters: 25-year warranty
- Workmanship: 25-year warranty
- Monitoring: We are automatically alerted to production problems
- Repair/Replace: Should any part of your system fail while under warranty, we will repair or replace it at no charge
What happens if any of my solar panels stop working?
I’m going to finance my purchase. What happens if I sell my house?
If you move within Connecticut and would like to keep your system, we can move it to your new home. Contact us for a free evaluation of your new home’s solar power potential. If it makes sense to move it, we will quote you the cost of removing your system, storing it for up to 75 days, and installing it on your new home.