The Financial Impact

Unlike traditional electric power, solar PV power comes with a high initial investment and reduced monthly charges thereafter. This means that buying a PV system is an investment in the future.

A number of factors will determine your eventual costs and savings, from the future price of electricity to how long your system operates. Connecticut residents pay an average 20 cents per kilowatt-hour for electricity from utilities. Combining the Connecticut rebate and net metering* with federal tax incentives and tax-deductible low-interest financing could mean cost savings over the life of your PV system, especially if electricity prices keep climbing. Consult a tax advisor regarding potential tax savings.

On average, the cost of a residential PV system in Connecticut is $8 to $9 per installed watt. The price could be higher if your installation is more complex. The CCEF rebate depends on the design efficiency of your system, and it generally pays for about half the installation cost.

 

Solar PV Rebate Program*

  • Average system size 6.9 kWSTC
  • Average cost per kW installed is $7,900

* Note:  Estimated price per kW is based on the actual average price per kW installed under the CCEF Solar PV Rebate Program in the 2nd Quarter- Calendar year 2009 only. Actual price per installation can vary due to installation conditions and other factors.

 

A CCEF eligible installer can help you calculate the payback and return on investment for your PV system. You can also use the solar estimator at www.findsolar.com or the Clean Power Estimator at www.clean-power.com/ccef to estimate system size and costs for your needs.

 

*Net metering – service to an electric consumer under which electric energy generated by that electric consumer from an eligible on-site generating facility and delivered to the local distribution facilities may be used to offset electric energy provided by the electric utility to the electric consumer during the applicable billing period.