Are Solar Panels the Solution to New Hampshire’s High Electricity Rates?
Oct. 19, 2023
It’s no secret that New Hampshire’s electric rates are out of control. We currently have the fourth-highest electricity costs in the country, and rates aren’t coming down anytime soon.
So, what’s the solution? For many New Hampshire homeowners, it’s solar power. Residential solar panels put the power in your hands by allowing you to produce your own electricity. They last for decades and are a long-term solution to New Hampshire’s astronomical electricity costs.
Solar Power Is Cheaper than Grid Power
Grid power is so expensive right now because New Hampshire, like most of New England, relies heavily on imported natural gas to produce electricity.
Recent world events have led to a decrease in supply, driving up the cost of fuel. Meanwhile, demand for electricity is rising. Low supply, high demand, and dependence on an unstable international energy market have led us to where we are today—aggressive rate increases and soaring electric bills.
But a solution is staring us right in the face! Solar panels don’t rely on natural gas. They use sunlight to generate electricity, which is a free and virtually limitless resource. Because of this, it’s significantly cheaper to produce solar power than it is to generate electricity by burning natural gas—all you pay for is the cost of the system, not the cost of fuel. Once your system is paid off, you may never have to pay for electricity again.
Solar Panels Protect You Against Future Rate Increases
Solar panels don’t just save you money on your electric bills—they also protect you against future rate increases. When you install solar panels, you lock in your electricity costs for the lifespan of your solar panel system (25-30 years) whether you pay for your system outright, finance your installation with a solar loan, or lease your solar panels.
If you buy your solar panels outright, you are essentially paying upfront for the next 25-30 years of electricity. This takes future rate increases out of the equation and saves you thousands of dollars over the lifespan of your solar panel system.
If you finance your solar panels, you will have a fixed monthly payment that will effectively replace your monthly electric bill. Most homeowners are able to secure a loan with a monthly payment that’s significantly lower than what they currently pay for electricity. In this scenario, you’ll see a return on your investment in the first month!
If you lease your solar panels, you’ll have a fixed monthly lease payment and no upfront installation costs. Your lease payment will be lower than what you currently pay for electricity and it will stay consistent for the entire lifespan of your solar panel system.
Installing Solar Panels in New Hampshire Is More Affordable than Ever
While NH electric costs are rising, solar panel installation costs are actually coming down. Solar prices have fallen by 43% over the past ten years in New Hampshire, and incentives have gotten better. The federal solar tax credit was recently increased to 30 percent—the highest it's ever been. The newly expanded solar tax credit is also applicable to solar battery storage, which makes it possible for your house to be 100% solar-powered.
Solar panel ROI is highest in areas that have high electric costs, making New Hampshire a great state for solar energy. If you’re ready to take the first step, Boston Solar is here to help. We’ve been installing solar panels in New England for over 11 years and have installed more than 5,000 solar energy systems. We can estimate your solar installation costs, your solar savings, and your break-even point to help you decide whether solar panels are worth it for your home.
Find out how much you could save with solar panels! Call 617-858-1645 or contact us to schedule a free consultation.