The combination of very high electricity rates and very attractive rebates and incentives offered in the state of New Hampshire make going solar a very advantageous proposition. New Hampshire was one of the first states to recognize the importance and the huge benefit of increasing solar power generation within its boundaries, and it has accordingly enacted legislation favorable to that increase.
Options for going solar in New Hampshire
In general, the avenues by which a New Hampshire resident can get on the solar bandwagon consist of two main possibilities – leasing and purchasing. The purchasing option actually has two sub-options, one being the outright purchase of a system with available cash on hand, and the other involving some kind of home equity loan or other cash loan.
Purchasing will definitely require a large initial outlay of cash, but after the system has been installed, monthly utility bills plummet almost out of existence and the savings begin. Leasing requires no money to be paid upfront, but then there will be a monthly utility bill from a third party which must recover the installation cost over the life of its lease contract with you.
Incentives for going solar in New Hampshire
New Hampshire has a strong Renewables Portfolio Standard (RPS) which mandates that 24.8% of all its electricity be generated from renewable sources by the year 2025. This strong commitment to renewable energy forces utility companies to promote residential conversion to renewable energy, and that is a very big benefit to those who install solar panel systems.
The New Hampshire Public Utilities Commission offers a statewide rebate program on solar power that provides for up to $3,750 of the cost of a solar panel system to be refunded to residential installers, as long as the system is no larger than 10 KW, and does not push the limit to a commercial system. In addition, there is a New Hampshire Electric Co-op rebate available, up to $1,375, and some homeowners are eligible for both rebate programs, collecting over $5,000 for installing solar panels.
There are no tax credits available in New Hampshire, since the state has no income tax, but residents are still eligible for the whopping 30% tax credit extended by the Federal Government on income tax filed the year after purchase. All in all, the state of New Hampshire is one of the best states in the Union to make the switch to solar power in, because state government has recognized that it is the wave of the future for its residents.