As electricity costs from the grid continue to rise in New Hampshire, the value of solar energy grows stronger for both homeowners and businesses. By generating your own power from sunlight, you can significantly reduce your utility bills and save more money over time.
Below, we break down how the value of going solar increases year after year and why it will remain a smart investment in the future.
25-Year Cost Comparison: Utility vs. Solar
The chart below shows the projected electricity costs a New Hampshire homeowner could spend over the next 25-years that otherwise could have been offset by a 12.9 kW, 30-panel rooftop solar system.
Assumptions:
- A 3% annual electric inflation rate
- An annual module degradation rate of 0.4%
- The energy costs from solar with and without the 30% federal tax credit
Key Findings:
In this example, based on the size of the solar system mentioned above, without solar, a New Hampshire homeowner could pay the electric utility company over $103,000 over the next 25 years. That same amount of electricity could be purchased from solar power, and for homeowners who qualify for the 30% tax credit, that would cost them only $27,000. Even without the tax credit, that electricity if purchased from solar power would only be $39,000 – that’s a potential savings of over $60,000.
It should be mentioned that this modeling assumes only a 3% annual electric rate increase, which we feel is quite conservative, given that the Eversource Default Service Supply rate just increased by 21%, effective August 1. It’s important to know that the more electric utilities increase their rates, the bigger the solar savings!
In summary, switching to solar is a smart financial decision, with or without the tax credit. Either way, you lock in your electric rate, thus protecting yourself from rising utility costs for decades to come.
