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Are Solar Panels A Good Investment in NH? (UPDATED 2023)

solar panels on a home

With utility bills for New Hampshire homeowners rising faster than the rate of inflation, it’s no wonder that many people are looking for ways to save money. This begs the question, “are solar panels a good investment in 2023?” Solar panels in New Hampshire can actually be a great investment for homeowners that are looking to lower their energy bills. As a homeowner, you may be wondering if solar installation is a good idea for your own home.

In this article, we’re going to break down solar power in 2023, the benefits of solar for homeowners in New Hampshire, and dispel some common misconceptions about solar power.

What are Solar Panels?

man performing solar installation on a roof

Solar panels are devices that convert sunlight into electricity. That giant burning star in the sky that leaves some of us redder than a lobster can actually be a great resource for us to use to generate power, and solar panels are the devices that make it possible to harness that power.

Solar panels have been around for many years, but they’ve only recently become a viable option for homeowners looking to generate their electricity. Advances in technology have made solar panels more efficient and less expensive, making them a great option for homeowners.

In fact, solar panel prices are estimated to go down in 2023, thanks to their popularity and progressing technology. On top of this, tax benefits associated with solar have gotten even better, making now a better time than ever to go solar.

They work by using a process called photovoltaics, which is the conversion of light into electricity. Solar panels are made up of solar cells, which are the devices that convert the light into electricity.

How Can Homeowners Use Solar in New Hampshire?

solar panels shown on the roof of a home

So do you just slap a bunch of solar panels in your backyard and call it a day? Not quite. Contractors need to install solar panels in a way that they will receive the most sunlight possible, and the most efficient and convenient way to do so is usually on the roof of your home.

If you’re thinking that your home isn’t suitable for solar because it doesn’t get enough sun, think again. Solar panels can generate electricity from diffused light, so even if your home is in a shady area, you can still benefit from solar power.

The best way to find out if your home is suitable for solar panels is to contact a solar installation company. They will be able to give you a free assessment of your home and let you know if solar is a good option for you.

Are Solar Panels a Good Investment for Money Savings?

person looking over bills and counting money

It’s no secret that energy costs are rising in New Hampshire in 2023. Fortunately, New Hampshire is one of the first states that took advantage of solar power in a very proactive approach, with many homes and businesses now using solar panels to generate electricity.

As a matter of fact, New Hampshire even offers incentives for homeowners who install solar panels, making it a very attractive option financially.

Additionally, anyone with solar panels in New Hampshire can take advantage of the Solar Investment Tax Credit, which allows homeowners to deduct a portion of the cost of their solar panel installation from their federal taxes. As mentioned before, this particular tax credit is even better than before, making 2023 a great time to go solar from a financial standpoint.

It’s important to note that these incentives only come into play when you’re purchasing panels for your home. If you choose to lease your solar panels, you will lose out on many of the financial benefits that so many homeowners in New Hampshire have come to enjoy.

The main way that homeowners save money with solar, however, is by reducing their dependence on the grid. Solar panels allow you to generate your own electricity, which means that you’re not as reliant on the power company. This can lead to lower energy bills, and in some cases, you may even be able to sell excess electricity back to the power company.

In addition to lower energy bills, solar panels can also increase the value of your home. Homes with solar panels sell for more than homes without solar. Therefore, if you’re thinking of selling your home in the future, solar panels can be a great investment.

Is Solar Expensive?

All this talk about high-tech solar panels being installed on the roof of a home, surely it’s an expensive investment, right? The cost of solar panels has fallen significantly in 2022 and 2023, making it a very attractive option for homeowners. And as utility rates continue to rise, New Hampshire homeowners are seeing solar as an even more appealing option.

It’s not uncommon to see homeowners save money by installing a solar system, all while adding equity to their homes.

What do those numbers look like? Let’s break down a real example:

One customer had an energy bill that was an average of $350 per month. Note, that this did not even account for utility rate hikes. That customer was able to get a new roof and a new solar system for their home for $70 less per month than their current electric bill!

So while it’s easy to see solar as an expense, it doesn’t always cost anything to go solar. In fact, in many cases, it can save you money!

Is Solar Worth it in NH in 2023?

If you’re considering solar for your home, the best way to find out if it makes sense is to speak with a solar installation company. Before you do so, some calculators can help you determine if solar is a good investment for you.

It’s also important to take into account the following factors:

  • The amount of sun your home gets
  • The direction your roof faces
  • The angle of your roof
  • The type of solar panels you choose
  • The incentives and rebates available to you
  • The cost of electricity in your area
  • Your energy usage

All of these factors will play a role in whether or not solar makes sense for your home. A good solar panel installation company will be able to help you understand all of these factors. Don’t get too caught up in these details. The best way to find out if solar makes sense for you is to speak with a professional!

For many homeowners in New Hampshire, solar panels just make sense. They do more than just save you from the expenses of utility companies. They’re also good for the environment and can increase the value of your home.

So if you’re considering solar for your home, be sure to do your research. Find a reputable company to install your system. If you’re looking to add solar panels to your home in New Hampshire, check out Energy Shield! Start your solar journey today with our free inspection and estimate.

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